Mongolian Mining Corporation Reports Outstanding 2024 Results
HONG KONG – Mongolian Mining Corporation (MMC), recognized as the leading producer and exporter of washed hard coking coal (HCC) in Mongolia, recently published its annual results for the fiscal year ending on December 31, 2024.
Throughout this remarkable year, the Group achieved an astonishing revenue of USD 1,039.9 million, showing impressive growth compared to USD 1,034.8 million in the previous year. This increase reflects the robust demand for coal, with total sales amounting to 8.6 million tonnes (Mt) of coal products, which included 7.8 Mt of primary products (notably 4.7 Mt of HCC) and 0.8 Mt of secondary products.
The average selling price for HCC also marked a positive change, rising to USD 168.4 per tonne, up from USD 160.2 in FY2023. This uptick in prices signifies MMC's strong position in the market, reinforcing its reputation as the largest exporter of HCC in Mongolia.
Solid Financial Performance
The gross profit for the fiscal year was approximately USD 411.7 million, with net profit attributable to equity shareholders remaining stable at around USD 242.0 million. This financial stability underscores MMC's resilience and effective management strategies amid market fluctuations.
Progress on Bayan Khundii Project
Significant advancements have been made in the Bayan Khundii gold mine, where construction and installation efforts are approximately 67% complete. Gold production is projected to begin in the latter part of 2025, marking a new chapter in MMC’s journey towards diversification and growth.
CEO's Commitment to Sustainable Growth
Dr. Battsengel Gotov, Chief Executive Officer of MMC, expressed his satisfaction with the Group's operational and financial achievements. "We pride ourselves on sustaining robust performance, as reflected in our record revenue in 2024. Our commitment remains focused on enhancing our capital structure and maximizing production while improving regional infrastructure," he noted. Dr. Gotov emphasized the ongoing initiatives to invest in gold, copper, and other valuable metals, aiming at a diversified portfolio and long-term growth.
About MMC and Its Operations
The Mongolian Mining Corporation has established itself as a pivotal player in the mining industry by owning and operating two prominent open-pit coking coal mines located in the Tavan Tolgoi coal formation: the Ukhaa Khudag deposit and the Baruun Naran deposit, both situated in the South Gobi region of Mongolia. Additionally, MMC holds a significant stake in Erdene Mongol LLC, which manages two active mining licenses and one exploration license in Bayankhongor, Mongolia.
With its continuous growth trajectory, MMC is dedicated to adhering to the highest standards in safety, environmental responsibility, and social accountability, ensuring sustainable practices in all its operations.
Frequently Asked Questions
What were Mongolian Mining Corporation's total revenues for 2024?
Mongolian Mining Corporation reported total revenues of USD 1,039.9 million for 2024.
What is the current status of the Bayan Khundii project?
The Bayan Khundii gold mine's construction is 67% complete, with gold production expected to start in the second half of 2025.
Who is the CEO of Mongolian Mining Corporation?
Dr. Battsengel Gotov is the Chief Executive Officer of Mongolian Mining Corporation.
What is the average selling price of HCC for FY2024?
The average selling price for HCC was USD 168.4 per tonne in FY2024.
What mining operations does MMC currently manage?
MMC manages two coking coal mines and holds a significant equity stake in Erdene Mongol LLC, expanding its operations into gold and other non-ferrous metals.
