Polo Resources has agreed two loan convertible loan deals with partners in Indonesia for coking coal and iron ore opportunities in the country.

Polo said that these are in anticipation of possible joint venture arrangements should suitable projects be identified.

Polo said it had executed a binding convertible loan agreement with Polo IndoCoal Holdings, a company incorporated in the British Virgin Islands.

Polo has agreed to advance up to USD 3 million in the form of a convertible loan to Polo IndoCoal to fund due diligence and related project development costs in respect of coking coal opportunities in Indonesia. The due diligence and project development is being led by Polo's partner in Indonesia, Earth Coal Resources.

Polo has also agreed to advance up to USD 3 million in the form of a convertible loan to Polo IndoIron to fund due diligence and related project development costs in respect of iron ore opportunities in Indonesia.

The due diligence and project development in relation to the potential iron ore projects is to be led by Earth Investment Group.

(Sourced from Stockmarketwire.com)