Polo currently holds a 26.12% interest in Caledon Resources plc ("Caledon"), the Australian coking coal producer and explorer listed on AIM ("CDN") and the ASX ("CCD").

Caledon's main assets are the Cook Mine in the Bowen Basin, in Queensland, Australia which has a JORC compliant resource of 406 Mt, and the Minyango Project, which has JORC compliant resources of 342 Mt.

Cook Mine Update

• The Cook Mine achieved a production level of 485,000 tonnes of coal in 2009 (84% and the balance thermal coal).
  
• Forecast saleable production for 2010 is scheduled to be greater than 700,000 tonnes with a similar proportion of coking coal sold.

Minyango Project

Minyango is an undeveloped coking and thermal coal concession located 15km north of the Cook mine, near the town of Blackwater in Queensland’s Bowen Basin. Caledon owns 100% of the project.

A prefeasibility study was completed in mid 2009 and anticipate that work on a BFS will begin in 2010. The main findings of the PFS are:

• Mining: Up to 2 ‘mini longwalls’ operating underground
• Production rate: up to 4.5Mtpa ROM
• Mine Life: +19 years
• Yield: 84% implying 3.8Mtpa saleable coal and Caledon group total of almost 5Mtpa at Cook’s notional 1.1Mtpa maximum
• Coal products: 62% coking coal and 38% thermal compares to Cook at 80% coking and 20% thermal
• Capex: A$380-419m