SouthGobi Wins China Payment Deferral to Buy Time for Funding
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Mongolian coal miner SouthGobi Resources Ltd. said it won a deferral on a key interest payment, staving off a threat to its viability and buying time to boost cash flows.
The due date on $7.9 million owed to sovereign wealth fund China Investment Corp. has been reset to Nov. 19, SouthGobi, which is based in Vancouver, said in a statement Tuesday. The company had warned that failure to pay CIC could have resulted in bankruptcy.