Sales income of ‘Southgobi Resources’ that has duallisting on Toronto and Hong Kong Stock Exchanges increased by almost 2 times and reached USD 121 million.  

In 2017, coal price rose 79 percent and reached USD 28 per ton, and Coal exploration increased by 19 percent. In 2017, net loss of the company decreased by 152 percent and reached USD 40 million. ‘Southgobi Resources’ did not pay its obligations of USD 21.7 million to ‘CIC’ of China in November 2017. The company reported that it is trying to negotiate with ‘CIC’ about debt extension. In 2017, the company successfully built a coal washing plant in order to produce SSCC high standard coking coal and increase net income. The new plant is set to open in the second half of this year. As of March 28, 2018, Southgobi Resources owns USD 7.1 million in cash.

The shares of the company has fallen 10.8 percent on Toronto Stock Exchange since its release.

Source: BloombergTv.mn