Besides lower Q1 earnings, because extreme low number of working days in February and temporary low seasonal price for coal, the MAIN cause for share price drop in Hong Kong today was:
A miss description, therefore misunderstanding in Q1 2024 report!
Wording chosen was unfortunate giving wrong impression!
This in relation to the pending Mongol Tax penalty case for $75 Million imposed July 2023! The case is now in a re-hearing, the result of which should be coming within next 2 weeks & may result in a 50% or more reduction in the penalty figure! Whatever decision, SGQ has the right & intention to appeal to Mongolia‘s high court!
Misdescription in Q1 24 days report was „additional penalty*“
should be; the pending or carried forward! Not additional. So public thinks 2 x $75 Mill! I hope SGQ corrects that!
elmarha
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A miss description, therefore misunderstanding in Q1 report!
Wording chosen was unfortunate giving wrong impression!
This in relation to the pending Mongol Tax penalty case for $75 Million imposed July 2023! The case is now in a re hearing, the result of which is l coming within next 2 weeks & may result in a 50% or more reduction in the penalty figure! Whatever decision, SGQ has the right & intention to appeal to Mongolia‘s high court!
Misdescription in Q1 24 days report was „additional penalty“ should be; they pending or carried forward! Not additional -
They want it at $3 on Friday option expiry!
Don’t permit it! -
4.6 Million BB shares traded IN 90 seconds!!!!!
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DELL shares at record high despite security breach! Nobody cares! -
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JD’s COAL investments via JDZF subsidiary own 84 Million shares, over 28% of SGQ.v or 1877.HK.
According to SXCOAL and Mongolian Customs General Administration (MCGA). Mongolia Coal exports to China: Jan.1.-April 30th 2024 Mongolia's coal exports totaled 24.43 million tonnes over January-April 2024, increasing 28.27% from the year-ago level, according to the latest data from the Mongolian Customs General Administration (MCGA). The export value amounted to US$2.99 billion, falling 2.40% on the year, data showed. (Estimated 33% of total exported via CEKE Port! Of those 33% at least 20% from SGQ, SouthGobi res. Mine! -
JD’s COAL investments via JDZF subsidiary own 84 Million shares, over 28% of SGQ.v or 1877.HK.
According to SXCOAL and Mongolian Customs General Administration (MCGA).
Mongolia Coal exports to China: Jan.1.-April 30th 2024
Mongolia's coal exports totaled 24.43 million tonnes over January-April 2024, increasing 28.27% from the year-ago level, according to the latest data from the Mongolian Customs General Administration (MCGA).
The export value amounted to US$2.99 billion, falling 2.40% on the year, data showed. (Estimated 33% of total exported via CEKE Port! Of those 33% at
least 20% from SGQ, SouthGobi res. Mine! -
According to SXCOAL and Mongolian Customs General Administration (MCGA).
Mongolia Coal exports to China: Jan.1.-April 30th 2024
Mongolia's coal exports totaled 24.43 million tonnes over January-April 2024, increasing 28.27% from the year-ago level, according to the latest data from the Mongolian Customs General Administration (MCGA).
The export value amounted to US$2.99 billion, falling 2.40% on the year, data showed. (Estimated 33% of total exported via CEKE Port! Of those 33% at
least 20% from SGQ, SouthGobi res. Mine! -
Interesting! The Russia news will certainly increase substantially the demand for coal from Mongolia.
Especially coal from SouthGobi Resources coal mines. SGQ being only 45 km from China’s CEKE coal shipping port, where processing capacity has recently been doubled and customs formalities eased. SGQ.v will be far more competitive, reliable and profitable!! -
In January-February 2024, the profits of Russian coal companies (adjusted for losses) declined 5.3 times from $1.2 billion to $0.2 billion, while losses increased twofold to $0.3 billion. Additionally, the number of loss-making entities increased from 39% to 46%.
This decline in profits is attributed to falling prices in the global market and a significant increase in costs, as well as several other factors like limited transportation capacity, export duties, rising railway tariffs, and Western sanctions.
Due to the current level of global prices and production costs, many Russian suppliers are finding it difficult to export coal profitably. This has led to a decrease in production and abandonment of new coal deposit development projects. If these trends continue, Russian coal exports in 2024 may decrease by 30-35 million tonnes.
However, if other Russian coal companies, their export terminals, and international transactions fall under sanctions, the loss of Russian exports may amount to about 50-60 million tonnes.
In the main coal mining region of Russia, Kuzbass, coal production decreased to 52.6 million tonnes in January-March 2024, which is 1.1 million tonnes or 2.1% lower than the previous year. Exports in Q1 2024 also fell to 45.5 million tonnes, which is 6.6 million tonnes or 12.8% lower than the previous year.
Russia has announced that it will temporarily remove the export tariff on thermal coal and anthracite from 1 May to 31 August 2024. The decision is aimed at providing support to the country's coal industry. It should be noted that coal export tariffs were reintroduced on 1 March 2024, with a range of 4-7%, depending on the ruble's exchange rate. However, if the rate remains below 80 rubles per U.S. dollar, the tariffs will be waived.
Export tariffs exacerbated challenges faced by the Russian coal industry, including declining global prices, rising railway tariffs, high transshipment rates at ports, and logistical obstacles. Russia’s seaborne coal exports declined 8.11% m-o-m to 10.86 mnt in March, with a 29.81% drop compared to the same month the previous year.
Russian coal shipments to Taman port’s OTECO terminal plummeted by 80% in the first quarter compared to the same period last year, as rail shipments were suspended from the end of January.
Coal production in Russia’s key producing area, Kuzbass, decreased by 2% y-o-y to 52.8 mnt in January-March 2024, according to the Ministry of Coal Industry of Kuzbass.
The introduction of export tariffs reduced flows into China, a leading buyer of Russian coal. In March, China’s coal imports from Russia fell by 21.7% y-o-y to 6.9 mnt, while Australian coal shipments surged by 131% to 5.1 mnt, according to Chinese customs data.
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Already looking at charts you recognize where there is suppression and manipulation as always with BB
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