Mongolia's coal major SouthGobi Resources reported its coal exports rebound in the second quarter after the major border port Shivee Khuren/Ceke reopened on May 25, but the overall exports in the given period remained 18% lower compared with year-ago level, the company said in a financial report lately.
SouthGobi sold 90,000 tonnes of coal during the second quarter, down from 110,000 tonnes in the preceding year. Sales of premium semi-soft coking coal were 40,000 tonnes, down 50% year on year, while deliveries of standard semi-soft coking coal/premium thermal coal were 40,000 tonnes, rising 33%. Its sales of washed coking coal were 10,000 tonnes, compared with zero output in the same period in 2021, the company said.
SouthGobi mainly exports coal through Shivee Khuren/Ceke border crossing to China. The gateway was suspended since late October last year due to the pandemic and resumed on a trial basis on May 25, 2022. With the export gradually starting, The company restarted mining activities on July 15 yet maintained the coal processing suspended.
As demand from China increased, the coal selling prices in the second quarter were averaged $66.6/t, surging 39% year on year.
In the given period, SouthGobi realized $5.79 million in operating revenue, rising 12% from a year ago and bagged in $2.66 million profit from operations, compared with a loss of $1 million from operations in the preceding year. Its net loss was registered at $7.05 million, compared a loss of $7.28 in the year prior.
(Writing by Emma Yang Editing by Harry Huo)
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