SouthGobi announces agreement to sell its thermal coal Tsagaan Tolgoi Deposit for US$30 million
March 5, 2012
SouthGobi announces agreement to sell its thermal coal Tsagaan Tolgoi Deposit for US$30 million
HONG KONG – SouthGobi Resources Ltd. (TSX: SGQ, HK: 1878) announced today an agreement to sell its thermal coal property, the Tsagaan Tolgoi Deposit to Modun Resources Limited (ASX: MOU) (“Modun”).
SouthGobi intends to facilitate the sale of Tsagaan Tolgoi through the transfer of a wholly-owned subsidiary holding one mining license (15041A) and one exploration license (7262X) pertaining to that deposit.
Under the transaction, SouthGobi expects to receive US$30 million of total consideration, comprising US$7.5 million up-front in cash, US$12.5 million up-front in Modun shares and deferred consideration of an additional US$10.0 million also payable in Modun shares. As a result, SouthGobi will have a significant shareholding in Modun and it will have the right to nominate one director to the board of Modun subject to SouthGobi holding an equity interest in excess of 14.9%. The transaction is subject to certain terms and conditions and is expected to be completed by June 1, 2012.
SouthGobi believes this transaction is positive for three key reasons:
(i) Tsagaan Tolgoi Deposit has become non-core due to the location being approximately 400 kilometres to the east of the Company’s core coking coal resources;
(ii) Modun has agreed to accelerate the development of Tsagaan Tolgoi into a mining operation, which will create employment and further the development of Mongolia; and
(iii) SouthGobi will, through its significant shareholding in Modun, continue to have exposure to Tsagaan Tolgoi and will also gain exposure to Modun’s other attractive projects in Mongolia.
“This sale will allow SouthGobi to focus on further developing our Ovoot Khural basin holdings, including our flagship Ovoot Tolgoi Complex and the nearby Soumber Deposit, while retaining an indirect exposure to Tsagaan Tolgoi through our shareholding in Modun,” said Alexander Molyneux, President and CEO. “We also believe that Modun is well placed to be able to bring Tsagaan Tolgoi into production in a timely manner.”
Macquarie Capital (Hong Kong) Limited acted as SouthGobi’s financial adviser on the transaction.
About SouthGobi Resources
SouthGobi Resources is focused on exploration and development of its Permian-age metallurgical and thermal coal deposits in Mongolia’s South Gobi Region. The company’s flagship coal mine, Ovoot Tolgoi, is producing and selling coal to customers in China. The company plans to supply a wide range of coal products to markets in Asia.
About Modun Resources
ASX-listed Modun Resources is developing the 100%-owned Nuurst Project in central Mongolia. Nuurst is a thermal coal project, which encompasses a 34.5 square kilometre licence area. In late 2011, Modun Resources announced a maiden 489 million tonnes JORC compliant resource at Nuurst (417 million tonnes of Indicated resources and 72 million tonnes of Inferred resources). The Nuurst Project is located 120 kilometres south of Mongolia’s capital Ulaanbaatar and six kilometres from existing rail infrastructures.
Information contacts, SouthGobi Resources
Dave Bartel, Vice President Investor Relations and External Affairs (Hong Kong) +852 2156 7023 Steven Feldman, Investor Relations Manager (Vancouver) +1 604 331 9813
Website: www.southgobi.com
Forward-Looking Statements: This document includes forward-looking statements. Forward-looking statements include, but are not limited to, intends to facilitate the sale of Tsagaan Tolgoi through the transfer of a wholly owned subsidiary, expects to receive US$30 million of total consideration, expected to be completed by June 1, 2012, we believe Modun will be able to bring Tsagaan Tolgoi into production in a timely manner, plans to supply a wide range of coal products to markets in Asia; and other statements that are not historical facts. When used in this document, the words such as “plan," "estimate," "expect," "intend," "may," “likely” and similar expressions are forward-looking statements. Although SouthGobi believes that the expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements are disclosed under the heading “Risk Factors” in SouthGobi’s Management Discussion and Analysis of Financial Condition and Results of Operations for the year ended December 31, 2010 and quarter ended September 30, 2011 which is available at www.sedar.com.
2012年3月5日
南戈壁宣佈簽訂協議以30,000,000美元 出售其動力煤察幹陶勒蓋礦藏
香港－南戈壁資源有限公司(TSX: SGQ, HK: 1878)今日宣佈，已簽訂協議向Modun Resources Limited (ASX: MOU) （「Modun」）出售其動力煤礦－察幹陶勒蓋礦藏。
南戈壁擬透過轉讓持有察幹陶勒蓋開採許可證(15041A)及勘探許可證(7262X)的全資附 屬公司促成出售該礦藏。
根據交易，南戈壁預期可收取代價合共30,000,000美元，包括首期款7,500,000美元現金 及12,500,000美元的Modun股份以及遞延代價10,000,000美元（亦以Modun股份支付）。 因此，南戈壁將擁有Modun重大股權，一旦南戈壁所持股權超過14.9%即有權任命一名 董事加入Modun董事會。交易須按一定條款及條件進行，預期交易將於2012年6月1日完 成。
南戈壁相信基於下列三個主要理由，此項交易屬有利：
(i) 察幹陶勒蓋礦藏由於位於本公司核心煉焦煤資源以東約400公里，故已成為非核心 資源；
(ii) Modun已同意加快發展察幹陶勒蓋的開採業務，此舉將創造就業機會並促進蒙古 的發展；及
(iii) 南戈壁將透過持有Modun的重大股權，繼續涉足察幹陶勒蓋業務，另外，亦可接 觸到Modun於蒙古的其他具吸引力的項目。
「此項出售可讓南戈壁進一步專注於開發其Ovoot Khural盆地資源（包括本公司最具代 表性的敖包特陶勒蓋綜合項目及鄰近的蘇木貝爾礦藏），並可通過持有Modun股權間 接涉足察幹陶勒蓋業務。」南戈壁總裁兼首席執行官Alexander Molyneux表示：「我們 亦相信Modun具備實力令察幹陶勒蓋儘快投產。」 麥格理資本（香港）有限公司乃南戈壁此項交易的財務顧問。
南戈壁資源簡介
南戈壁資源專注於蒙古南戈壁區勘探及開發二疊紀煉焦煤及動力煤礦藏。敖包特陶勒 蓋是本公司最具代表性的煤礦，一直在生產及向中國客戶銷售煤炭。本公司計劃向亞 洲市場供應一系列廣泛的煤炭產品。
Modun Resources簡介
澳洲證券交易所上市公司Modun Resources正於蒙古中部開發全資擁有的Nuurst項目。 Nuurst為動力煤項目，其開採範圍涉面積達34.5平方公里。於二零一一年底，Modun Resources宣佈Nuurst蘊含489,000,000噸未開採JORC標準資源（包括417,000,000噸推測資 源及72,000,000噸推斷資源）。Nuurst項目位於蒙古首都烏蘭巴托以南120公里，距現有 鐵路基建六公里。
南戈壁資源的聯絡資訊
投資者關係和對外事務副總裁Dave Bartel（香港）+852 2156 7023 投資者關係經理Steven Feldman（溫哥華）+1 604 331 9813
網站：www.southgobi.com
前瞻性聲明：本文件載有前瞻性聲明。該等前瞻性聲明包括但不限於：擬透過轉讓全資附屬 公司促成出售察幹陶勒蓋礦藏，預期可收取代價合共30,000,000美元，預期交易將於2012年6月 1日完成，我們相信Modun能夠儘快令察幹陶勒蓋投產，計劃向亞洲市場供應一系列廣泛的煤 炭產品；以及其他並非過往事實的聲明。本文件使用的一些字詞，例如「計劃」、「估計」 、「預期」、「擬」、「可能」、「或許」」及類似字詞均為前瞻性聲明。儘管南戈壁認為 該等前瞻性聲明所反映的預期屬合理，但該等聲明涉及風險及不確定因素，而本公司無法保 證實際業績將與該等前瞻性聲明相符。導致實際業績有別於該等前瞻性聲明的重要因素已在 南戈壁截至2010年12月31日止年度及截至2011年9月30日止季度有關財務狀況及經營業績的管 理層討論與分析的「風險因素」一節中披露，詳情可於www.sedar.com查閱。