Energy Resources presents its financial results for the first half of 2018
Mongolian Mining Corporation, the parent company of Energy Resources LLC, has formally presented its half-year financial results for 2018 to the public.
In the first half of 2018 the group mined a total of 4.3 million tonnes of raw coal from the Ukhaa Khudag and Baruun Naran mines, of which 4.0 million tonnes were washed domestically to produce 2.9 million tonnes of washed coal products. Of that, 2.4 million tonnes were transported through the Gashuunsukhait border crossing and exported to China.
During the reporting period the Company sold 1.7 million tonnes of washed coking coal, 0.2 million tonnes of washed semi-soft coking coal and 0.1 million tonnes of washed thermal coal, and raised the average selling price to $146.1, an increase of 15 per cent on last year. As a result, sales revenue for the first half of the year reached more than $270 million, an increase of more than 10 per cent on the same period last year.
The Company reaches China’s main industrial markets and supplies its products to end users such as the Baotou steel plant and the Shenhua group’s coke plant in Inner Mongolia.