Shares in Siberian Mining Group, a beleaguered digital technology provider-turned-coal miner, have nearly tripled in trading over the past two days after the company expanded its mining rights. The stock surged 59.5 per cent to 33.5 HK cents yesterday and has advanced 199.1 per cent since Monday. More than HK$500 million worth of its shares have changed hands in the past two days. A Russian subsidiary of Siberian Mining placed a successful bid earlier this week for the subsoil use rights of exploration and bituminous coal mining for an area in south-central Russia. A mining licence is expected to be issued around November. Drilling may start in the first half of next year at the site called Mine Lapichevska-2, according to a media release. The company also already controls a lot in the area. 'This is an important further step in Siberian Mining's growth as a mining group,' chairman Lim Ho Sok said. He said the successful auction gave the company 'the critical mass required for commercial mining and exploitation'. Siberian Mining is in talks with partners about the mining of its controlled sites. The company lost HK$967.6 million in the year to March 2010, largely because of substantial impairment losses attributed to the new mining business. Siberian Mining said in its latest annual report that the coal mining business did not record any revenue in the year but that it would be one of the major income drivers 'in the long run'. It discontinued a garment business last year and only recorded HK$14.7 million in revenue from its digital technology services business.