Mining investor Polo Resources is to declare a special dividend of 1p per share upon completion of the sale of its interests in coal miner Caledon Resources to Chinese firm Guangdong Rising (Australia). Polo holds approximately 29.8 per cent of Caledon's equity together with £2.5m of 8.5 per cent unsecured convertible loan notes, for which it will receive cash proceeds of £100m. Polo's remaining asset portfolio will include holdings in GCM Resources and Mozambi Coal, together with unlisted investments in coal, iron ore and gold projects.
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