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].
MONGOL MINING(00975) - 2021 - 年度财报