MMC’s coal sales increase by 20 percent in H1 www.zgm.mn
The coal sales of Mongolian Mining Corp. (MMC), listed on the Hong Kong Stock Exchange, increased by about 20 percent in the first half of 2019 to 2.5 million tons. The company’s share price has dropped 35 percent since 2019.
The company’s sold two million tons of solid coking coal in the reporting period. The volume of washed solid coking coal sales increased by 14 percent from the same period of the previous year, according to MMC’s report.
MMC increased its sales by using the channels of Inner Mongolia, Gansu, Hebei, and Tianjin. The company also sold 300,000 tons of coal to Tavan Tolgoi Tulsh LLC free of charge. With high demand and coking coal prices, the company aims to perform the highest level of production and sales in the second half of the year. MMC’s sales revenue rose 19.6 percent to USD 325.6 million in the first half of the year. The average price of solid coking coal at core sales was slightly above USD 147 per ton. In the meantime, China’s steel production has also accelerated, up by 10 percent.