Global Mining News in real time

Turquoise Hill Resources to sell remaining SouthGobi stake to Chinese firm 

By: Henry Lazenby Rio Tinto subsidiary Turquoise Hill Resources has reached a deal with Chinese holding firm Novel Sunrise Investments to buy its remaining stake in Mongolia-focused coal miner SouthGobi Resources. Turquoise Hill, which has a 66% interest in the massive Oyu Tolgoi copper/gold mine, in the same... 

US District Court dismisses class action against Turquoise Hill Resources

By: Henry Lazenby A US District Court judge had on Tuesday dismissed a consolidated putative securities class action lawsuit that had been filed in the Southern District of New York against Rio Tinto subsidiary Turquoise Hill Resources and certain of its officers and directors, in December last year. Turquoise... 

SouthGobi seeks funding to pay delayed $8.1m interest to China Investment Corporation

By: Creamer Media Reporter TSX- and HKSE-listed SouthGobi Resources is delaying payment to the China Investment Corporation (CIC) of about $8.1-million in cash – the November 2014 instalment of cash interest due on the secured convertible debenture it entered into with a wholly owned subsidiary of the CIC. As of Thursday,... 

SouthGobi completes paved highway construction to Chinese border

By: Henry Lazenby The Mongolia-focused coal miner SouthGobi Resources on Sunday reported that it had completed construction of a paved highway from its Ovoot Tolgoi complex to the Chinese border. The company's flagship Ovoot Tolgoi mine produces and sells coal to customers to the south in neighbouring China. 

SouthGobi Resources narrows Q2 loss on higher sales despite low prices

By: Henry Lazenby Toronto- and Hong Kong-listed SouthGobi Resources has narrowed its net loss for the second quarter, ended June 30, propped up by higher coal sales, which was offset by significantly lower coal prices. The Hong Kong-based miner reported a net loss of $23.17-million, or $0.12 a share, compared with... 

Turquoise Hill Resources to sell 29.95% of coal miner SouthGobi

By: Henry Lazenby A subsidiary of diversified miner Rio Tinto, Turquoise Hill Resources this week said it would sell 29.95% of Mongolia-focused coal miner SouthGobi Resources to Hong Kong-based National United Resources Holdings. National United will buy 56.1-million shares at a price of C$0.455 a share, leaving... 

SouthGobi Resources to ‘vigorously’ defend Ontario class action

By: Henry Lazenby Toronto- and Hong Kong-listed SouthGobi Resources late on Tuesday said it understood that it is the target of a proposed securities class action against the company, certain of its current and former senior officers and directors, and its former auditors in the Ontario Superior Court of Justice... 

Oyu Tolgoi financing pledges extended, Turquoise Hill reports US class action

By: Henry Lazenby Vancouver-based miner Turquoise Hill Resources on Monday said its owner Rio Tinto had secured extensions to the financing commitment letters from 15 commercial banks that would now expire on March 31, 2014. On April 17, Rio Tinto signed commitment letters that locked in pricing and terms for the... 

SouthGobi Resources to restate results for past 3 years

By: Henry Lazenby Mongolia-focused coal miner SouthGobi Resources on Friday said it would restate its financial results from 2011 to 2013, because of a change in the point of revenue recognition at its Ovoot Tolgoi mine. The company, which is owned by global mining giant Rio Tinto through Turquoise Hill... 

Turquoise Hill to ink $4bn financing for Mongolian flagship

By: Henry Lazenby Canadian miner Turquoise Hill and its majority owner Rio Tinto expect to sign a $4-billion project-financing plan and term sheet at the end of June, which will allow for the necessary future financial flexibility to develop the second phase of the giant Oyu Tolgoi mine, in Mongolia. Turquoise... 

SouthGobi reports minimal Q1 revenue, production restarts

By: Henry Lazenby 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... 

SouthGobi Resources widens Q4 loss on back of closed mine

By: Henry Lazenby Mongolia-focused coal miner SouthGobi Resources on Monday said it had widened its quarter-on-quarter loss as operations at its flagship Ovoot Tolgoi mine during the fourth quarter remained suspended. The miner during the quarter ended December 31, widened its net loss from $54.56-million to... 

SouthGobi Resources CFO quits

By: Henry Lazenby Mongolia-focused coal miner SouthGobi Resources on Monday said its CFO Matthew O'Kane had resigned, two months after it fired its CEO following Aluminium Corporation of China (Chalco) dropping a $926-million bid and the company’s stock taking a beating since its mining licences were suspended in... 

Turquoise Hill rejects Mongolian review of mining contract

By: Henry Lazenby Canada’s Turquoise Hill Resources and controlling partner Rio Tinto on Monday rejected a request from the Mongolian government to renegotiate the investment agreement for Oyu Tolgoi mine, which had been billed as the world’s largest undeveloped copper/gold project. Turquoise Hill said the... 

SouthGobi confirms president and CEO appointment

By: Henry Lazenby TSX-listed SouthGobi Resources on Monday said the board had confirmed its nomination to appoint Ross Tromans as the company’s new president and CEO with immediate effect. The company’s deputy chairperson Sean Hinton would manage the transition over the next number of weeks. 

SouthGobi Resources shuffles board, new chairperson

By: Henry Lazenby Mongolia-focused SouthGobi Resources on Tuesday said it had appointed Turquoise Hill Resources CEO Kay Priestly as its chairperson following the resignation of three existing directors effective September 3. The company appointed five new directors to the board following the resignation of... 

SouthGobi Resources says Mongolia deal canned

By: Henry Lazenby Mongolia-focused miner SouthGobi Resources on Wednesday said the proposed sale of its noncore Tsagaan Tolgoi deposit had been cancelled. The company said it was evaluating options for this noncore asset. 

SouthGobi Resources profit spirals as licensing uncertainties remain

By: Henry Lazenby Mongolia-focused coal miner SouthGobi Resources recorded spiralling profit during the second quarter, after the Mongolian government suspended its mining licence following an April takeover bid by Chinese aluminium firm Chalco. On May 17, the Parliament of Mongolia approved a Foreign Investment... 

Ivanhoe completes $1.8bn rights offering

By: Henry Lazenby New York- and Toronto-listed Ivanhoe Mines on Friday said it had successfully completed its $1.8-billion rights offering, which expired on July 19. The rights offering was part of the comprehensive financing plan to continue the development of the Oyu Tolgoi project, and was the subject of a... 

SouthGobi files investment dispute against Mongolia

By: Henry Lazenby Toronto-listed SouthGobi Resources’s Mongolian operating subsidiary SouthGobi Sands (SGS) on Wednesday filed a ‘notice of investment dispute’ on the Mongolian government in terms of the bilateral investment treaty (BIT) between Singapore and Mongolia. The company said it had filed the notice... 

Chalco delays SouthGobi takeover bid to August

By: Creamer Media Reporter The Aluminum Corporation of China (Chalco) has another 30 days to make a takeover offer for 60% of Mongolian coal miner SouthGobi Resources, TSX-listed Ivanhoe Mines said on Tuesday. Ivanhoe, which is looking to sell its 57.6% shareholding in SouthGobi for $8.48 a share, said Chalco had agreed... 

SouthGobi curtails Mongolia coal output, suspends capex

By: Natasha Odendaal TSX-listed SouthGobi Resources has suspended uncommitted capital and exploration expenditure and reduced its mining activity at its flagship Ovoot Tolgoi coal mine, in Mongolia, to preserve the group’s financial resources. SouthGobi implemented these initiatives during the second quarter of the... 

SouthGobi says Mongolia suspends some licences

By: Reuters SouthGobi Resources said the Mongolian government suspended exploration and mining licences for its Ovoot Tolgoi coal mine following a stake buyout bid by Chinese aluminum giant Chalco. The Canadian coal miner said it has not received any official notification. However, if it receives one, it... 

Chalco bids for 60% of SouthGobi, Ivanhoe to sell stake

By: Esmarie Swanepoel The Aluminum Corporation of China (Chalco) has signed a cooperation agreement with SouthGobi Resources to acquire up to 60% of the TSX- and HK-listed firm. In a statement to the Hong Kong exchange, SouthGobi reported that Chalco would offer C$8.48 a share for a majority stake in the Mongolian... 


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