In May 2009, Polo entered into a 50-50 joint venture for its assets in Mongolia with Peabody Energy Corporation, the world's largest private-sector coal company, empowered to manage and develop the joint venture projects.

The Joint Venture has 56 coal assets and 26 uranium assets in Mongolia. Polo has specifically targeted areas of significant known coal resources that are near the necessary infrastructure to export coal into the growing energy markets of adjacent China and Russia.