SouthGobi Resources ( (TSE:SGQ) ) has shared an announcement.
SouthGobi Resources Ltd. announced that its subsidiary, Southgobi Sands LLC, received a notice from the Administrative Court in Ulaanbaatar regarding a court proceeding initiated by Mongolian Tax Authority officials. The officials are attempting to challenge a previous decision that reduced a tax penalty against Southgobi Sands from $80 million to $26.5 million. While SouthGobi is not a party to the proceedings, the company is closely monitoring the situation as the outcome could impact its financial obligations. The rarity of such proceedings adds uncertainty, and the company advises caution to its shareholders and potential investors.
More about SouthGobi Resources
SouthGobi Resources Ltd., listed on the Hong Kong Stock Exchange and the TSX Venture Exchange, operates the Ovoot Tolgoi coal mine in Mongolia and holds licenses for other coal deposits in the South Gobi region. The company produces and sells coal primarily to customers in China.
YTD Price Performance: -3.51%
Average Trading Volume: 9,006
Technical Sentiment Signal: Hold
Current Market Cap: C$163.2M
Learn more about SGQ stock on TipRanks’ Stock Analysis page.