MONGOLIAN MINING CORPORATION ACHIEVES FIRST GOLD POUR AT BAYAN KHUNDII MINE

KUALA LUMPUR, Sept 17 (Bernama) -- Mongolian Mining Corporation (MMC), the largest internationally listed private mining company, successfully completed the first gold pour at the Bayan Khundii (BKH) gold mine in Mongolia on Sept 14.

The BKH gold mine, with total reserves of 513,700 ounces of gold at an average head grade of four grammes per tonne (g/t), is expected to produce approximately 85,000 ounces annually at a low quartile all-in sustaining cost, according to MMC in a statement.

“We are proud to see the Bayan Khundii mine reach this significant milestone and extend our sincere congratulations to our employees, contractors, and strategic partners whose dedication made this milestone possible, transforming this project into a fully operational gold mine.

“Moving forward, MMC will work closely with our strategic partner to support their continued focus on exploration efforts aimed at extending the mine life and bringing additional deposits into production covered under the Strategic Alliance Agreement,” said its Chief Executive Officer, Dr Battsengel Gotov.

MMC, together with its subsidiaries, has announced the investment of US$40 million for a 50 per cent equity interest in Erdene Mongol LLC (EM), under a Strategic Alliance and Investment Agreement which became effective on Jan 25, 2024.

At the time of MMC's participation, the project was still in its early stages as a greenfield site. Since construction commenced, progress has been rapid, with completion achieved in just 22 months, turning the project from a greenfield to a full-fledged operation.

Gold from the BKH mine will be sold to Mongolia’s Central Bank at spot gold prices, contributing to the country's foreign currency reserves and playing a vital role in the country’s economic stability.

With established operating systems and procedures, the mine is well positioned to achieve nameplate capacity production in the late fourth quarter of this year.

-- BERNAMA