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SouthGobi Announces Fourth Quarter and Full Year 2024 Financial and Operating Results
HONG KONG, CHINA / ACCESS Newswire / March 28, 2025 / SouthGobi Resources Ltd. ( Hong Kong Sto...
About this update from Southgobi Resources Ltd.
[{"type":"text","content":"SouthGobi Announces Fourth Quarter and Full Year 2024 Financial and Operating ResultsHONG KONG, CHINA / ACCESS Newswire / March 28, 2025 / SouthGobi Resources Ltd. (Hong Kong Stock Exchange (\"HKEX\"): 1878, TSX Venture Exchange (\"TSX-V\"): SGQ) (the \"Company\" or \"SouthGobi\") today announces its financial and operating results for the quarter and year ended December 31, 2024. 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, have completed their audit of the consolidated financial statements of the Company for the year ended December 31, 2024 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, 2024 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, 2024 and the subsequent period to March 28, 2025 are as follows:Operating Results - The Company increased the scale of its mining operations in 2024, as well as implementing various coal processing methods, including screening, wet washing and dry coal processing, which have resulted in improved coal quality and enhanced production volume and growth of coal export volume into China during the year.In response to the market demand for different coal products, the Company focused on expanding the categories of coal products in its portfolio, including mixed coal, wet washed coal and dry processed coal. In addition, the Company has experienced success with processing its inventory of F-grade coal products through cost-effective screening procedures. As a result of the improvement in the quality of the processed F-grade coal, the Company was able to meet the import coal quality standards established by Chinese authorities and has been exporting this product to China for sale since the first quarter of 2024, further enhancing the Company's coal export volume.The Company recorded sales volume of 7.0 million tonnes in 2024 compared to 3.6 million tonnes in 2023, while the Company recorded an average realised selling price of $70.4 per tonne in 2024 compared to $93.0 per tonne in 2023. Th...