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.
Arch Coal (NYSE:ACI) will delay its bond interest payment by 30 days, Reuters reported. Its $90 million interest payment was due Tuesday.
Morien Resources was the top riser for the week, followed by Northquest, Fission 3.0, Crystal Peak Minerals and Asian Mineral Resources.
The Wall Street Journal reported that Alliance Resource Partners (NASDAQ:ARLP) is reducing its production and cutting jobs in response to poor coal prices.
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.