HONG KONG, CHINA–(Marketwired – March 29, 2016) – SouthGobi Resources Ltd. (TSX:SGQ)(HKSE:1878) (“SouthGobi” or the “Company”). The Company today announced its financial and operating results for the quarter and the year ended December 31, 2015. All figures are in U.S. Dollars unless otherwise stated.
Significant Events and Highlights
The Company’s significant events
The BBC reported that commodities trader Noble Group is looking at its first full year loss in nearly 20 years, largely due to low coal prices.
Wood Mackenzie analysts Andy Roberts and Jim Truman give an in-depth look at the coal outlook for 2016.
Rio Tinto (NYSE:RIO) has sold its 40 percent stake in the Bengalia coal mine in Australia for $606 million, Reuters reported. The mine is one of three in the Hunter Valley of New South Wales that Rio owns a stake in. New Hope Corp. (ASX:NHC) will buy Rio Tinto’s interest
The coal industry may be down, but it’s certainly not out. That was the overarching theme from the 2015 Coal Association of Canada conference last week.
On Thursday, Arch Coal stock was up roughly 39 percent, at $7. That day 11.35 million shares traded hands compared to a daily average of about 2.55 million.
Alpha Natural Resources (OTCMKTS:ANRZ) is planning to file for bankruptcy as soon as Monday, Bloomberg reported. Three people with direct knowledge of the matter told the news outlet that Alpha is considering such measures in light of weak metallurgical coal prices.
The World Bank reported that all main commodity price indexes are expected to decline in 2015, mainly due to abundant supplies and weak demand in industrial commodities, in its July 2015 Commodity Markets Outlook.
Mining Weekly reported on BP’s publication ‘Energy in 2014: After a calm comes the storm.’ According to BP chief economist Spencer Dale, coal will retain a dominant share of global energy (currently around 30 percent) but he added that “its rate of growth was likely to slow over the medium