SouthGobi Resources Mining News

Turquoise Hill sale of stake in Mongolia's SouthGobi falls through

The failed deal was supposed to allow Turquoise Hill to finally break ties with the Mongolian coal miner that was once worth over $2.4 billion.

Rio's Turquoise Hill gets rid of remaining stake in SouthGobi

Chinese Novel Sunrise Investments has agreed to buy 48.7 million shares in SouthGobi —which was once worth over US$2.4 billion —for 35 cents per share in cash.

Mongolian verdict sends chill through mining community

Banned from travel since 2012, three SouthGobi workers, a coal firm owned Vancouver's Turquoise Hill, are now going to jail for 5-6 years for tax evasion.

Ex-SouthGobi workers long stuck in Mongolia get trial date

Mongolia blocks accused from leaving country, often for years.

SouthGobi hit badly by coal prices slump, seeks funding to avert default

The Vancouver-based miner said it expected coal prices to remain weak.

CHALCO will not give up on Mongolian natural resource opportunities

Weiping Xiong, the general manager of Aluminum Corporation of China (CHALCO), said that the company will continue to explore investment opportunities in Mongolia's natural resources sector.

SouthGobi Resources fires CEO Alexander Molyneux

SouthGobi Resources Ltd. today announced the termination of President and Chief Executive Officer Alexander Molyneux effective September 12, 2012.

SouthGobi Resources sells more than four million tonnes of coal in 2011, 58% more than 2010

SouthGobi Resources Ltd. (TSX:SGQ)(HKSE:1878) announces the successful completion of 2011 on guidance in terms of coal sales and production.

Junior sold for 800% more 18 months after IPO as coal miners go mad for Mongolia

Strong interest in the Mongolian resource sector has provided shareholders in Hunnu Coal a 800% gain in only 18 months. Thailand's Banpu announced Tuesday it is taking over the ASX-listed junior for $400 million or $1.80/share – Hunnu went public in February 2010 at 20c. Hunnu may be the first of many firms with Mongolian coal assets to attract bidders with Ivanhoe Mines' SouthGobi and TSX-V junior Prophecy Coal talked about as likely targets and a way in for smaller investors who are not be able to participate in Tavan Tolgoi's $3 billion IPO slated for next year.

SouthGobi sets new coal shipment record of 441,665 tonnes of coal in August

Alexander Molyneux, President and CEO of SouthGobi Resources Ltd. (TSX: SGQ)(SEHK: 1878) announced Wednesday that the company has set a new monthly record of 441,665 tonnes of coal shipped in August, representing a substantial increase over shipping levels in the second quarter of 2011.

SouthGobi Resources announces Soumber coal deposit officially registered with Government of Mongolia

SouthGobi Resources announced that it has been notified by the Mineral Resource Authority of Mongolia (MRAM) that the company's Soumber coal deposit has been officially registered. The registration process includes calculation of resources to Mongolian standards, review of the calculations by MRAM-appointed industry experts, and defense of the calculations before the Minerals Resource Committee. Mineral deposit registration is a prerequisite for applying for a Mining License.

SouthGobi fuel supplier claims force majeur

Mongolia’s SouthGobi Resources said that its fuel supplier claimed a force majeur after Russia cut supplies to the country to a mere 10,000 tonnes. The company said its flagship coal mine, Ovoot Tolgoi, has enough fuel to last 45 days under normal operations or around three months if it scaled back production. SouthGobi also stated that it has coal in inventory and customer trucks can be fuelled in China, a short distance away from the mine.