SouthGobi Resources (TSE:SGQ) has released an update.
SouthGobi Resources Ltd. has announced that the Mongolian Tax Authority’s tax penalty of approximately $75 million against its subsidiary SouthGobi Sands LLC is currently under review. After an appeal, the Tax Dispute Resolution Council has ordered the re-assessment of the tax audit, which is set to begin around March 7, 2024, and is expected to take about 45 working days. The company is considering the implications of this development and maintains the right to further appeal any decision made by the Mongolian authorities.
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