Business
SouthGobi Announces Fourth Quarter and Full Year 2021 Financial and Operating Results
HONG KONG / ACCESSWIRE / March 31, 2023 / SouthGobi Resources Ltd. ( Toronto Stock Exchange (" ...
About this update from Southgobi Resources Ltd.
[{"type":"text","content":"SouthGobi Announces Fourth Quarter and Full Year 2021 Financial and Operating ResultsHONG KONG / ACCESSWIRE / March 31, 2023 / SouthGobi Resources Ltd. (Toronto Stock Exchange (\"TSX\"): SGQ, Hong Kong Stock Exchange (\"HKEX\"): 1878) (the \"Company\" or \"SouthGobi\") today announces its financial and operating results for the quarter and the year ended December 31, 2022. All figures are in U.S. dollars (\"USD\") unless otherwise stated.The Board of Directors (the \"Board\") wish to inform that the Company's independent auditors, BDO Limited (\"BDO\"), have completed their audit of the consolidated financial statements of the Company for the year ended December 31, 2022 in accordance with Canadian generally accepted auditing standards and would like to announce the audited annual results of the Company for the year ended December 31, 2022 together with the comparative figures for the previous year and the respective notes in this announcement.Significant Events and HighlightsThe Company's significant events and highlights for the year ended December 31, 2022 and the subsequent period to March 31, 2023 are as follows:Operating Results - In response to the increase in the number of the Coronavirus Disease 2019 (\"COVID-19\") case in Ejinaqi, a region in China's Inner Mongolia Autonomous Region where the custom and border crossing are located, reported in late October 2021, the local government authorities imposed stringent preventive measures throughout the region, including the temporary closure of the Ceke Port of Entry located at the border of Mongolia and China. Accordingly, the Company's coal exports into China were suspended from November 2021 to May 2022. Following the reopening of the Ceke Port of Entry for coal export on May 25, 2022, coal sales increased from 0.9 million tonnes in 2021 to 1.1 million tonnes in 2022.Since May 25, 2022, the number of trucks permitted to cross the Chinese-Mongolian border, as well as the volume of coal exports, have increased. As a result, the Company has gradually resumed mining operations beginning on July 15, 2022. The Company's major mining operations, including coal mining, have resumed and the Company expects to increase the volume of coal production in a gradual manner, while coal washing shall remain suspended for the time being. In response to the market situation, the Company has...