SouthGobi makes a slow crawl back from Mongolian purgatory: "Just three days after announcing the relaunch of operations on March 22, SouthGobi released an inevitable dismal annual report that included a $103m loss for 2012 —inevitable because the company became the epicentre of a fierce fight over resource nationalism in Mongolia and worries there about growing Chinese influence, and had to endure nine months of being unable to mine its coal deposits while the Mongolian government put the company's licenses under a microscope. That loss compared with a $57.7m net profit for the previous year when operations went undisturbed.
"While a certain amount of volatility remains in the coal markets, signs of improvement justify this restart of operations," said the Canadian-listed company in a statement about the return of operations. "The flow of coal and sales will be carefully managed in order to react quickly to any future changes in market conditions." "
'via Blog this'
