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SouthGobi defaults on debt amid trading halt

SouthGobi Resources Ltd. said Dec. 24 that it defaulted its 2009 convertible debenture with China Investment Corp. after the coal miner's shares were suspended from trading on the TSX and the Hong Kong Stock Exchange.

As of Nov. 19, the company owes US$41.8 million in interest payments and associated fees. It expects China Investment Corp., or CIC, to enforce such payment, causing adverse effects to its operations and shares.

The amount was originally due May 19, 2017, but SouthGobi was given more time to repay it. SouthGobi said it is in talks with CIC regarding the issue.

Trading of SouthGobi's shares were halted Dec. 17, and will remain suspended until it clarifies its business affairs on the TSX and releases an insider information announcement in Hong Kong.

SouthGobi owns and operates the Ovoot Tolgoi coal mine in Mongolia.