Mongolian Mining Corporation announces 2019 Interim Results

Economy | Mining
2019-08-23 13:49:01

Ulaanbaatar /MONTSAME/. Mongolian Mining Corporation (MMC), the largest producer and exporter of washed hard coking coal in Mongolia, today announced its unaudited interim results for the six months ended 30 June 2019. 

During the reporting period, the Group generated a total revenue of USD325.6 million, an increase of nearly 20 percent. The Group sold approximately 2.0 million tons of hard coking coal, an increase of 14.0 percent as compared to 1.7 million tons of hard coking coal sold during the same period in 2018. 

The average selling price for hard coking coal was USD147.0 per ton in the reporting period. Gross profit amounted to approximately USD129.9 million in the period, representing an increase of 20.1 percent year-on-year; while profit attributable to equity shareholders of the Company surged by 59.4 percent to approximately USD47.1 million.

Dr. Battsengel Gotov, Chief Executive Officer of MMC, said, “We are pleased to report sound financial and operational performance for the period, highlighted by nearly 20 percent revenue growth and over 59 percent growth in profit attributable to equity shareholders. Building on the strong first half of the year, we look to continuously push our production and sales volumes by utilizing our existing coal mining and processing capacity, optimizing our transportation and logistics efficiency and expanding relations with our end-user customers’ base. Also, we shall remain focused on our commitment to safe and responsible mining operations.