SouthGobi Resources Limited reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the period, the company reported revenue of $3,259,000 against $40,153,000 for the same period in the last year. Revenue decreased primarily due to decreased sales volumes and a lower average realized selling price. Loss from operations was $22,990,000 against income from operations of $9,181,000 for the same period in the last year. Loss before tax was $27,228,000 against income before tax of $7,920,000 for the same period in the last year. Net loss attributable to equity holders of the company was $24,901,000 or $0.14 per basic and diluted share against net income attributable to equity holders of the company of $3,126,000 or $0.02 per basic and diluted share for the same period in the last year. Adjusted net loss was $11,605,000 against adjusted net income of $7,005,000 a year ago. Although operations at the Ovoot Tolgoi mine have resumed, the company continues to minimize uncommitted capital expenditures and exploration expenditures in order to preserve its financial resources. Exploration expenditures, which were $300,000 in the first quarter of 2013 that is compared to $500,000 in the fourth quarter of 2012 and $5 million in the first quarter of 2012 For the quarter, the company produced 0.02 million tonnes of raw coal with a strip ratio of 26.21 compared to production of 1.07 million tonnes of raw coal with a strip ratio of 2.07 for the three months ended March 31, 2012. In the first quarter of 2013, the company's production was significantly impacted by the curtailment of mining operations until March 22, 2013. The company's strip ratio of 26.21 in the first quarter of 2013 is due to a higher proportion of waste material being mined over the limited operating period and is not indicative of the company's strip ratio moving forward. The company resumed operations at the Ovoot Tolgoi Mine on March 22, 2013 after having been fully curtailed since the end of the second quarter of 2012. Full safety inductions and retraining were undertaken as part of the ramp-up which has taken place without incident. The company has been producing at conservative levels reflecting lower demand and managing quality and stockpiles. The rate of production is expected to pick up as demand improves and the company continues to target production of 3.2 million tonnes of semi-soft coking coal in 2013. The company expects to commence wet washing coals in the second half of 2013. For the quarter, the company recorded a coal stockpile impairment of $2.2 million to reduce the carrying value to its estimated net realizable value.

SouthGobi Resources Limited, Q1 2013 Earnings Call, May 13, 2013

SouthGobi Resources Limited announced that they will report Q1, 2013 results at 9:00 AM, Eastern Standard Time on May 13, 2013