Peabody Renegotiates Mongolian Coal Pact With Polo Resources

Apr 1 • Mining • 910 Views • 1 Comment on Peabody Renegotiates Mongolian Coal Pact With Polo Resources

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Peabody Energy Corp. (BTU) said Tuesday it has renegotiated an agreement with Polo Resources Ltd. (PRL.LN), establishing a partnership to mine Mongolian coal.

The St. Louis mining company, which first announced the deal in January, said it will contribute up to $25.8 million in cash to create a 50-50 joint venture for Polo’s Mongolian coal interests.

Peabody said Polo will contribute up to 1 billion metric tons of potential coal resources, subject to exploratory drilling. Peabody continues to hold warrants allowing it to acquire an approximate 15% equity interest in Polo.

Peabody, the world’s largest private sector coal company, is pushing to expand its reach into Asia’s coal markets, including China.

Source: WSJ

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One Response to Peabody Renegotiates Mongolian Coal Pact With Polo Resources

  1. Sainjargal says:

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