SouthGobi Resources Ltd.: Business Update

2020-03-03 / @nasdaq

VANCOUVER, British Columbia, March 03, 2020 (GLOBE NEWSWIRE) -- SouthGobi Resources Ltd. (TSX: SGQ, HK: 1878) (“SouthGobi” or the “Company”) announces the following updates:

Reference is made to the announcement dated February 19, 2020 related to the closure of Mongolia’s southern border crossings with China from February 11, 2020. The Company learns that the Mongolian State Emergency Commission has decided to open the border crossings and resume the coal exports to China from March 15, 2020. In order to preserve its working capital, the Company will continue to reduce production. The Company anticipates that its existing coal inventories are sufficient to satisfy expected sales demand for a period of at least 2 months following the resumption of coal exports to China.

The Company will continue to closely monitor the status of the border closures and will make further announcement(s) in due course as and when appropriate.

About SouthGobi

SouthGobi, listed on the Toronto and Hong Kong stock exchanges, owns and operates its flagship Ovoot Tolgoi coal mine in Mongolia. SouthGobi produces and sells coal to customers in China.

Website: www.southgobi.com

Contact:

Investor Relations
Kino Fu
Office: +852 2156 7030 (Hong Kong)
           +1 604 762 6783 (Canada)
Email: kino.fu@southgobi.com