SouthGobi Resources to restate results for past three years

Fri Nov 8, 2013 8:50am EST
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Nov 8 (Reuters) - Coal miner SouthGobi Resources Ltd , controlled by Rio Tinto, said it would restate results from 2011 through 2013 because of an error in the way revenue was booked from coal sales at its Mongolian mine.

The company said it expects a delay in the filing of its third-quarter results after it recognized revenue earlier than it should have at its flagship Ovoot Tolgoi mine.

The mine produces and sells coal to customers in China.

The company said it should have recognized revenue when coal was loaded onto a customer's truck, and not when the coal was delivered to the customer's stockpile, without being collected.

The company, controlled by Rio through Turquoise Hill Resources Ltd, applied for an order to halt trading on its stock by its management.