AKIPRESS.COM - SouthGobi Resources Ltd. acknowledged recent Mongolian media reports in connection with a reported settlement of a US$16.5-million residual financial penalty against its wholly owned subsidiary, SouthGobi Sands LLC, arising out of a judgment of the Mongolian Second District Criminal Court of Justice in February 2015.

SouthGobi says it has not received any formal notice from the government of Mongolia in relation to any settlement proposal, reports Sonoran Weekly Review.

The stock closed at $0.26 during the last session. It is down 35.00% since October 13, 2015 and is downtrending. It has underperformed by 36.47% the S&P500.

SouthGobi Resources Ltd. is a coal mining, development and exploration company. The company has a market cap of $58.07 million. It owns coal projects in Mongolia, which includes the Ovoot Tolgoi open pit producing coal mine (Ovoot Tolgoi Mine) and other development projects, including the Ovoot Tolgoi Underground Deposit, the Soumber Deposit and the Zag Suuj Deposit. It currently has negative earnings.