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SouthGobi explains sale of thermal coal property
Announcing an agreement to sell its thermal coal property, the TsagaanTolgoi Deposit, to Modun Resources, SouthGobi Resources has said it intends to facilitate the sale through the transfer of a wholly-owned subsidiary holding one mining licence and one exploration licence pertaining to that deposit. Under the transaction, subject to certain terms and conditions and expected to be completed by June 1 this year, SouthGobi expects to receive US$30 million of total consideration.