Press Releases

Peabody Energy today announced that it has completed the acquisition of a 50 percent interest in Peabody-Polo Resources B.V., a joint venture that holds Polo Resources Limited's (AIM: PRL) Mongolian coal interests. Peabody has committed to an investment of $23 million.

The joint venture holds coal licenses throughout Mongolia, with a significant number of licenses in the South Gobi region. Mongolia has substantial metallurgical and thermal coal resources that are strategically located to serve high-demand China and Asia markets.

The joint venture will continue its exploration activities with the goal of identifying properties and projects that can be developed to serve these markets. Peabody continues pursuing multiple business development opportunities in Mongolia.

Peabody also maintains warrants to acquire an approximate 15 percent equity interest in Polo Resources Limited.

Peabody is the world's largest private-sector coal company. Its coal products fuel 10 percent of all U.S. electricity generation and 2 percent of worldwide electricity.

Polo is an emerging energy company focused on acquiring and developing advanced stage coal and uranium properties in Asia and Australia.

Certain statements in this press release are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on numerous assumptions that the company believes are reasonable, but they are open to a wide range of uncertainties and business risks that may cause actual results to differ materially from expectations as of March 31, 2009. These factors are difficult to accurately predict and may be beyond the company's control. The company does not undertake to update its forward-looking statements. Factors that could affect results include those described in this press release as well as risks detailed in the company's reports filed with the Securities and Exchange Commission.

  CONTACT:
  Vic Svec
  (314) 342-7768

First Call Analyst:
FCMN Contact: cmiller@peabodyenergy.com

SOURCE: Peabody Energy