24
Jul
01:00
SouthGobi nears end as Citic flees coking coal project
Citic Merchants, part of the Hong Kong-listed Citic Group has withdrawn from its rescue of Mongolian thermal and coking coal project SouthGobi, the miner says. The struggling project has booked significant losses as prices have slumped and is at risk of defaulting on interest payments within days, Kallanish notes.
Citic had agreed to invest $28.7 million in the company just last month but the deadline for investment passed and SouthGobi says it has been told…
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Very good overview of the weekly steel market.
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