MMC completes first gold pour at Bayan Khundii mine in Mongolia

Core Insights - Mongolia-based coking coal producer and exporter Mongolian Mining Corporation (MMC) has successfully completed its first gold pour at the Bayan Khundii gold mine, which is projected to produce approximately 85,000 ounces of gold annually with total reserves of 513,700 ounces at an average grade of four grams per tonne [1][3] - MMC has invested $40 million for a 50% equity interest in Erdene Mongol (EM) as part of a Strategic Alliance and Investment Agreement, effective from January 25, 2024, and aims to reach full production capacity by late Q4 2025 [2][4] - The company is diversifying its business portfolio to ensure sustainable growth and long-term value creation, while also supporting exploration efforts to extend the mine life and bring additional deposits into production [6] Company Overview - MMC is primarily known for its coking coal production and operates the Ukhaa Khudag and Baruun Naran open-pit coal mines in Umnugobi aimag, Mongolia [3] - Since its inception in 2009, MMC has become a major exporter of washed coal and was the first Mongolian company to be listed on the Hong Kong Stock Exchange in 2010 [3] - In 2023, MMC formalized agreements with Erdene Resource Development to advance the Bayan Khundii gold project [3]