AIM-listed miner Polo
Resources has finalized the sale of its coal and uranium joint venture in
Mongolia, just days after pulling out of a merger with Australian peer Caledon
citing volatile market conditions. Polo has sold its stake in the venture to
China-based miner Winsway for USD35 million, after buying in May 2009 for
USD25.8 million. The firm will receive a one per cent royalty on coal sold from
licenses currently held in the joint venture.