Mongolian Mining Corporation announces 2024 financial results

Mongolian Mining Corporation (MMC), the largest producer and exporter of washed hard coking coal in Mongolia, reported its annual financial results for the year ended December 31, 2024 (FY2024).

In FY2024, the group achieved a record revenue of 1,039.9 million USD, compared to 1,034.8 million USD in FY2023. The group sold 8.6 million tons (Mt) of coal products, including 7.8 Mt of primary products and 0.8 Mt of secondary products. The average selling price for HCC was 168.4 USD per ton, reflecting a slight increase from 160.2 USD per ton in FY2023. The group's gross profit for FY2024 stood at approximately 411.7 million USD, with the profit attributable to equity shareholders remaining stable at around 242.0 million USD.

Dr. Battsengel Gotov, Chief Executive Officer of MMC, commented, "We are pleased to report that the group has achieved another year of robust operational and financial performance, generating revenue of 1,039.9 million USD in 2024. At MMC, we remain committed to reinforcing our position as the largest internationally listed private mining company operating in Mongolia. Our strategic focus is clear: maintaining a sound capital structure, scaling up production and sales through optimal asset utilization, and driving initiatives that contribute to the development of regional infrastructure."

As of the end of 2024, construction and installation work at the Bayan Khundii gold mine processing plant was approximately 67 percent complete. Gold production is anticipated to commence in the second half of 2025.