Mongolian Mining Corporation (MMC), a leading player in Mongolia’s resource sector, has announced record revenue for the financial year ending December 31, 2024. The company posted US$1.0399 billion in revenue, slightly exceeding its previous year’s result of US$1.038 billion, and reinforcing its stable growth trajectory.
MMC’s Chief Executive Officer, Dr. Battsengel Gotov, underscored the company’s solid financial and operational performance, pointing to its long-term diversification strategy as a key driver. “We remain committed to maintaining a healthy capital structure, optimising asset performance, and expanding our production capacity,” said Gotov. He also highlighted the company’s focus on regional infrastructure development, as well as safety, environmental responsibility, and social governance.
In 2024, MMC sold 8.6 million tonnes of coal products, including 4.7 million tonnes of hard coking coal (HCC). The average selling price for HCC increased to US$168.4 per tonne, up from US$160.2 the previous year. The company reported a gross profit of US$411.7 million, with net profit for equity shareholders remaining steady at US$242 million.
As Mongolia’s largest producer and exporter of washed HCC, MMC operates two major open-pit mines in the South Gobi region: the Ukhaa Khudag deposit and the Baruun Naran deposit, both located within the resource-rich Tavan Tolgoi coal basin.
Beyond coal, MMC is actively advancing its diversification strategy with significant progress at the Bayan Khundii gold project, which has now reached 67% completion. The company expects to begin gold production in the second half of 2025, marking an important milestone in its transition towards a broader portfolio of non-ferrous metals including gold and copper.
This strong performance and strategic expansion underscore MMC’s role in shaping Mongolia’s mining sector and advancing its contribution to regional economic development.
