Mongolian Mining Corporation, Mongolia's largest producer and exporter of high-quality coking coal, has announced that in 2010 it increased its coal production volume by 114 percent year on year to approximately 3.9 million mt.
In 2010, Mongolian Mining Corporation recorded revenue of $277.5 million - up 314 percent year on year, while its profit attributable to equity shareholders was about $60.1 million - up 486 percent year on year. In 2010, the group sold approximately 3.9 million mt of coal products at a weighted average selling price of $70.8/mt, representing an approximate 46 percent year-on-year increase.
The cornerstone of Mongolian Mining Corporation's growth strategy is to expand its coal mine production and to boost its sales of washed hard coking coal. In 2011, the group aims to produce 7.0 million mt of run-of-mine coal, and to wash and process 5.5 million mt of run-of-mine coal.
"2011 promises to be another year of strong demand from China for coking coal and with a positive outlook for coal prices," Mongolian Mining Corporation's CEO Dr. Battsengel Gotov said.