Nov. 8, 2013, 11:41 AM
- Turquoise Hill Resources (TRQ -2.7%) says it will restate financial results for 2010-12 and part of this year after its SouthGobi (SGQRF) subsidiary decided to change the way it recognizes revenue.
- SouthGobi, which produces coal at the Ovoot Tolgoi mine in Mongolia, says some sales were booked after delivery to the customer’s stockpile at the mine; the restatement will reflect the recognition of revenue after the coal is loaded onto the customer’s trucks.
- TRQ owns a 58% stake in SouthGobi, and Rio Tinto (RIO) owns 51% of TRQ.
Jun. 26, 2012, 2:55 AMSouthGobi Resources (SGQRF.PK) falls 8.2% in Hong Kong trading to the lowest level since its 2009 listing after the company's operating report raised uncertainties over whether Chalco (ACH) would move ahead with plans to buy a controlling stake in the miner. SouthGobi also said it reduced output in Q2 and warned of deteriorating market conditions. | Jun. 26, 2012, 2:55 AM
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Sector: Basic Materials
Industry: Steel & Iron
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