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Mongolian Mining Corporation (OTCQX: MOGLF) has achieved a significant milestone with its first gold pour at the Bayan Khundii (BKH) gold mine in Mongolia. The mine, completed in just 22 months, holds total gold reserves of 513,700 ounces at an average grade of 4.0 g/t gold.
The project, representing MMC's US$40 million investment for a 50% equity stake in Erdene Mongol LLC, is expected to produce 85,000 ounces of gold annually at a low quartile all-in sustaining cost. The mine is scheduled to reach nameplate capacity production in Q4 2025, with gold being sold to Mongolia's Central Bank at spot prices to support the country's foreign currency reserves.
Mongolian Mining Corporation (OTCQX:MOGLF), Mongolia's largest producer and exporter of washed hard coking coal, reported challenging interim results for H1 2025. The company's revenue declined by 35.9% year-over-year to USD346.6 million, with sales volume steady at 4.2 million tonnes but affected by softer average selling prices.
The company recorded a net loss of USD23.3 million, compared to a profit of USD133.0 million in H1 2024, impacted by lower selling prices and a USD25.0 million one-off loss from debt refinancing. On a positive note, MMC is diversifying its portfolio with the Bayan Khundii gold mine, which is expected to begin commercial production in Q3 2025.
Mongolian Mining (MOGLF) has announced the successful completion of its Senior Notes redemption on April 15, 2025. The company redeemed all outstanding Notes at 109.27% of the principal amount plus accrued and unpaid interest up to but excluding the Optional Redemption Date.
The company stated that the Redemption will have no material impact on its financial position. Following the redemption completion, all redeemed Notes will be cancelled and delisted from the Singapore Exchange Securities Trading
Mongolian Mining (MOGLF) has released its operational update for Q1 2025. The company, Mongolia's largest internationally listed private mining company, reported mixed results in its coking coal operations. Run-of-mine (ROM) coal mining output reached 3,673.4 thousand tonnes, showing a 3% year-over-year increase but remained flat quarter-on-quarter.
The company processed 3,749.5 kt of ROM coking coal, producing 2,110.0 kt of washed coking coal products (2% YoY decrease, 1% QoQ increase). Total sales reached 1,600.4 kt, comprising 1,079.4 kt of washed hard coking coal, 72.2 kt of washed semi-soft coking coal, and 448.7 kt of washed mid-ash semi-hard coking coal.
In gold operations, the company's 50% owned Bayan Khundii gold mine is 86.5% complete in construction, with production expected to commence in H2 2025. Additionally, MOGLF acquired a 50.5% stake in Universal Copper on March 11, 2025, expanding into copper and non-ferrous metals exploration.
Mongolian Mining (MMC), Mongolia's largest HCC producer and exporter, reported its FY2024 results with record-high revenue of USD1,039.9 million, slightly up from USD1,034.8 million in FY2023. The company sold 8.6 million tonnes of coal products, including 4.7 Mt of hard coking coal (HCC).
The average HCC selling price increased to USD168.4 per tonne from USD160.2 in 2023. The company achieved a gross profit of USD411.7 million, with profit attributable to shareholders holding steady at USD242.0 million.
The company reported progress on its diversification strategy, with its Bayan Khundii gold mine construction being 67% complete, targeting gold production commencement in H2 2025. MMC maintains its position as Mongolia's largest internationally listed private mining company, focusing on production scaling, infrastructure development, and portfolio diversification into gold, copper, and non-ferrous metals.
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