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.
SouthGobi Resources Mining News
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.
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.
Mongolia blocks accused from leaving country, often for years.
The Vancouver-based miner said it expected coal prices to remain weak.
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 Ltd. today announced the termination of President and Chief Executive Officer Alexander Molyneux effective September 12, 2012.
SouthGobi Resources Ltd. (TSX:SGQ)(HKSE:1878) announces the successful completion of 2011 on guidance in terms of coal sales and production.
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.
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.
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.