Reuters reported that Canadian coal miner SouthGobi Resources Ltd posted a higher quarterly net profit and driven mainly by a rise in average realized coal prices.

The second quarter net income was USD 67.3 million, 37 cents per basic share compared with USD 53.3 million or 29 cents per basic share a year ago.

The company which owns the Ovoot Tolgoi mine and two development projects in Mongolia said revenue more than doubled to USD 47.3 million.

SouthGobi Resources which sells metallurgical and thermal coal to customers in China one of the largest consumers of coal in the world, sold 1.05 million tons at an average realized price of USD 54 per tonne in the quarter up from 450,000 tons at USD 42.63 per ton last year.

(Sourced from Reuters)