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SouthGobi Resources Announces Q3 2021 Financial And Operating Results
Southgobi Resources Says Coal Exports Into China Suspended
Southgobi Resources Sees Net Loss Between $7 Mln & $11 Mln For Qtr
SouthGobi Resources Ltd. is a coal mining, development and exploration company. The Company owns the coal mine and coal projects in Mongolia, which includes the Ovoot Tolgoi Mine, the Soumber Deposit, the Zag Suuj Deposit and the Ovoot Tolgoi Underground Deposit. Its Ovoot Tolgoi Mine is located approximately 40 kilometers from the Shivee Khuren-Ceke crossing at the Mongolia-China border (Shivee Khuren Border Crossing), is the Company's flagship asset. The Ovoot Tolgoi Mine consists of over two pits, namely the Sunrise and Sunset pits. The Soumber Deposit comprises of the Central Soumber, East Soumber, Biluut, South Biluut and Jargalant fields, is located approximately 20 kilometer east of the Ovoot Tolgoi Mine. The Zag Suuj Deposit is located approximately 150 kilometer east of the Ovoot Tolgoi Mine and approximately 80 kilometer north of the Mongolia-China border.
250 Howe St
Chief Executive Officer, Executive Director
Acting Chief Financial Officer
Vice President - Sales
Vice President - Public Relations, President and Executive Director of SouthGobi Sands LLC
Deputy Chief Financial Officer
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Retail demand for physical gold picked up slightly in India this week on a dip in domestic prices and a festival, but top bullion hubs across Asia saw muted activity.
Dealers in India offered the highest discounts on gold in five months this week as a dip in domestic prices failed to revive demand, while in top consumer China prices remained at a sharp discount to the international market.
Physical gold dealers in India this week offered the highest discounts in more than one and a half months, as buyers stayed away even as more bullion flowed in from the United Arab Emirates.
Chinese discounts for physical gold scaled yet another record peak versus global spot rates this week as the COVID-19 pandemic continued to choke retail appetite, with even a price dip failing to lure consumers in India.
* Indian prices track global rates to record high, premiums ease
Chinese gold dealers were forced to offer the steepest-ever discounts this week as physical demand plunged, while the Indian market flipped to a premium again.
* Many retail investors, business sell gold in Singapore-dealer
Physical bullion remained out of favour this week among consumers in top hubs China and India in the grip of the coronavirus, while investors in Singapore and Japan bought gold and silver to safely park their wealth.
Physical gold sold at a premium in India this week for the first time this year, driven by plunging imports and a near halt in smuggling that offset the impact of high unemployment and a rise in domestic prices across Asia that could deter buyers.
* Some consumers start selling gold to cash in on high prices
* Pent up demand heading to retail outlets in Singapore-analyst
* Chinese gold demand appears to be rebounding- Goldman Sachs
* Jewellery showrooms reopen in India, customers missing- dealer
* Supply tight amid higher physical demand in Singapore-dealer
Asian physical gold hubs struggled to regain footing this week as most retail customers stayed away even as some coronavirus restrictions were eased.
Physical gold demand picked up in top Asian hubs this week as economies gradually come out of coronavirus lockdowns and as investors continued to buy bullion as a hedge against a worsening economic backdrop.
Physical gold demand was tepid in most Asian centres this week with retail buying yet to see any significant recovery even as top hubs India and China eased some coronavirus-driven restrictions.
Physical gold demand improved in top hub China this week as buyers took advantage of hefty discounts, while activity remained muted in other hubs due to lockdowns and holidays. Dealers in China were selling gold at an average discount of about $30 an ounce versus benchmark...
* Key Indian gold buying festival failed to revive gold demand
* Jewellery shops to remain shut during major Indian festival
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