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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.
Mar. 22, 2013, 9:57 AMSouthGobi Resources (SGQRF.PK) says it resumed operations at its flagship Ovoot Tolgoi coal mine in Mongolia, where production has been curtailed since June because of weak demand and customer uncertainty about its future. It says signs of improvement in coal markets justify the restart. | 6 Comments
Dec. 24, 2012, 7:50 AMBullish bells may be ringing for Mongolian mining stocks, writes Jon Springer, thanks to the release from custody of SouthGobi Resources (SGQRF.PK) chief legal counsel Sarah Armstrong. Turquoise Hill (TRQ) - the majority owner of SouthGobi - has been battered since her arrest 2 months ago, and 2 SouthGobi execs were forced to flee the country just last week. | 2 Comments
Dec. 21, 2012, 7:22 AMMaking news in Mongolia, but not yet in the international press is more trouble for a large holding of Turquoise Hill (TRQ). Two SouthGobi Resources (SGQRF.PK) executives have fled Mongolia amid an investigation revealing evidence of money laundering and tax evasion. Turquoise Hill owns 57.6% of SouthGobi | Comment!
Sep. 13, 2012, 8:54 AMFormer SouthGobi Resources CEO Alexander Molyneux says his departure overnight from the Mongolia-focused coal miner was the final part of an expected succession plan that gained momentum once a proposed sale to Chalco (ACH) fell apart last week. The end of the bid accelerates a plan to fully replace SouthGobi's board with directors backed by Rio Tinto (RIO). | 1 Comment
Sep. 3, 2012, 6:17 AM
Jul. 3, 2012, 9:06 AMIvanhoe Mines (IVN) and Chalco (ACH) agree to extend the deadline for their takeover bid for SouthGobi Resources (SGQRF.PK) to Aug. 3. ACH seeks to make a proportional takeover bid for up to 60% but not less than 56% of SouthGobi common shares at C$8.48/share. IVN +0.5%, ACH -1.5% premarket. | 1 Comment
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. | Comment!
Apr. 2, 2012, 3:25 AMChalco (ACH) bids for a controlling stake in Mongolia-focused miner SouthGobi Resources (SGQRF.PK), offering C$8.48/share vs. SouthGobi's previous Toronto close of C$6.44. The U.S. dollar value of the deal would be nearly $930M. Ivanhoe Mines (IVN), which owns ~58% of SouthGobi, looks favorably on the offer. | Comment!
Mar. 26, 2012, 11:16 AMSilk Road Management's Alisher Ali tips off Mongolia to be the fastest growing economy in the world this year, with GDP clicking along at a 20% annual growth rate. The untapped potential of the nation is also at the forefront of the heated boardroom battle between Ivanhoe Mines (IVN +0.1%) and Rio Tinto (RIO -0.2%). | 1 Comment
Apr. 1, 2011, 11:56 AMAn annual supply contract beginning today between Xstrata (XSRAY.PK +1.3%) and Japan's Chugoku Electric prices thermal coal at $130/ton, up more than 30% from last year, and a new record. Often overlooked, thermal coal rivals oil and natural gas in global importance. Thermal coal producers. | 2 Comments
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