MMC maintained its leading position as the major washed coking coal producer in Mongolia. In the first half of 2017, the Group sold approximately 2.3 Mt of coal products, representing an increase of 292.7% compared to 0.6 Mt of coal products sold in the first half of 2016, generating a total revenue of USD 245.9 million which was increased by 691.7% year-on-year. The average selling price (ASP) for washed hard coking coal (“HCC”) was USD127.7 per tonne, up 144.6% year-on-year.

During the period under review, the profit attributable to the equity shareholders of the Company amounted to approximately USD 311.7 million, mainly contributed by increased ASP, higher sales volume of coking coal products due to strengthening market conditions, and gain from debt restructuring.

On 4 May 2017, the Group completed the successful implementation of the debt restructuring, the total gain from the debt restructuring recognized by the Group amounted to USD 263.0 million.

Dr. Battsengel Gotov, CEO of MMC said “With improved market conditions, the Group will aim to maximize its production and sales volumes in 2017 in a safe manner. We will also continue to optimize our transportation and logistics efficiency by implementing strategic change solutions. Increasing sales volume will be achieved by adopting aggressive marketing strategy to expand market penetration with direct access to ultimate end-user customers”.

Source: MMC
B.Tugsbilig