ID :
113108
Tue, 03/23/2010 - 19:33
Auther :
Shortlink :
http://m.oananews.org//node/113108
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SOUTHGOBI ENERGY RESOURCES ANNOUNCES 2009 RESULTS OF OPERATION
Ulaanbaatar, /MONTSAME/ SouthGobi Energy Resources Ltd. has announced its financial results for the year ended December 31, 2009.
The Company sold approximately 1,330,000 tonnes of coal from the Ovoot Tolgoi mine in southern Mongolia in 2009. Proven and Probable mineable reserves established at Ovoot Tolgoi based on open-pit mine study independently prepared by Norwest.Initial National Instrument 43-101 compliant coal resources established or Soumber, a new deposit located approximately 20 kilometers to the east of Ovoot Tolgoi.$500-million convertible debenture financing by China Investment Corporation to support major expansion of the Company's coal mining and exploration in southern Mongolia was completed in Nov 2009.In December 2009, SouthGobi listed on the main board of the Toronto Stock Exchange.
In January 2010, SouthGobi completed a global equity offering of 27 million common shares at a price of Cdn$17.00 per share for gross proceeds of Cdn$459 million. The shares commenced trading on the Main
Board of the Hong Kong Stock Exchange on January 29, 2010, under stock code "1878". On March 12, 2010, the Company announced, subject to regulatory approval, a formal request for CIC to convert $250 million of its
convertible debenture into common shares of the Company.
On February 10, 2009, the Company announced the appointment of Alexander Molyneux as its new President, effective April 27, 2009. Effective October 12, 2009 Mr. Molyneux assumed the additional role of Chief Executive Officer. Based in Hong Kong, he was most recently Managing Director, Head of Metals & Mining Investment Banking, Asia Pacific, Citigroup. Mr. Molyneux succeeded Peter Meredith as CEO, who assumed the position of Chairman of the Board.
S.Batbayar
The Company sold approximately 1,330,000 tonnes of coal from the Ovoot Tolgoi mine in southern Mongolia in 2009. Proven and Probable mineable reserves established at Ovoot Tolgoi based on open-pit mine study independently prepared by Norwest.Initial National Instrument 43-101 compliant coal resources established or Soumber, a new deposit located approximately 20 kilometers to the east of Ovoot Tolgoi.$500-million convertible debenture financing by China Investment Corporation to support major expansion of the Company's coal mining and exploration in southern Mongolia was completed in Nov 2009.In December 2009, SouthGobi listed on the main board of the Toronto Stock Exchange.
In January 2010, SouthGobi completed a global equity offering of 27 million common shares at a price of Cdn$17.00 per share for gross proceeds of Cdn$459 million. The shares commenced trading on the Main
Board of the Hong Kong Stock Exchange on January 29, 2010, under stock code "1878". On March 12, 2010, the Company announced, subject to regulatory approval, a formal request for CIC to convert $250 million of its
convertible debenture into common shares of the Company.
On February 10, 2009, the Company announced the appointment of Alexander Molyneux as its new President, effective April 27, 2009. Effective October 12, 2009 Mr. Molyneux assumed the additional role of Chief Executive Officer. Based in Hong Kong, he was most recently Managing Director, Head of Metals & Mining Investment Banking, Asia Pacific, Citigroup. Mr. Molyneux succeeded Peter Meredith as CEO, who assumed the position of Chairman of the Board.
S.Batbayar
