The Mongolian Mining Corporation (MMC), the largest producer and exporter of washed hard coking coal (HCC) in Mongolia, has announced its annual results for the year ended 31 December 2024, revealing a record-high revenue of USD1,039.9 million, slightly up from USD1,034.8 million in FY2023.
The Group sold a total of 8.6 million tonnes (Mt) of coal products during the year, including 7.8 Mt of primary products (with 4.7 Mt of HCC) and 0.8 Mt of secondary products. The average selling price for HCC, excluding VAT in China, rose to USD168.4 per tonne, compared to USD160.2 per tonne in 2023.
Despite market fluctuations, MMC maintained a strong gross profit of USD411.7 million, with profit attributable to shareholders remaining stable at USD242.0 million.
In addition to its coal operations, the company reported progress on its Bayan Khundii gold mine, where construction and installation works were 67% complete by year-end. Gold production is expected to begin in the second half of 2025, marking a strategic expansion for the Group.
