SouthGobi Resources ( (TSE:SGQ) ) has provided an announcement.
SouthGobi Resources reported significant growth in its 2024 financial and operational results, with a notable increase in coal sales volume to 7 million tonnes, despite a decrease in average selling price due to market challenges. The company achieved a profit of $153.9 million, driven by an expanded sales network and a tax reversal. Additionally, a Build-Operate-Transfer agreement was established for a new dry coal separation system at the Ovoot Tolgoi Mine, enhancing production capabilities. However, the company faced a $75 million tax penalty from the Mongolian Tax Authority for past assessments.
More about SouthGobi Resources
SouthGobi Resources Ltd. operates in the mining industry, focusing on coal production and export. The company is listed on the Hong Kong Stock Exchange and the TSX Venture Exchange, with a market focus on exporting coal to China. SouthGobi has expanded its operations by enhancing coal processing methods and diversifying its coal product offerings.
YTD Price Performance: 14.04%
Average Trading Volume: 12,466
Technical Sentiment Signal: Hold
Current Market Cap: C$192.9M
For an in-depth examination of SGQ stock, go to TipRanks’ Stock Analysis page.