What does SouthGobi Resources do?
SouthGobi Resources is a coal mining company listed on the Hong Kong Stock Exchange and Toronto Stock Exchange. The company's primary asset is a coal mine and development projects of coal assets in Mongolia. A proposed acquisition of the company by a Chinese state owned mining firm in 2012 was thwarted by resource nationalism in Mongolia.
Who is SouthGobi?
About SouthGobiSouthGobi, listed on the Toronto and Hong Kong stock exchanges, owns and operates its flagship Ovoot Tolgoi coal mi
Description SouthGobi Resources Ltd
SouthGobi Resources Ltd. operates as an integrated coal mining, development, and exploration company. It owns the following coal projects in Mongolia: Ovoot Tolgoi Mine; Soumber Deposit and Zag Suuj Deposit. The company was founded on February 14, 2002 and is headquartered in Vancouver, Canada.
Notes & Data Providers
Stocks: Real-time U.S. stock quotes reflect trades reported through Nasdaq only; comprehensive quotes and volume reflect trading in all markets and are delayed at least 15 minutes. International stock quotes are delayed as per exchange requirements. Fundamental company data and analyst estimates provided by FactSet.
When did HKEX suspend trading?
Suspension of Trading on HKEX – At the request of the Company, trading in the shares of the Company on the HKEX was suspended with effect as of August 17, 2020 pending the publication of the audited annual results of the Company for the year ended December 31, 2019.
When will the Soumber mining licenses be reinstated?
On March 2, 2021, SGS received a notice from the Mongolian governmental authority that the Soumber Mining Licenses have been reinstated effective as of March 2, 2021. Mongolian royalties On September 4, 2019, the Government of Mongolia issued a further resolution in connection with the royalty regime.
When did the stop trade order stop?
Cease Trade Order and Halt Trading on TSX – On June 19, 2020, the BCSC issued a general “failure to file” cease trade order (“CTO”), to prohibit the trading by any person of any securities of the Company in Canada. Trading in the Common Shares on the TSX was halted as a result of the CTO.
When will Mongolian royalty be calculated?
From September 1, 2019 onwards, in the event that the contract sales price is less than the reference price as determined by the Government of Mongolia by more than 30% , then the royalty payable will be calculated based on the Mongolian government’s reference price instead of the contract sales price.
When did Mongolia change its royalty regime?
Royalty regime in Mongolia The royalty regime in Mongolia is evolving and has been subject to change since 2012. On September 4, 2019, the Government of Mongolia issued a further resolution in connection with the royalty regime.
What is the coal division?
For management’s purpose, the Company has only one reportable operating segment, which is the coal division. The division is principally engaged in coal mining, development and exploration in Mongolia, and logistics and trading of coal in Mongolia and China for the years ended December 31, 2020 and 2019.
What is SouthGobi Resources?
VANCOUVER, British Columbia, March 02, 2021 (GLOBE NEWSWIRE) -- SouthGobi Resources Ltd. (TSX: SGQ, HK: 1878) (“SouthGobi” or the “Company ”) wishes to inform the Company’s shareholders and potential investors that, based on the Company’s preliminary assessment of the unaudited management accounts of the Company for the year ended 31 December 2020 and the information currently available to the Company, it is expected that the Company would record a net loss between USD 19 million and USD 24 million for the year ended 31 December 2020, as compared with a net profit of USD 4.2 million for the year ended 31 December 2019. The expected decrease in net profit is mainly attributed to the impact caused by the COVID-19 pandemic, including the Mongolian-Chinese border closure during February to March 2020 and the restrictions of coal transportation in Mongolia and the restrictions of coal export into China during 2020. As at the date of this announcement, the Company is still in the process of preparing and finalizing its annual results for the year ended 31 December 2020. The information contained in this announcement is based on the preliminary assessment of the information currently available to the Company and the unaudited management accounts, which have not been audited by the Company’s auditors and is subject to further adjustments. Details of the Company’s financial information and performance will be disclosed in the annual results of 2020 announcement of the Company and is expected to be published in March 2021. SHAREHOLDERS AND POTENTIAL INVESTORS OF THE COMPANY SHOULD EXERCISE CAUTION WHEN THEY DEAL OR CONTEMPLATE DEALING IN THE COMPANY’S SHARES OR OTHER SECURITIES OF THE COMPANY. About SouthGobi SouthGobi, listed on the Toronto and Hong Kong stock exchanges, owns and operates its flagship Ovoot Tolgoi coal mine in Mongolia. SouthGobi produces and sells coal to customers in China. Contact: Investor Relations Office: +852 2156 1438 (Hong Kong) +1 604 762 6783 (Canada) Email:[email protected] Website: www.southgobi.com
When did HKEX suspend trading?
Suspension of Trading on HKEX – At the request of the Company, trading in the shares of the Company on the HKEX was suspended with effect as of August 17, 2020 pending the publication of the audited annual results of the Company for the year ended December 31, 2019.
When did the stop trade order stop?
Cease Trade Order and Halt Trading on TSX – On June 19, 2020, the BCSC issued a general “failure to file” cease trade order (“CTO”), to prohibit the trading by any person of any securities of the Company in Canada. Trading in the Common Shares on the TSX was halted as a result of the CTO.
When will the Soumber mining licenses be reinstated?
On March 2, 2021, SGS received a notice from the Mongolian governmental authority that the Soumber Mining Licenses have been reinstated effective as of March 2, 2021. Mongolian royalties On September 4, 2019, the Government of Mongolia issued a further resolution in connection with the royalty regime.
When will Mongolian royalty be calculated?
From September 1, 2019 onwards, in the event that the contract sales price is less than the reference price as determined by the Government of Mongolia by more than 30% , then the royalty payable will be calculated based on the Mongolian government’s reference price instead of the contract sales price.
When did Mongolia change its royalty regime?
Royalty regime in Mongolia The royalty regime in Mongolia is evolving and has been subject to change since 2012. On September 4, 2019, the Government of Mongolia issued a further resolution in connection with the royalty regime.
Is there a toll wash plant agreement with Ejin Jinda?
Toll Wash Plant Agreement with Ejin Jinda In 2011, the Company enter ed into an agreement with Ejin Jinda, a subsidiary of China Mongolia Coal Co. Ltd., to toll-wash coal from the Ovoot Tolgoi Mine.
Where is South Gobi located?
It also holds the mining licences of its other metallurgical and thermal coal deposits in South Gobi Region of Mongolia. SouthGobi produces and sells coal to customers in China.
When was the Soumber deposit terminated?
On August 26, 2019, SGS received the Notice Letter from MRAM notifying that the Company’s three mining licenses (MV-016869, MV-020436 and MV-020451) for the Soumber Deposit have been terminated by the Head of Cadastre Division of MRAM effective as of August 21, 2019.
How much did embedded derivatives decrease in 2019?
Based on the Company’s valuation as at December 31, 2019, the fair value of the embedded derivatives decreased by $69 compared to December 31, 2018. The decrease was recorded as finance income for the year ended December 31, 2019.
How long is the credit period for mining royalties?
The usual credit period taken for trade purchases is between 30 to 90 days.
Why is the company postponing filing for 2019?
As noted above, the Company is postponing the filing of the 2019 Annual Filings as a result of the Auditors being unable to complete the audit process for the Company’s annual results for the year ended 2019 prior to the filing deadline for the 2019 Annual Filings of March 30, 2020. In deciding to postpone the filing of the 2019 Annual Filings, the Company is relying upon the Canadian Securities Administrators’ blanket relief, which, in light of recent developments relating to the COVID-19 pandemic and their impact on capital market participants, provides a 45-day extension for certain periodic filings normally required to be made by reporting issuers on or before June 1, 2020 under applicable Canadian securities laws.
Is Mongolian coal imported into China?
The Company, together with other Mongolian coal companies, have been in discussions with Chinese authorities regarding a potential amendment or withdrawal of these import restrictions to allow for the importation of F-grade coal into China; however, there can be no assurance that a favorable outcome will be reached.
Who filed a class action against the company?
In January 2014, Siskinds LLP, a Canadian law firm, filed a class action (the “Class Action”) against the Company, certain of its former senior officers and directors, and its former auditors, Deloitte LLP, in the Ontario Court in relation to the Company’s restatement of certain financial statements previously disclosed in the Company’s public fillings (the “Restatement”).