Mongolian Mining Hits Record US$1.0399 Bln Revenue For FY2024

KUALA LUMPUR, March 25 (Bernama) -- Mongolian Mining Corporation (MMC) reported its financial results for the year ending Dec 31, 2024 (FY2024) with record-high revenue of US$1.0399 billion, slightly up from US$1.038 billion in 2023. (US$1=RM4.43)

MMC Chief Executive Officer, Dr Battsengel Gotov, expressed satisfaction with the company’s strong financial and operational performance, emphasising the company’s commitment to growth and diversification.

He highlighted investments in gold, copper, and other non-ferrous metals as part of their long-term strategy, alongside efforts to maintain the highest standards in safety, environmental responsibility, and social accountability.

“Our focus is clear: maintaining an adequate capital structure, scaling up production and sales through optimal asset utilisation, and supporting initiatives to improve and develop regional infrastructure,” he said in a statement.

The company sold 8.6 million tonnes (Mt) of coal products, including 7.8 Mt of primary products (4.7 Mt of hard coking coal (HCC)) and 0.8 Mt of secondary products.

The average selling price for HCC rose to US$168.4 per tonne, compared to US$160.2 per tonne in the previous year. The company’s gross profit for the year stood at approximately US$411.7 million, and the profit attributable to equity shareholders remained stable at around US$242.0 million.

In addition to its coal business, MMC made significant progress in the development of its Bayan Khundii gold mine, with construction at 67 per cent completion. Gold production is expected to begin in the second half of 2025.

The largest producer and exporter of washed HCC in Mongolia, MMC owns and operates two open-pit coking coal mines, the Ukhaa Khudag deposit located within the Tavan Tolgoi coal formation and the Baruun Naran deposit, both located in South Gobi, Mongolia.

-- BERNAMA