SouthGobi Resources to restate results for past 3 years
TORONTO (miningweekly.com) – Mongolia-focused coal miner SouthGobi Resources on Friday said it would restate its financial results from 2011 to 2013, because of a change in the point of revenue recognition at its Ovoot Tolgoi mine.
The company, which is owned by global mining giant Rio Tinto through Turquoise Hill Resources, applied to Canadian securities regulators for an order to halt trading of its shares on the TSX, pending the restatement of results, which was slated to happen before January 16, 2014.
SouthGobi said it expected a delay in the filing of its third-quarter results after it recognised revenue at its flagship mine earlier than it should have.
The restated consolidated financial statements would reflect a change in the point of revenue recognition from delivering coal to the customer stockpiles within the mine’s stockyard, to the moment it is loaded onto the customer's trucks when it is collected.
The company's flagship Ovoot Tolgoi mine neighbours China, and mainly sells coal to customers in China.
Turquoise Hill Resources also on Friday said it would restate its results for the same period.
Edited by: Creamer Media Reporter
The company, which is owned by global mining giant Rio Tinto through Turquoise Hill Resources, applied to Canadian securities regulators for an order to halt trading of its shares on the TSX, pending the restatement of results, which was slated to happen before January 16, 2014.
SouthGobi said it expected a delay in the filing of its third-quarter results after it recognised revenue at its flagship mine earlier than it should have.
The restated consolidated financial statements would reflect a change in the point of revenue recognition from delivering coal to the customer stockpiles within the mine’s stockyard, to the moment it is loaded onto the customer's trucks when it is collected.
The company's flagship Ovoot Tolgoi mine neighbours China, and mainly sells coal to customers in China.
Turquoise Hill Resources also on Friday said it would restate its results for the same period.
Edited by: Creamer Media Reporter
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