SouthGobi posts loss as mining activities remain curtailed

Tue Nov 13, 2012 8:18am EST
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Nov 13 (Reuters) - Mongolia-focused coal miner SouthGobi Resources Ltd reported a third-quarter loss as mining activities remained curtailed.

The Mongolian government suspended the license of the company, which operates the Ovoot Tolgoi mine, in April following a bid by Chinese state-owned Chalco .

Chalco dropped its $926 million bid for a majority stake SouthGobi in early September.

SouthGobi recorded a net loss of $54.6 million, or 30 cents per share, in the quarter, compared with a net income of $55.9 million, or 31 cents per share, a year earlier.

Revenue fell 95 percent to $3.3 million.