ProactiveInvestors: SouthGobi Resources 2011 profit aided by 58% boost in coal sold

SouthGobi Resources Monday posted a profit for 2011, thanks to a record 58 percent increase in the amount of coal sold to around 4.02 million tonnes. Monday morning, shares were up 2.8 percent to $6.30. SouthGobi Resources is a coal production and development company whose flagship coal mine, Ovoot Tolgoi, sells coal to  customers in China – the largest consumer of coal in the world. The company has positioned itself for a forecasted increase in demand for coal, with a pipeline of exploration and  development projects in strategic locations that will help to provide for future growth and expansion. For the year that ended December 31, the company posted net earnings of $46.5 million, compared to a loss of $88.4 million a year earlier. On a per share basis, the company posted a loss of 19 cents, compared to a 66-cent loss for 2010. To read the full article, click hereSouthGobi Resources 2011 profit aided by 58% boost in coal sold

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