TORONTO (miningweekly.com) – Mongolia-focused SouthGobi Resources on Monday reported minimal revenue of $3.3-million for the first quarter ended March 31, as most of its operations were shuttered during the period.
Operations at its flagship Ovoot Tolgoi mine restarted in the quarter, after it had been fully curtailed since the end of the second quarter of 2012.
The Vancouver-based company’s revenue was down from $40.1-million a year earlier.
SouthGobi reported a net loss of $24.9-million, or $0.14 a share, in the period, compared with profit of $3.1-million, or $0.02 a share, a year earlier. The adjusted net loss totalled $11.6-million, compared with adjusted income of $7-million in the same period a year earlier.
The TSX-listed company said it planned to produce 3.2-million tonnes of semi-soft coking coal this year.
The company’s stock traded up half-a-per cent at C$1.91 apiece on Monday afternoon.