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SouthGobi (01878.HK) Enters Construction Contract for Dry Coal Processing System with Total Consideration of Approximately RMB53.8 Million
SouthGobi (01878.HK) announced that on April 22, its wholly owned Mongolian subsidiary Southgobi Sands LLC (SGS) entered into a construction contract with Tangshan Shenzhou.Pursuan...
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SouthGobi (01878.HK) Enters Construction Contract for Dry Coal Processing System with Total Consideration of Approximately RMB53.8 Million
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SouthGobi (01878.HK)  -0.090 (-4.225%)   announced that on April 22, its wholly owned Mongolian subsidiary Southgobi Sands LLC (SGS) entered into a construction contract with Tangshan Shenzhou.

Pursuant to the agreement, Tangshan Shenzhou will be responsible for assembling a new dry coal processing system at the Ovoot Tolgoi coal mine in Mongolia (excluding site preparation works), including key equipment such as the ZM600 high-efficiency mineral separator and the IDS-2000 intelligent dry separator. The dry coal processing system will operate as a standalone facility independent from the Companys existing dry processing plant.

Tangshan Shenzhou will also be responsible for the construction of all related facilities for the dry coal processing system. Upon fulfillment of the handover conditions, Tangshan Shenzhou shall transfer the ownership of the dry coal processing system and the related intellectual property rights to SGS in accordance with the BT agreement. Under the BT agreement, SGS is entitled to supervise and inspect Tangshan Shenzhous construction progress and safety management. The total consideration payable by SGS during the term of the BT agreement is approximately RMB53.8 million (equivalent to approximately USD7.8 million). Pursuant to the terms set out in the BT agreement, the agreement shall take effect from April 22 until SGS has fully settled the consideration.(sl/w)(HK stocks quote is delayed for at least 15 mins.)



This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation.

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