Mongolia-based Chinese miner Mongolian Mining Corporation (MMC) has announced its financial results for 2012.
In 2012, MMC registered a net loss of $2.5 million, compared to a net profit of $119 million in the previous year, due to the lower coking coal prices driven by slowing demand in China. The company's sales revenues decreased by 12.6 percent year on year to $474.5 million.
According to data issued by the National Statistical Office (NSO) of Mongolia, the company exported approximately 5.6 million mt of coal products in 2012, representing a share of around 26.9 percent in Mongolia's total coal exports. The company exported 4.8 million mt of coal products, representing 22.7 percent of the country's total coal exports in 2011.
The Chinese market remains the MMC's primary destination for its coal products, and the company has continued to strengthen relations with its Chinese end-user customers. It has also begun to explore diversification opportunities and has successfully delivered initial bulk shipments of its hard coking coal to customers in seaborne markets such as Japan, India and Taiwan.
In 2012, MMC produced 9.4 million mt of raw coal, increasing by 32.4 percent year on year. In 2013, the company will continue to ramp up coal production and is targeting an output of 12 million mt of raw coal, while its total coal processing capacity is targeted to reach 15 million mt per year starting from the second half of 2013.