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SouthGobi Posts Quarterly Loss as Mine Shutdown Cuts Revenue

SouthGobi Resources Ltd. (SGQ.TO) reported a US$51.8 million net loss in the fourth quarter, or 28 cents per share, compared with a loss of US$18.9 million or 14 cents per share in the same period in 2011.

The company's main mining operation in Mongolia was shut down in June 2012, resuming last week.

Revenue in the second half of last year was limited to the sale of stockpiles and fell to US$1.2 million in the fourth quarter, down from US$51 million in Q4 2011.

SGQ shares fell five cents to $2.11.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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