Mongolian Mining : MMC announces 2021 annual results

[For Immediate Release]

(Integrated within the Cayman Islands with restricted legal responsibility)

Mongolian Mining Company pronounces 2021 Annual Outcomes

(21 March 2022, Hong Kong) – Mongolian Mining Company (“MMC”, or along with its subsidiaries, the “Group”; inventory code: 975), the biggest producer of washed arduous coking coal (“HCC”) in Mongolia, at this time introduced its annual outcomes for the yr ended 31 December 2021 (“FY2021” or the “12 months”).

Throughout the 12 months, coal export shipments from Mongolia to China had been considerably impacted by decreased throughput on the Sino-Mongolian border, together with Gashuunsukhait- Ganqimaodu checkpoint, resulting from momentary limitations imposed by the Chinese language authorities after enhance of COVID-19 an infection instances in Mongolia.

Thus, COVID-19 has continued to negatively impression the Group’s working atmosphere and considerably decreased its gross sales quantity. Throughout the 12 months, the Group generated a complete income of roughly USD184.1 million (FY2020: USD 417.4 million) from complete gross sales quantity of 1.6 million tonnes (FY2020: 4.2 million tonnes) of coal merchandise.

Supported by market demand, coal costs have been sturdy throughout the 12 months. Because of this, the Group’s common promoting value (“ASP”) for HCC elevated by 24.1% to USD 150.6 per tonne in FY2021, as in comparison with USD121.4 per tonne in FY2020.

The Group’s internet loss attributable to the fairness shareholder of the Firm in FY2021 was USD55.2 million. Main contributing issue of the Group’s internet loss place was the decrease gross sales quantity and better transportation value recorded throughout the 12 months because of COVID- 19 associated constrained cross border throughput.

Dr. Battsengel Gotov, Chief Government Officer of MMC, stated, “COVID-19has continued to publish a whole lot of challenges related to cross border logistics from Mongolia to China. Amid the powerful working atmosphere, we’ve remained absolutely dedicated to the well being, security, and well-beingof our folks. I’m assured that MMC stays nicely positioned to achieve again its gross sales volumes as soon as the state of affairs returns to regular.”

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About Mongolian Mining Company (Inventory code: 975)

Mongolian Mining Company (“MMC” or “the Group”, SEHK: 975) is the biggest producer and exporter of HCC in Mongolia. It owns and operates two open-pit coking coal mines, the Ukhaa Khudag deposit positioned throughout the Tavan Tolgoi coal formation, in addition to the Baruun Naran coking coal deposit, each positioned in South Gobi, Mongolia.

MMC was listed on The Inventory Change of Hong Kong Restricted in October 2010. To be taught extra in regards to the Group, please go to MMC’s web site at: www.mmc.mn.

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