Company Overview - Mongolian Mining Corporation is the largest producer and exporter of high-quality washed hard coking coal in Mongolia[4]. - The company operates two open-pit coal mines: Ukhaa Khudag (UHG) and Baruun Naran (BN) located in the Umnugobi province[4]. - The company has a diversified group structure with subsidiaries in various countries, including Hong Kong, Luxembourg, and Mongolia[12]. Sustainability and Environmental Commitment - Mongolian Mining Corporation emphasizes environmental sustainability and compliance with all environmental standards[8]. - The company is dedicated to minimizing its operational impact on the environment through proactive measures[8]. - The company plans to enhance its sustainability initiatives, with a target of reducing carbon emissions by 40% by 2025[17]. - The company is committed to fulfilling its responsibilities towards safety, environment, and business operations in society[33]. - The company aims to refine its sustainability goals to align with the United Nations Sustainable Development Goals, enhancing its contribution to global objectives[173]. Financial Performance - The company reported a significant increase in revenue, achieving a total of $1.2 billion for the fiscal year, representing a 15% year-over-year growth[17]. - The company's revenue and adjusted EBITDA reached new highs of $1.03 billion and $509 million, respectively[33]. - The profit attributable to equity holders was $240 million, representing an increase of over four times compared to 2022[33]. - The company sold approximately 9.8 million tons of coal products in 2023, generating a record revenue of $1,034.8 million, compared to $546.2 million in 2022, representing an increase of 89%[92]. - The adjusted EBITDA for the year ended December 31, 2023, was approximately $509.0 million, up from $133.8 million for the year ended December 31, 2022[107]. Market Expansion and Growth Strategy - The company aims to enhance corporate governance as a cornerstone of its management and operations[8]. - The company is expanding its market presence in Asia, targeting a 30% increase in market share within the next two years[17]. - New product launches are expected to contribute an additional $200 million in revenue, with a focus on innovative technologies[17]. - User data showed a 25% increase in active users, reaching 5 million by the end of the year[17]. Governance and Management - The board of directors includes experienced members, with Odjargal Jambaljamts serving as the executive director and chairman[9]. - Chuluundorj博士于2016年1月8日被任命为独立非执行董事，并担任多个委员会的成员[22]. - 陈子政于2010年9月16日被任命为独立非执行董事，并担任审计委员会主席[24]. Operational Efficiency and Production - Total coal product sales of the company reached 9.8 million tons, an increase of 109% compared to 4.7 million tons in the previous year[33]. - Total raw coal production for 2023 reached 14.6 million tons, with UHG contributing 12.1 million tons and BN contributing 2.5 million tons[68]. - The group processed a total of 14.1 million tons of raw coking coal in 2023, yielding 6.7 million tons of washed coking coal and 2.0 million tons of middling coal[76]. Employee and Training Initiatives - The company provided a total of 20,115 individual training sessions, amounting to 84,796 hours, to enhance occupational health and safety awareness among employees and contractors[83]. - As of December 31, 2023, the total number of employees in the group increased to 2,372 from 1,979 in the previous year, representing an increase of approximately 19.9%[134]. - Employee costs for the year ended December 31, 2023, amounted to $46.0 million, up from $30.2 million in 2022, indicating a year-over-year increase of approximately 52.5%[135]. Safety and Compliance - The lost time injury frequency rate for 2023 was reported at 0.80 per million hours worked, indicating a slight increase from 0.43 in 2022[181]. - The total recordable injury frequency rate for 2023 was 2.55 per million hours worked, showing a slight increase from 1.59 in 2022[187]. - The environmental management compliance score was 93.4% in 2023, down from 96.5% in 2022, indicating a need for improvement in environmental practices[84]. Coal Resource and Exploration - Total coal resources as of December 31, 2023, amount to 458 million tons, with 488 million tons classified as both proved and probable resources[51]. - The company conducted a total of 1,645 individual drill holes, totaling 208,211 meters, including 116,709 meters of HQ-3 drilling[52]. - The updated coal resource statement for BN and THG reflects the consumption from mining activities conducted from January 1, 2023, to December 31, 2023[53]. Emissions and Environmental Impact - Total greenhouse gas emissions amounted to 30,730,018 tons of CO2 equivalent, with an intensity of 2.11 tons of CO2 equivalent per ton of raw coal[176]. - The company has updated its greenhouse gas emission calculation methods and conducted third-party verification to ensure data accuracy for future comparisons[191]. - The emissions report for 2023 serves as a baseline year, marking the highest production, processing, and sales volume since operations began in 2009[199].

Financial Performance - For the year ended December 31, 2023, Mongolian Mining Corporation reported record revenue of approximately $1,034.8 million, an increase of 89.5% compared to $546.2 million for the year ended December 31, 2022[2]. - Adjusted EBITDA for the year ended December 31, 2023, was approximately $509.0 million, representing a significant increase of 280.4% from $133.8 million for the year ended December 31, 2022[2]. - Profit attributable to equity holders of the company for the year ended December 31, 2023, was $239.7 million, compared to $59.2 million for the year ended December 31, 2022[2]. - Basic and diluted earnings per share for the year ended December 31, 2023, were 21.95 cents, a substantial increase from 5.68 cents for the year ended December 31, 2022[3]. - Total comprehensive income for the year ended December 31, 2023, was $240.6 million, compared to $37.2 million for the year ended December 31, 2022[5]. - The company's gross profit surged to approximately $441.6 million in 2023, a 364.4% increase from $95.1 million in 2022, driven by higher sales volume and average selling prices[116]. Assets and Liabilities - Total non-current assets as of December 31, 2023, amounted to $1,588.5 million, compared to $1,560.9 million as of December 31, 2022[6]. - Current assets totaled $419.9 million as of December 31, 2023, up from $259.6 million as of December 31, 2022[7]. - The company's total equity attributable to equity holders increased to $1,114.8 million as of December 31, 2023, from $872.6 million as of December 31, 2022[8]. - Non-current liabilities decreased to $405.1 million as of December 31, 2023, from $565.1 million as of December 31, 2022[9]. - As of December 31, 2023, the group recorded a net current liability of $13,529,000[13]. Revenue Sources - The revenue from washed hard coking coal was $883,140,000 in 2023, compared to $508,355,000 in 2022, reflecting a growth of about 73.7%[27]. - The revenue from agency sales arrangements amounted to approximately $120,811,000 in 2023, up from $43,535,000 in 2022, indicating a growth of around 177%[28]. - The group's revenue for the year ended December 31, 2023, was $1,034,821,000, a significant increase from $546,248,000 in 2022, representing an increase of approximately 89%[26]. Costs and Expenses - The cost of revenue for the year 2023 was $593,180,000, compared to $451,131,000 in 2022, which shows an increase of approximately 31.5%[29]. - Employee costs increased to $45,954,000 in 2023 from $30,216,000 in 2022, reflecting a significant rise in salaries and benefits[32]. - General and administrative expenses for the year ended December 31, 2023, were approximately $57.3 million, an increase of $24.1 million from $24.8 million in 2022[119]. - Financial costs for 2023 amounted to $41,958,000, a decrease from $47,081,000 in 2022[31]. - The effective tax expense for 2023 was $94,820,000, compared to a tax benefit of $(4,183,000) in 2022[39]. Cash Flow and Financing - Cash generated from operating activities for the year ended December 31, 2023, was approximately $481.9 million, compared to $233.8 million in 2022[122]. - The capital debt ratio as of December 31, 2023, was 10.7%, a decrease from 20.5% as of December 31, 2022[123]. - The company issued $180 million of 2026 senior notes and an additional $40 million in December 2023, with a fixed interest rate of 12.50%[65]. - As of December 31, 2023, the outstanding principal amount of the 2026 senior notes was $220.0 million, down from $376.4 million for the 2024 senior notes in 2022[124]. Market and Industry Trends - The total steel production in China remained stable at 1,019 million tons in 2023, consistent with the previous year[72]. - China's steel exports surged by 34.1% year-on-year to 90.3 million tons in 2023, contributing to high production levels[72]. - The company anticipates a further decline in steel demand by 1.7% in 2024 following a 3.3% decrease in 2023[72]. - In 2023, China's coking coal imports reached a record high of 102.5 million tons, a 60.7% increase from 63.8 million tons in 2022[73]. - Coking coal imports from Mongolia grew by 110.9% to 54.0 million tons, accounting for 52.7% of China's total coking coal imports[74]. Mining Operations - The total raw coal production for 2023 was 14.6 million tons, with 12.1 million tons from the UHG mine and 2.5 million tons from the BN mine[94]. - The actual stripping ratio for the UHG mine was 4.5 cubic meters per ton of raw coal, while for the BN mine it was 8.2 cubic meters per ton of raw coal[94]. - The group processed a total of 14.1 million tons of raw coking coal in 2023, with 11.9 million tons from UHG and 2.2 million tons from BN[96]. - The coal processing and washing plant operated at an average rate close to 15.0 million tons per year, producing 6.7 million tons of washed coking coal and 2.0 million tons of middling coal[96]. Compliance and Governance - The company confirmed compliance with the corporate governance code during the year ended December 31, 2023[139]. - The financial data for the year ended December 31, 2023, has been reviewed and confirmed by the company's auditors, KPMG[140]. - The audit committee, chaired by Mr. Chen Zizheng, reviewed the company's full-year performance for the year ending December 31, 2023[142].

Economic Performance - In the first half of 2023, China's GDP grew by 5.5% compared to the same period last year[16]. - China's crude steel production increased to 535.6 million tons in the first half of 2023, a slight increase of 1.3% year-on-year[16]. - China's coke production rose by 1.8% to 243.8 million tons in the first half of 2023, with consumption increasing by 2.4% to 236.6 million tons[16]. - China's coking coal consumption reached 291.6 million tons, a year-on-year increase of 4.8%[16]. - Coking coal imports to China surged to 45.6 million tons in the first half of 2023, a significant increase of 74.7% year-on-year[16]. - Mongolia exported 29.5 million tons of coal to China in the first half of 2023, compared to 8.1 million tons in the same period last year[16]. - Coking coal imports from Mongolia to China reached a record high of 22.3 million tons, a year-on-year increase of 197.3%[16]. Company Operations and Strategy - The company aims to leverage modern technology and innovation to produce high-quality products at the lowest cost[8]. - The company is committed to minimizing its operational impact on the environment and adheres to all regulatory environmental standards[8]. - The company focuses on building long-term relationships with customers and suppliers to enhance mutual benefits[8]. - The UHG mining license covers an area of 2,960 hectares and is valid for 30 years, with two possible extensions of 20 years each[20]. - The company has conducted extensive exploration activities, including 1,645 drill holes and 208,211 meters drilled, to support resource estimation[20]. - The company plans to continue exploration activities to further enhance resource estimates and improve the geological model accuracy[28]. - The company emphasizes the importance of adhering to the Australasian Code for Reporting of Exploration Results, Mineral Resources, and Ore Reserves (JORC) in its reporting practices[28]. Resource and Production Estimates - As of December 31, 2022, the total coal resources at UHG are estimated at 567 million tons, including 499 million tons of proven and probable reserves[22]. - The latest coal resource estimates reflect a higher confidence level, with previously unclassified and inferred resources moved to the proven category[20]. - The updated JORC (2012) coal reserves for the UHG mine are 346 million tons of coking coal and 19 million tons of thermal coal, totaling 365 million tons[30]. - The BN mine's JORC (2012) coal reserves are 269 million tons of coking coal and 11 million tons of thermal coal, totaling 280 million tons[34]. - Total raw coal production for the first half of 2023 was 8.0 million tons, with 6.7 million tons from the UHG mine and 1.3 million tons from the BN mine[35]. - The group processed a total of 6.8 million tons of coking coal in the first half of 2023, achieving a yield of 3.0 million tons of washed coking coal and 1.2 million tons of middling coal[38]. Financial Performance - The company sold approximately 4.9 million tons of coal products in the six months ended June 30, 2023, generating total revenue of approximately $516.7 million, a 385.0% increase compared to $106.5 million from 0.9 million tons sold in the same period of 2022[48]. - The average selling price of hard coking coal for the first half of 2023 was $161.8 per ton, up from $141.3 per ton in the first half of 2022[48]. - The group's gross profit for the six months ended June 30, 2023, was approximately $225.1 million, a substantial improvement from a gross loss of $19.9 million in the same period of 2022[58]. - Adjusted EBITDA for the reporting period was approximately $258.0 million, compared to an adjusted LBITDA of $8.7 million in the same period of 2022[59]. - The profit attributable to equity holders for the six months ended June 30, 2023, was approximately $136.6 million, a significant turnaround from a loss of $32.4 million in the same period of 2022[65]. - The net cash generated from operating activities for the six months ended June 30, 2023, was $247.81 million, compared to $80.33 million for the same period in 2022, representing a significant increase of 208%[66]. Environmental and Safety Measures - The total greenhouse gas emissions for the first half of 2023 amounted to 13,207,054 tons, significantly higher than 143,025.86 tons in the first half of 2022[85]. - The greenhouse gas emission intensity increased from 0.24 tons of CO2 equivalent per ton of raw coal in the first half of 2022 to 2.70 tons in the first half of 2023[85]. - The company has implemented strict air quality control measures in compliance with Mongolian regulations to monitor and reduce emissions[84]. - The total recorded injury frequency was 18 incidents, with a rolling average of 3.05 incidents per million hours worked, compared to 0.0 incidents in the same period of 2022[43]. - The group provided a total of 11,889 training sessions, amounting to 49,157 hours, focused on occupational health, safety, and environmental training in the first half of 2023[44]. Shareholder and Governance Information - As of June 30, 2023, Odjargal Jambaljamts holds 46,164,754 shares, representing approximately 4.43% of the issued share capital[95]. - The company has adopted the corporate governance code and has complied with all applicable provisions during the six months ending June 30, 2023[93]. - The company has established written guidelines for employees regarding securities trading, with no violations reported during the reporting period[92]. - MCS Mining Group LLC and MCS Mongolia LLC each hold approximately 31.03% of the total issued share capital, with 323,492,188 shares[99]. Capital Expenditures and Investments - The company entered into an investment agreement to acquire 50% of Erdene Mongol LLC for a total consideration of $40.0 million, with $10.0 million paid in the first half of 2023[75]. - Total capital expenditures for the six months ended June 30, 2023, were $9.06 million, compared to $8.57 million for the same period in 2022, reflecting a year-over-year increase of 5.7%[74]. - The company acquired property, plant, and equipment worth $75,548,000 during the six months ended June 30, 2023, compared to $12,394,000 in the same period of 2022, highlighting increased capital investment[139]. Debt and Financial Obligations - The company reported a foreign exchange difference of $21,000 for the six months ended June 30, 2023, compared to a loss of $(12,004,000) in the same period of 2022, indicating improved currency stability[134]. - The company’s outstanding preferred notes due in 2024 amounted to $341,607,000 as of June 30, 2023, down from $373,756,000 as of December 31, 2022, indicating a reduction in debt obligations[147]. - The company repurchased $33,160,000 of its 2024 maturity senior notes, resulting in a gain of approximately $3,970,000 recognized in the profit and loss for the six months ended June 30, 2023[130]. Market and Competitive Position - The group aims to maintain a strong competitive position as a major washed coking coal producer in Mongolia by implementing prudent financial policies and improving asset utilization[47]. - The company is actively seeking to improve industry performance and promote dialogue through its participation in the TSM initiative[86]. - The company has not disclosed any new product developments or market expansion strategies during this reporting period[112].

Financial Performance - For the six months ended June 30, 2023, Mongolian Mining Corporation reported total revenue of approximately $516.7 million, a significant increase of 385.0% compared to $106.5 million for the same period in 2022[2] - Gross profit for the six months ended June 30, 2023, was approximately $225.1 million, a turnaround from a gross loss of $19.9 million recorded in the same period of 2022[2] - The net profit attributable to equity holders of the company for the reporting period was $136.6 million, compared to a net loss of $32.4 million in the same period of 2022[2] - Basic and diluted earnings per share for the reporting period were 13.11 cents, compared to a loss of 3.10 cents per share in the same period of 2022[2] - Adjusted EBITDA for the reporting period was approximately $258.0 million, compared to an adjusted LBITDA of approximately $8.7 million in the same period of 2022[81] - The group recorded a profit attributable to equity holders of approximately $136.6 million for the six months ended June 30, 2023, compared to a loss of $32.4 million in the same period of 2022[86] Revenue and Sales - The group sold approximately 4.9 million tons of coal products during the reporting period, with the average selling price of hard coking coal rising to $161.8 per ton, compared to $141.3 per ton in the same period of 2022[2] - The revenue from hard coking coal reached $450,216,000, compared to $94,244,000 in the previous year, indicating an increase of about 377%[16] - The company achieved total sales of 4.9 million tons of coal in the first half of 2023, representing a 419.4% increase year-on-year[68] - In the first half of 2023, the company exported 4.5 million tons of coal to China, including 2.8 million tons of hard coking coal, 0.4 million tons of semi-soft coking coal, and 1.3 million tons of thermal coal[65] Costs and Expenses - The total cost of revenue for the six months ended June 30, 2023, was $291,597,000, up from $126,425,000 in the same period of 2022, reflecting an increase of approximately 130%[17] - The company’s royalty and fee expenses increased to $62.0 million for the six months ended June 30, 2023, compared to $24.0 million in the same period of 2022[72] - The unit extraction cost for raw coal was $17.5 per ton for the six months ended June 30, 2023, up from $16.8 per ton in the same period of 2022, primarily due to increased fuel costs and higher stripping ratios[73] - Processing costs for the six months ended June 30, 2023, were approximately $29.5 million, compared to $7.3 million in the same period of 2022, with a unit processing cost of $4.3 per ton, down from $4.6 per ton[75] - The company reported a significant increase in logistics costs to $6.0 million for the six months ended June 30, 2023, from $3.7 million in the same period of 2022, driven by higher sales volumes[77] Assets and Liabilities - The total current assets as of June 30, 2023, amounted to $414.4 million, an increase from $259.6 million as of December 31, 2022[7] - Non-current assets totaled $1,568.4 million as of June 30, 2023, slightly up from $1,560.9 million as of December 31, 2022[8] - The total equity attributable to equity holders of the company was $1,009.99 million as of June 30, 2023, compared to $872.56 million at the end of 2022[11] - As of June 30, 2023, total accounts receivable amounted to $106,986,000, an increase from $92,157,000 as of December 31, 2022[30] - The total accounts payable as of June 30, 2023, was $104,170,000, slightly up from $103,987,000 at the end of 2022[34] Operational Highlights - The board of directors highlighted a strong operational performance and positive market conditions as key factors contributing to the improved financial results[2] - The company operates primarily in Mongolia, with its customer base mainly located in China, focusing on the extraction, processing, transportation, and sale of coal products[14] - The company has secured a standby credit facility totaling $50,000,000 from a local bank in Mongolia, ensuring sufficient financial resources for operational costs and upcoming financing obligations[12] - The company reported a net cash flow forecast indicating adequate financial resources to cover operational costs for the next twelve months[12] Employee and Training - Employee costs for the six months ended June 30, 2023, were $20.3 million, compared to $10.3 million for the same period in 2022, reflecting a significant increase in workforce expenses[95] - The total number of employees increased to 2,285 as of June 30, 2023, from 1,783 as of June 30, 2022, highlighting growth in workforce size[94] - The company provided 11,889 personal training sessions totaling 49,157 hours in occupational health, safety, and environmental training in the first half of 2023[66] - The company has implemented an online safety training program for all employees and contractors, enhancing training participation during the reporting period[95] Compliance and Governance - The company has maintained compliance with corporate governance codes and securities trading standards throughout the reporting period[95] - The audit committee consists of one non-executive director and three independent non-executive directors, ensuring compliance with applicable accounting standards and regulations[96] - The audit committee reviewed the unaudited interim results for the reporting period, confirming that the financial statements meet the necessary disclosure requirements[97] - The interim results announcement for 2023 will be published on the Hong Kong Stock Exchange and the company's website, with all required information to be sent to shareholders in due course[97]

Company Overview - Mongolian Mining Corporation is the largest producer and exporter of high-quality washed hard coking coal in Mongolia, operating the Ukhaa Khudag and Baruun Naran mines[3]. - The company’s mission is to operate a safe and profitable mining and mineral processing business while promoting the development of Mongolia[4]. Corporate Governance - The board of directors includes Odjargal Jambaljamts as the chairman and Battsengel Gotov as the CEO, with a strong emphasis on corporate governance and compliance with international best practices[10]. - The board consists of eight members, including two executive directors, three non-executive directors, and three independent non-executive directors[176]. - The company has maintained compliance with listing rules by appointing at least three independent non-executive directors, constituting one-third of the board[180]. - Independent non-executive directors play a crucial role in providing independent judgment and ensuring high standards of governance[183]. - The company has established a diversity policy for the board and aims to set measurable objectives for achieving board diversity[193]. Financial Performance - The company recorded a profit attributable to equity holders of approximately $59.2 million in 2022, reversing from a loss of $55.2 million in 2021[21]. - The company’s revenue surged by 197% to $546.2 million in 2022, compared to the previous year's revenue[21]. - The total cost of revenue for 2022 was $451.1 million, up from $161.5 million in 2021, primarily due to increased sales volume and rising supply costs[61]. - The group's gross profit for the year ended December 31, 2022, was approximately $95.1 million, a significant increase from $22.6 million for the year ended December 31, 2021[70]. - The net cash generated from operating activities for the year ended December 31, 2022, was $233.8 million, up from $84.9 million in 2021[77]. Operational Highlights - In 2022, the total sales volume of the company's coal products reached 4.7 million tons, a 194% increase from 1.6 million tons in the previous year[21]. - The company processed a total of 6.6 million tons of raw coking coal in 2022, producing 3.0 million tons of washed coking coal and 1.2 million tons of washed thermal coal[51]. - The company exported 4.2 million tons of coal to China in 2022, with 3.5 million tons transported through GS-GM[54]. - The company plans to expand production and sales of UHG and BN coking coal mines to pre-pandemic levels following the lifting of restrictions in 2023[21]. Environmental Commitment - The company aims to achieve sustainable growth and development through modern and cost-effective technology, focusing on safety and minimizing environmental impact[5]. - The company is committed to fulfilling its responsibilities towards safety, environment, and business operations in society[21]. - The company has implemented strict air quality control measures to comply with Mongolian regulatory requirements, including regular monitoring of emissions from its power plants[122]. - The company has established an Environmental, Social, and Governance (ESG) management committee led by the CEO, consisting of nine representatives, to oversee ESG performance and identify emerging risks and opportunities[119]. Community Engagement - The company is committed to building mutually beneficial relationships with local communities and government officials, contributing to social development through community initiatives[5]. - The company has established a community complaint handling platform to allow local community members to freely raise complaints and grievances[158]. - The company has been recognized as one of Mongolia's top five enterprises for eleven consecutive years due to its socio-economic contributions[115]. Employee Relations - The company emphasizes the importance of talent as a key resource and provides fair employment opportunities under a leadership structure[5]. - The company spent over 96 billion Tugrik on employee salaries, bonuses, and benefits in 2022, providing 10 to 20 different types of benefits and allowances[152]. - The overall employee turnover rate for the group was 33% in 2022, with a turnover rate of 21% for female employees and 36% for male employees[152]. - Female employees represent 15% of the workforce, exceeding the national industry average of 10%[155]. Safety and Training - The company recorded a lost time injury frequency rate of 0.43 per million hours worked in 2022, compared to 0.00 in 2021[54]. - The company conducted 12,434 individual training sessions totaling 61,847 hours on occupational health, safety, and environment in 2022[54]. - A total of 5,932 employees participated in various professional training programs, with 4,925 employees receiving occupational health and safety training[163]. Climate and Sustainability Initiatives - The company plans to redefine its sustainability goals to align with the United Nations Sustainable Development Goals[113]. - The company has been tracking and reporting its Scope 1 and Scope 2 greenhouse gas emissions since 2017 and began tracking Scope 3 emissions in 2019, with plans to report all 15 categories of Scope 3 emissions[123]. - The company has committed to planting 40 million trees in the UHG and BN mining areas by 2030 as part of its environmental initiatives[144]. Risk Management - The company has implemented a risk management policy and internal control procedures, reviewed annually by management and the board[157]. - The company closely monitors credit risk, with a focus on the current payment capacity of customers and the economic environment[79]. Strategic Partnerships - A strategic alliance and investment agreement was signed with Erdene Resource Development Corporation to advance the Bayan Khundii gold project from exploration to production[21]. - The company entered into an investment agreement to acquire 50% of Erdene Mongol LLC for a total consideration of $40.0 million, with an initial payment of $5.0 million made in January 2023[85].

Financial Performance - For the year ended December 31, 2022, Mongolian Mining Corporation reported total revenue of approximately $546.2 million, an increase of 196.8% compared to $184.1 million for the year ended December 31, 2021[2]. - Adjusted EBITDA for the year ended December 31, 2022, was approximately $132.3 million, representing a 247.2% increase from approximately $38.1 million for the year ended December 31, 2021[2]. - The net profit attributable to equity holders of the company for the year ended December 31, 2022, was $59.2 million, compared to a net loss of $55.2 million for the year ended December 31, 2021[2]. - Basic and diluted earnings per share for the year ended December 31, 2022, were 5.68 cents, compared to a loss of 5.35 cents per share for the year ended December 31, 2021[3]. - The total comprehensive income for the year ended December 31, 2022, was $37.165 million, compared to $7.641 million for the year ended December 31, 2021[5]. - The pre-tax profit for the year ended December 31, 2022, was $54,708,000, compared to a loss of $60,451,000 in 2021[38]. - The group reported a profit attributable to equity holders of approximately $59.2 million for the year ended December 31, 2022, compared to a loss of $55.2 million in 2021[125]. Revenue and Sales - The group's revenue for the year ended December 31, 2022, was $546,248,000, a significant increase from $184,069,000 in 2021, representing a growth of approximately 196%[28]. - The revenue from hard coking coal sales was $508,355,000 in 2022, compared to $174,175,000 in 2021, indicating a growth of about 192%[29]. - The revenue generated through agency sales arrangements amounted to approximately $43,535,000 in 2022, down from $75,516,000 in 2021[28]. - The company’s total revenue for the reporting year increased by 197%, reaching $546.2 million from approximately 4.7 million tons of coal sold[108]. Costs and Expenses - The cost of revenue for the year 2022 was $451,131,000, up from $161,490,000 in 2021, reflecting an increase of approximately 179%[30]. - The mining costs for the year 2022 were $147,846,000, which is a significant rise from $42,475,000 in 2021, marking an increase of around 248%[30]. - The processing costs for the year 2022 were $43,734,000, compared to $11,950,000 in 2021, representing an increase of about 265%[30]. - The transportation costs for 2022 were $100,942,000, significantly higher than $43,138,000 in 2021, indicating an increase of approximately 134%[30]. - The total cost of revenue for the year ended December 31, 2022, was $451.1 million, compared to $161.5 million in 2021, representing a significant increase[111]. Assets and Liabilities - Total non-current assets as of December 31, 2022, amounted to $1,560.862 million, a slight decrease from $1,594.018 million as of December 31, 2021[6]. - Current assets totaled $259.646 million as of December 31, 2022, down from $285.120 million as of December 31, 2021[6]. - The total equity attributable to equity holders of the company was $872.556 million as of December 31, 2022, compared to $829.823 million as of December 31, 2021[9]. - Total liabilities decreased to $1,492.220 million as of December 31, 2022, from $1,544.020 million as of December 31, 2021[8]. - As of December 31, 2022, the group recorded a net current liability of $68,642,000[14]. Cash Flow and Financial Position - The group expects to maintain sufficient financial resources to cover operational costs and financing obligations due within the next twelve months[14]. - The group obtained a total of $38,700,000 in standby credit from local banks in Mongolia to enhance cash preservation and efficiency[14]. - The group's cash and cash equivalents increased to $64.7 million as of December 31, 2022, from $25.9 million at the beginning of the year[126]. - The capital debt ratio as of December 31, 2022, was 20.5%, down from 24.1% as of December 31, 2021[127]. Operational Highlights - The group processed a total of 6.6 million tons of raw coking coal in 2022, producing 3.0 million tons of washed coking coal and 1.2 million tons of washed thermal coal[97]. - The total raw coal production for the group in 2022 was 5.7 million tons, with 5.3 million tons from the UHG mine and 0.4 million tons from the BN mine[95]. - The actual stripping ratio for the UHG mine was 5.3 cubic meters of overburden per ton of raw coal, while for the BN mine it was 8.1 cubic meters per ton[95]. - The group removed a total of 27.9 million cubic meters of overburden during the reporting year[95]. Employee and Training - Employee costs increased to $30,216,000 in 2022 from $23,281,000 in 2021, reflecting a rise of approximately 29%[33]. - A total of 5,932 employees participated in various professional training programs, with 4,925 employees receiving occupational, health, and safety training[136]. - Approximately 29% of the company's employees are local residents from the Umnugobi province, complying with the requirement to employ at least 5% local citizens in mining activities[78]. Regulatory and Compliance - The company adopted the corporate governance code as per the listing rules, ensuring compliance with all applicable provisions[137]. - The audit committee reviewed the company's annual performance for the year ended December 31, 2022[140]. - The Mongolian government approved the amendment of the Mining Law and the Budget Law on November 11, 2022, which includes provisions for local development funds from mining companies' donations[73]. Environmental and Safety - The company has no recorded environmental incidents rated "high" or above in 2022, with only a low-level oil spill incident occurring[104]. - The group recorded three lost time injuries in 2022, resulting in a lost time injury frequency of 0.43 per million hours worked[103]. - The company provided 12,434 personal training sessions totaling 61,847 work hours in occupational health and safety training in 2022[104].

Coal Export and Production - Mongolian Mining Corporation reported a coal export volume of 8.1 million tons to China in the first half of 2022, a decrease of 15.6% compared to 9.6 million tons in the same period of 2021[35]. - The company faced a 9.6% year-on-year decline in coal exports to China, totaling 7.5 million tons in the first half of 2022[35]. - China's coking coal imports increased by 17.0% year-on-year to 26.1 million tons in the first half of 2022, compared to 22.3 million tons in the same period of 2021[35]. - The Chinese steel industry experienced a 6.5% year-on-year decline in crude steel production, totaling 526.9 million tons in the first half of 2022[35]. - In the first half of 2022, the UHG mine produced 0.9 million tons of raw coal, with a stripping ratio of 6.2 cubic meters per ton of raw coal[55]. - The company processed 0.9 million tons of raw coking coal from the UHG mine, yielding 0.4 million tons of washed coking coal and 0.2 million tons of washed thermal coal[55]. - Coal exports to China in the first half of 2022 amounted to 0.8 million tons, including 0.7 million tons of hard coking coal and 0.1 million tons of semi-soft coking coal[61]. - The throughput of coal trucks through the GS-GM checkpoint increased by 21% compared to the same period in 2021[59]. Financial Performance - In the first half of 2022, the company sold approximately 0.9 million tons of coal, generating total revenue of approximately $106.5 million, compared to $95.2 million from 0.8 million tons in the same period of 2021, representing a year-on-year revenue increase of 11.4%[66]. - The average selling price of hard coking coal under GM truck delivery terms was $161.7 per ton, while the average selling price under GM destination delivery terms was $144.3 per ton, and $126.1 per ton under UHG factory delivery terms[66]. - The company recorded idle costs of $24.4 million in the first half of 2022, with $10.6 million attributed to depreciation and amortization, compared to $2.5 million in idle costs in the same period of 2021[67]. - Total cost of revenue increased to $126.4 million in the first half of 2022, up from $70.5 million in the same period of 2021, primarily due to increased royalties and transportation costs[67]. - The company reported a gross loss of $19.9 million for the six months ended June 30, 2022, compared to a gross profit of $24.6 million in the same period of 2021, primarily due to increased transportation costs and royalties[77]. - Adjusted LBITDA for the reporting period was approximately $8.7 million, a significant decrease from the adjusted EBITDA of $37.9 million recorded in the same period of 2021[78]. - The loss attributable to equity holders for the six months ended June 30, 2022, was approximately $32.4 million, an increase from $13.6 million in the same period of 2021, driven by decreased sales volume and increased costs[83]. - The company recorded a net loss of $41.664 million for the six months ended December 31, 2021, compared to a net loss of $13.574 million for the same period in 2021[139]. Resource and Mining Operations - The company operates two open-pit coal mines in Mongolia, Ukhaa Khudag and Baruun Naran, contributing to its position as the largest producer and exporter of high-quality coking coal in Mongolia[2]. - The company holds a mining license for the Ukhaa Khudag (UHG) deposit covering an area of 2,960 hectares, effective from August 29, 2006, for a period of 30 years, renewable twice for 20 years each[38]. - As of December 31, 2021, the total coal resources at UHG are estimated at 572 million tons, comprising 474 million tons of proven and 30 million tons of probable resources, with an additional 68 million tons inferred[40]. - The recent resource update at UHG involved 89 drill holes totaling 16,935 meters and the collection of 6,108 samples, enhancing the accuracy of the 3D coal seam model[38]. - The Baruun Naran (BN) deposit has two mining licenses covering 4,482 hectares and 8,340 hectares, respectively, both valid for 30 years and renewable twice for 20 years each[42]. - The BN deposit's resource update as of December 31, 2021, is based on 8,335.4 meters of drilling data and 3,766 samples, moving inferred and probable resources to the proven category[42]. - The total drilling at BN included 135 exploration drill holes totaling 36,875 meters, with various core sizes utilized[42]. - The company has conducted a total of 1,645 individual drill holes at UHG, totaling 208,211 meters, with 43,656 samples analyzed[39]. Health, Safety, and Environmental Impact - The total recordable injury frequency was 0.0 incidents per million hours worked, maintaining a rolling average of 0.21 incidents per million hours over the past 12 months[62]. - The company has implemented strict health and safety measures, resulting in zero lost time injuries during the reporting period[62]. - The company achieved a lost time injury frequency rate of 0.0 incidents per million hours worked in the first half of 2022, a significant improvement from 1.42 incidents recorded in the same period of 2021[102]. - The company did not experience any environmental incidents in the first half of 2022, maintaining a focus on occupational health, safety, and environmental training[63]. - Dust levels measured in the mining area decreased by 50% compared to the same period last year[104]. - The company successfully planted over 2,000 Tooroi tree seedlings with a survival rate of approximately 95% as part of its biodiversity action plan[104]. - The company provided approximately 5,600 tons of coal to local herders and communities during the harsh winter months[103]. Corporate Governance and Shareholder Information - The company has adopted the corporate governance code and has complied with all applicable provisions during the six months ending June 30, 2022[110]. - No violations of the employee written guidelines regarding insider trading were reported during the reporting period[109]. - As of June 30, 2022, the company had a total of 323,492,188 shares held by MCS Mining Group LLC, representing approximately 31.03% of the issued share capital[115]. - The total shares held by major shareholders include Batmunkh Dashdeleg and Munkhsuren Surenkhuu, with combined holdings of 369,656,942 shares, representing approximately 35.46% of the issued share capital[115]. - The company has confirmed compliance with the standards of the securities trading code as of June 30, 2022[109]. - The company did not recommend the payment of dividends for the six months ended June 30, 2022, consistent with the previous year[96]. Strategic Initiatives and Future Outlook - The company is focused on becoming a leading mining company in the region by maximizing value for shareholders and local communities[18]. - The company is exploring strategic partnerships and joint ventures to expand and diversify its business operations in Mongolia[65]. - The company has implemented measures to ensure liquidity, including the continued pre-sale of coal products amid disruptions in export transportation[64]. - The company has not identified any other individuals with interests or short positions in the company's shares or related securities as of June 30, 2022[116]. - The company has no significant investments planned for the upcoming year[93].

Company Overview - Mongolian Mining Corporation is the largest producer and exporter of high-quality washed hard coking coal in Mongolia, operating the Ukhaa Khudag and Baruun Naran open-pit coal mines in Umnugobi province[5]. - The company aims to achieve sustainable growth and development by combining modern technology with human efforts, focusing on profitability and safety in mining operations[8]. - The group structure includes 100% ownership of several subsidiaries, including United Power LLC and Ukhaa Khudag Water Supply LLC, enhancing operational efficiency[17]. Environmental Commitment - The company emphasizes environmental sustainability and compliance with all regulatory standards to minimize operational impact on the environment[7]. - The company is committed to planting 40 million trees in the UHG and BN mining areas by 2030 as part of Mongolia's "One Billion Trees" initiative[35]. - The company aims to improve air quality in Ulaanbaatar by providing coal for heating during winter, which is part of the government's pollution reduction strategy[35]. - The company has implemented a biodiversity action plan since 2011, conducting annual monitoring of flora and fauna to mitigate environmental impacts[186]. - The company has committed to responsible land management practices, ensuring that disturbed land can be used for grazing and housing in the future[186]. Community Engagement - Mongolian Mining Corporation is committed to community development and building mutually beneficial relationships with local communities and government officials[7]. - The company expresses gratitude to shareholders for their continued support and acknowledges the efforts of employees in achieving its vision of becoming a leading mining company in the region[27]. Governance and Leadership - The management team is focused on maintaining transparency and fairness in business practices, fostering long-term relationships with suppliers and contractors[7]. - The company is dedicated to adhering to best international practices in corporate governance, viewing it as a cornerstone of its management and operations[7]. - The company has a strong governance structure with independent directors overseeing key committees, including audit and remuneration[22]. - The board includes members with over 20 years of experience in various industries, enhancing the company's governance and strategic direction[18][20]. Financial Performance - The financial summary and detailed financial statements are available for review, providing insights into the company's performance and financial health[11]. - The company sold approximately 1.6 million tons of coal products in the fiscal year ending December 31, 2021, generating total revenue of $184.1 million, a significant decrease from $417.4 million in the previous year[73]. - The company reported a net loss attributable to equity holders of approximately $55.2 million for the year ended December 31, 2021, compared to a profit of $28.9 million in 2020, primarily due to reduced sales volume and increased costs[91]. Safety and Health - The company recorded zero lost time injuries in 2021, achieving a lost time injury frequency rate of 0.0 per million hours worked, compared to 0.55 in 2020[68]. - The company achieved a compliance rate of 94% with safety-related legal requirements, exceeding the minimum target of 90%[141]. - The company has implemented ISO 45001 standards, transitioning from OHSAS 18001, with all necessary preparations completed for enforcement starting in 2022[169]. Employee Development - The group emphasizes internal training for employee development, focusing on enhancing skills and competitiveness through continuous training programs[105]. - A total of 10,859 employees participated in various professional training programs, with 7,850 employees receiving occupational health and safety training[105]. - The company has implemented training programs to increase the representation of women in the workforce, particularly in professional and managerial positions[160]. Operational Efficiency - The company continues to invest in modern and cost-effective technologies to improve production quality and efficiency[7]. - The company aims to maintain a robust capital structure through prudent financial policies and improve asset utilization to expand production and sales[27]. - The company is focused on expanding its market presence and enhancing its operational efficiency through experienced management[18][19][20]. Environmental Impact - The company reported a 42% reduction in freshwater extraction volume[143]. - The company achieved a 36% increase in waste recycling rate[143]. - The total greenhouse gas emissions were maintained at 266,647 tons, which is within the 90-105% range of the previous year's rate[143]. Risk Management - The company has implemented comprehensive internal control measures to ensure that ongoing related party transactions are fair and reasonable, including strict supplier evaluations and regular monitoring of transaction amounts[122]. - The company actively engaged in risk management, correcting 96% of non-compliance issues and eliminating 91% of reported hazards in 2021[177]. Biodiversity and Conservation - The company has placed 300 kg of salt licks and 225 bundles of hay in designated areas of the Gobi region to support local ungulate populations in 2021[186]. - The company has successfully harvested approximately 5,500 seedlings from its 2.5-hectare nursery in 2021 for various planting and landscaping projects[186]. - The company has installed a 1,276-meter stone ditch to protect restored areas from surface runoff due to heavy rainfall[188].

Company Overview - Mongolian Mining Corporation (MMC) is the largest producer and exporter of high-quality hard coking coal in Mongolia, operating the Ukhaa Khudag and Baruun Naran open-pit coal mines[5]. - MMC aims to become a leading mining company in the region by maximizing value for shareholders and local communities[10]. COVID-19 Response - As of June 30, 2021, over 98% of MMC's employees have been fully vaccinated against COVID-19, contributing to a safe working environment[24]. - The Mongolian government has extended the high alert status until December 31, 2021, impacting cross-border travel and operations[23]. - The company adjusted its coal mining operations at UHG and BN mines in response to the COVID-19 pandemic during the first half of 2021[50]. - The company actively supported local authorities in COVID-19 risk management and prevention measures, including donations of personal protective equipment and emergency supplies[104]. - The company has implemented emergency measures to mitigate the negative impact of COVID-19, including temporary adjustments to production levels starting mid-June 2021[66]. Economic and Market Conditions - In the first half of 2021, China's crude steel production reached 563.3 million tons, an increase of 11.8% compared to the same period in 2020[25]. - China's apparent consumption of crude steel rose by 27.1% to 609.4 million tons in the first half of 2021[25]. - China's coke production increased by 3.7% to 237.1 million tons in the first half of 2021, with consumption rising by 4.1% to 239.7 million tons[25]. - The profit of China's coal mining and washing industry surged to RMB 206.9 billion in the first half of 2021, a year-on-year increase of 113.8%[25]. - China's coking coal imports decreased by 41.5% to 22.3 million tons in the first half of 2021, primarily due to reduced supply from Australasia[25]. - Mongolia exported 9.6 million tons of coal to China in the first half of 2021, a 10.3% increase from 8.7 million tons in the same period of 2020[26]. Environmental and Sustainability Initiatives - MMC is committed to sustainable development and minimizing environmental impact, adhering to all regulatory environmental standards[9]. - The company planted 3,200 trees as part of its spring planting initiative, contributing to biodiversity efforts in the Gobi region[105]. - No environmental incidents were recorded during the reporting period, and sustainable technologies were used for waste management[105]. Financial Performance - Revenue for the six months ended June 30, 2021, was $95,153 thousand, a decrease of 39.4% compared to $157,529 thousand in the same period of 2020[130]. - Gross profit for the same period was $24,616 thousand, down 48.3% from $47,636 thousand year-over-year[130]. - The company reported a net loss of $13,471 thousand for the six months, compared to a profit of $2,674 thousand in the same period last year[130]. - The group recorded a net loss attributable to equity holders of approximately $13.6 million for the six months ended June 30, 2021, compared to a profit of $2.7 million in the same period of 2020, driven by reduced sales volume due to COVID-19 restrictions[80]. - The average selling price of hard coking coal increased to $142.7 per ton in the first half of 2021, up from $122.0 per ton in the same period of 2020[65]. Operational Highlights - In the first half of 2021, the UHG mine produced 2.7 million tons of raw coal, while the BN mine produced 0.5 million tons, with stripping ratios of 6.5 and 8.0 cubic meters per ton respectively[50]. - The coal processing plant processed a total of 2.7 million tons of raw coking coal, yielding 1.3 million tons of washed coking coal and 0.5 million tons of washed thermal coal, with output rates of 49.0% and 16.6% respectively[51]. - The throughput of coal trucks at the GS-GM checkpoint decreased by 81% quarter-on-quarter in Q2 2021, significantly impacting coal export operations[54]. Shareholder and Governance Information - The company emphasizes corporate governance as a cornerstone of its management and operations[9]. - The company has adopted the corporate governance code as per the listing rules, confirming compliance as of June 30, 2021[110]. - The company’s directors and senior executives have disclosed their interests in shares and related securities as required by the Securities and Futures Ordinance[111]. Future Outlook and Strategic Initiatives - The company plans to expand its market presence by increasing exports to neighboring countries, targeting a 20% growth in export volume by the end of 2021[196]. - New technology initiatives are underway, focusing on improving mining efficiency and reducing operational costs by 10% through automation and advanced analytics[197]. - Future guidance indicates a positive outlook for the second half of 2021, with anticipated revenue growth of 30% driven by increased production and favorable market conditions[196].

Company Overview - Mongolian Mining Corporation is the largest producer and exporter of high-quality washed hard coking coal in Mongolia[4]. - The company operates two open-pit coal mines: Ukhaa Khudag and Baruun Naran, located in the Umnugobi province[4]. - The mission is to operate a safe and profitable mining and mineral processing business while promoting Mongolia's development through modern technology[10]. Sustainability and Community Engagement - The company emphasizes sustainable development and aims to minimize environmental impact while adhering to all regulatory standards[9]. - MMC is committed to providing fair employment opportunities under a structure led by elite professionals[9]. - The company maintains long-term relationships with customers and suppliers, reinforcing its commitment to transparent and fair business practices[11]. - MMC's strategic focus includes community development initiatives and building mutually beneficial relationships with local communities and government officials[11]. - The management emphasized the importance of sustainability initiatives, aiming for a 30% reduction in carbon emissions by 2025[22]. - A new sustainability initiative has been introduced, aiming to reduce carbon emissions by 15% over the next three years[28]. - The company is actively pursuing partnerships with local governments to enhance community engagement and support regional development projects[28]. Financial Performance - The company reported a significant increase in revenue, achieving a total of $1.2 billion for the fiscal year, representing a 15% year-over-year growth[21]. - User data showed a 25% increase in active users, reaching 2 million by the end of the fiscal year[22]. - The company provided guidance for the next fiscal year, projecting revenue growth of 10% to 12%[21]. - New product launches are expected to contribute an additional $200 million in revenue, with a focus on expanding the product line[22]. - The company is investing $50 million in research and development for new technologies aimed at improving operational efficiency[21]. - Market expansion efforts include entering two new international markets, projected to increase market share by 5%[22]. - The company is considering strategic acquisitions to enhance its competitive position, with a budget of $100 million allocated for potential deals[21]. - The company reported a net profit margin of 20%, up from 18% in the previous year, indicating improved operational efficiency[21]. - The board of directors highlighted the successful implementation of cost-cutting measures, resulting in a 10% decrease in operating expenses[22]. - The company has set a future outlook with a revenue target of $500 million for the next fiscal year, reflecting a 25% growth expectation[27]. Production and Operations - The company reported a significant increase in coal production, achieving a total output of 10 million tons, representing a 20% year-over-year growth[23]. - User data indicates a stable customer base with over 200 active clients, contributing to a 15% increase in sales revenue compared to the previous quarter[26]. - New product development includes the launch of a high-efficiency coal processing technology, projected to reduce operational costs by 10%[28]. - Market expansion plans involve entering two new international markets by the end of the year, aiming for a 30% increase in export volume[26]. - The company is considering strategic acquisitions to enhance its market position, with a budget allocation of $50 million for potential targets[27]. - The company achieved an adjusted EBITDA of $142.4 million and a net profit of $29.6 million in 2020 despite challenges posed by COVID-19[32]. - The total raw coal production for the year 2020 was 7.7 million tons, with 7.0 million tons from the UHG mine and 0.7 million tons from the BN mine[79]. - The company processed a total of 7.4 million tons of coking coal in 2020, producing 3.5 million tons of washed coking coal and 1.2 million tons of washed thermal coal, with output rates of 48% and 16% respectively[80]. Market and Industry Trends - China's crude steel production increased by 5.2% to 1,053 million tons in 2020, driven by a rapid recovery in construction and manufacturing activities[31]. - China's steel imports reached 20.2 million tons in 2020, a 64.4% increase compared to the previous year, marking the highest level since 2005[31]. - The company reported a 2.8% decrease in China's coking coal imports, totaling 72.6 million tons in 2020, compared to 74.7 million tons in 2019[32]. - Mongolia's coking coal imports to China were 23.8 million tons in 2020, a decline of 29.6% year-on-year due to COVID-19 restrictions[32]. Health and Safety - The company recorded a lost time injury frequency of 0.55 per million hours worked in 2020, a 12% decrease from 0.66 in 2019[84]. - A total of 9.2 million hours were worked by employees, contractors, and subcontractors during the reporting period[84]. - The company provided 12,865 individual training sessions totaling 101,943 hours in occupational health, safety, and environmental training in 2020[84]. - The company achieved a "low risk" rating from three authorized agencies during regular inspections, with scores of 91, 95, and 100 out of 100[84]. - The total recordable injury frequency decreased by 38% compared to previous years[142]. - There were zero fatal accidents and zero cases of occupational diseases reported in 2020[142]. Environmental Management - The company is committed to reducing its environmental footprint, including minimizing electricity and water usage[91]. - The total greenhouse gas emissions were recorded at 390,162 tons, below the target range of 412,525 to 481,279 tons[146]. - Water extraction was reduced by 21% compared to previous levels[145]. - The waste recycling rate increased by 6%[145]. - The company has established various environmental management plans to ensure accountability for its environmental impact[194]. - The biodiversity action plan includes annual monitoring of flora and fauna since 2011, with specific activities aimed at minimizing environmental impact[197]. Employee Relations and Diversity - The company employs 2,094 individuals as of December 31, 2020, a slight decrease from 2,096 employees in the previous year[120]. - Approximately 13% of the total workforce were female employees, exceeding the national industry average of 12%[164][169]. - The company follows the principle of equal pay for equal work, ensuring no wage discrimination based on gender or local versus non-local status[162][169]. - The company has committed to providing equal employment opportunities and competitive compensation plans in the Mongolian mining industry[160]. - The company has maintained a significant increase in the proportion of employees with disabilities, despite challenges posed by COVID-19[159]. Governance and Compliance - The company has a comprehensive internal control system to ensure that related party transactions are conducted on fair and reasonable terms[132]. - The company’s independent non-executive directors have reviewed ongoing related party transactions and found them to be conducted under normal commercial terms[131]. - The company’s auditor confirmed that there were no issues regarding the approval of disclosed related party transactions[131]. - The company has committed to ongoing dialogue with decision-makers and government agencies on issues such as worker health and safety, environmental protection, and economic development[152].