Canadian coal miner SouthGobi Resources Ltd posted a narrower quarterly loss, as it sold more mineral at a higher price and said it sees further improvement in prices in the first quarter.

The company, which owns the Ovoot Tolgoi Mine and two development projects in Mongolia, expects first quarter average realized selling price per ton to rise by half, sequentially. It sees sales to exceed the previous comparable quarter's 426,000 tonnes, but to be lower sequentially.

SouthGobi Resources, which sells metallurgical and thermal coal to customers in China one of the largest consumers of coal in the world, sold 1.5 million tons at an average realized price of USD 32 per tone in the quarter, up from sales of 0.36 million tons at USD 29 per tonne, last year. For the October to December quarter, the company posted a net loss of USD 28.7 million against last year's USD 69.2 million. Revenue quadrupled to USD 41.6 million.

(Sourced from Reuters)