Financial Performance - For the fiscal year ending December 31, 2024, Mongolian Mining Corporation generated revenue of approximately $1,039.9 million, a slight increase from $1,034.8 million in the previous year, representing a growth of 0.1%[3] - Adjusted EBITDA for the fiscal year was approximately $495.9 million, down from $509.0 million in the previous year, indicating a decrease of 2.4%[3] - Profit attributable to equity holders for the year was $242.0 million, compared to $239.7 million in the previous year, reflecting an increase of 0.9%[3] - Basic and diluted earnings per share for the year were 22.12 cents and 21.77 cents, respectively, compared to 21.95 cents in the previous year[3] - The total comprehensive income for the year was $240.9 million, slightly up from $240.6 million in the previous year, reflecting a marginal increase of 0.1%[7] - Pre-tax profit for 2024 was $336,203,000, slightly up from $334,922,000 in 2023, indicating a growth of approximately 0.4%[41] - The net cash generated from operating activities for the fiscal year ending December 31, 2024, was $223.5 million, a significant decrease of 53.6% from $481.9 million in 2023[160] - The actual tax expense for 2024 was $92,651,000, slightly lower than $94,820,000 in 2023, a decrease of about 2.3%[40] Assets and Liabilities - Total assets less current liabilities increased to $1,809.6 million from $1,575.0 million, showing a growth of 14.9%[10] - Non-current assets totaled $1,748.5 million, up from $1,588.5 million, indicating an increase of 10.1%[9] - Cash and cash equivalents decreased to $140.5 million from $175.8 million, a decline of 20.0%[9] - The group's total borrowings as of December 31, 2024, were $240.0 million, which included $220.0 million in senior notes maturing in 2026 and $20.0 million in bank loans[161] - The group's cash and cash equivalents decreased by $34.8 million to $140.5 million as of December 31, 2024, compared to $175.8 million at the beginning of the year[160] Costs and Expenses - The total cost of revenue for the fiscal year 2024 was $628,177 thousand, up from $593,180 thousand in 2023, indicating an increase of about 5.9%[35] - Employee costs increased to $60,981,000 in 2024 from $45,954,000 in 2023, representing a rise of about 32.8%[37] - Financial costs decreased to $37,349,000 in 2024 from $41,958,000 in 2023, a reduction of approximately 11.5%[39] - The group's gross profit for the year ending December 31, 2024, was approximately $411.7 million, down from $441.6 million in 2023[4] - General and administrative expenses for the year ending December 31, 2024, were approximately $46.6 million, down from $57.3 million in 2023[7] - The group's mining management costs for the year ending December 31, 2024, were $30.4 million, an increase from $27.2 million in 2023[10] Revenue Sources - In the fiscal year ending December 31, 2024, the total revenue generated from coal mining was $1,039,852 thousand, a slight increase from $1,034,821 thousand in 2023[33] - The revenue from hard coking coal decreased to $796,476 thousand in 2024 from $883,140 thousand in 2023, representing a decline of approximately 9.8%[33] - The company has identified two reportable segments: coal mining and gold mining, with operations in extraction, processing, transportation, and sales[34] Investments and Acquisitions - The company completed the acquisition of 50% equity in Erdene Mongol LLC, making it a subsidiary, and sold 20% equity in Khangad Exploration LLC, which remains a subsidiary[4] - The company issued a total of $180 million in 2026 senior notes, with an additional $40 million issued in December 2023, at a fixed annual interest rate of 12.50%[67] - The company acquired a 50% stake in EM for a total consideration of $40,000,000, making EM a subsidiary as of January 25, 2024[173] - The company purchased a 50.5% stake in Universal Copper LLC for $20,500,000, which will become a subsidiary on March 11, 2025[174] Market Conditions and Economic Outlook - China's crude steel production is projected to decrease by 1.7% to 1,005.1 million tons in 2024, while global production is expected to reach 1,882.6 million tons[79] - China's coke production is expected to decline by 0.7% to 489.3 million tons in 2024, with consumption dropping by 2.4% to 459.1 million tons[79] - China’s coking coal imports reached a record high of 122.3 million tons in 2024, a 19.3% increase from 102.5 million tons in 2023[80] - Mongolia is expected to maintain a dominant market share of 46.4% in coking coal imports, with a volume of 56.8 million tons, up 5.2% from 54.0 million tons in 2023[82] Environmental and Safety Performance - The group recorded a lost time injury frequency rate of 0.69 per million hours worked in 2024, down from 0.8 in 2023[129] - The environmental management external audit scored 96.2% in 2024, an improvement from 93.4% in 2023[132] - The group has identified 17 first-level risks that could lead to fatalities or permanent disabilities and has implemented remedial measures[131] - The group provided a total of 21,670 personal training sessions in occupational health, safety, and environment matters, totaling 173,433 hours in 2024[131] Future Projects and Developments - The BKH mine's processing plant construction is approximately 67% complete, with gold production expected to start in the second half of 2025, targeting an annual output of 74,000 ounces of gold[136] - The company has made significant progress in building non-processing facilities, including dormitories and laboratories, expected to be completed in the first half of 2025[136] - The company plans to continue mining activities and resource updates without including further exploration data until the end of 2024[93] Corporate Governance - The audit committee reviewed the company's annual performance for the year ending December 31, 2024[188] - The company has adopted corporate governance codes and confirmed compliance for the year ending December 31, 2024[184] - The board of directors includes both executive and non-executive members, ensuring a diverse governance structure[190]
MONGOL MINING(00975) - 2024 - 年度业绩