1 GOLD AND COPPER PRICES SURGE WWW.UBPOST.MN PUBLISHED:2025/04/02      2 REGISTRATION FOR THE ULAANBAATAR MARATHON 2025 IS NOW OPEN WWW.MONTSAME.MN PUBLISHED:2025/04/02      3 WHY DONALD TRUMP SHOULD MEET KIM JONG- UN AGAIN – IN MONGOLIA WWW.LOWYINSTITUTE.ORG  PUBLISHED:2025/04/02      4 BANK OF MONGOLIA PURCHASES 281.8 KILOGRAMS OF PRECIOUS METALS IN MARCH WWW.MONTSAME.MN PUBLISHED:2025/04/02      5 P. NARANBAYAR: 88,000 MORE CHILDREN WILL NEED SCHOOLS AND KINDERGARTENS BY 2030 WWW.GOGO.MN PUBLISHED:2025/04/02      6 B. JAVKHLAN: MONGOLIA'S FOREIGN EXCHANGE RESERVES REACH USD 5 BILLION WWW.GOGO.MN PUBLISHED:2025/04/02      7 185 CASES OF MEASLES REGISTERED IN MONGOLIA WWW.AKIPRESS.COM PUBLISHED:2025/04/02      8 MONGOLIAN JUDGE ELECTED PRESIDENT OF THE APPEALS CHAMBER OF THE ICC WWW.MONTSAME.MN PUBLISHED:2025/04/01      9 HIGH-PERFORMANCE SUPERCOMPUTING CENTER TO BE ESTABLISHED IN PHASES WWW.MONTSAME.MN PUBLISHED:2025/04/01      10 LEGAL INCONSISTENCIES DISRUPT COAL TRADING ON EXCHANGE WWW.UBPOST.MN PUBLISHED:2025/04/01      УСТСАНД ТООЦОГДОЖ БАЙСАН УЛААНБУРХАН ӨВЧИН ЯАГААД ЭРГЭН ТАРХАХ БОЛОВ? WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2025/04/02     САНГИЙН ЯАМ: ДОТООД ҮНЭТ ЦААСНЫ АРИЛЖАА IV/16-НААС МХБ-ЭЭР НЭЭЛТТЭЙ ЯВАГДАНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2025/04/02     МОНГОЛБАНКНЫ ҮНЭТ МЕТАЛЛ ХУДАЛДАН АВАЛТ ӨМНӨХ САРААС 56 ХУВИАР, ӨМНӨХ ОНЫ МӨН ҮЕЭС 35.1 ХУВИАР БУУРАВ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2025/04/02     Б.ЖАВХЛАН: ГАДААД ВАЛЮТЫН НӨӨЦ ТАВАН ТЭРБУМ ДОЛЛАРТ ХҮРСЭН WWW.EAGLE.MN НИЙТЭЛСЭН:2025/04/02     1072 ХУВЬЦААНЫ НОГДОЛ АШИГ 93 500 ТӨГРӨГИЙГ ЭНЭ САРД ОЛГОНО WWW.EAGLE.MN НИЙТЭЛСЭН:2025/04/02     Н.УЧРАЛ: Х.БАТТУЛГА ТАНД АСУУДЛАА ШИЙДЭХ 7 ХОНОГИЙН ХУГАЦАА ӨГЧ БАЙНА WWW.NEWS.MN НИЙТЭЛСЭН:2025/04/02     “XANADU MINES” КОМПАНИ "ХАРМАГТАЙ" ТӨСЛИЙН ҮЙЛ АЖИЛЛАГААНЫ УДИРДЛАГЫГ “ZIJIN MINING”-Д ШИЛЖҮҮЛЭЭД БАЙНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2025/04/02     ТӨМӨР ЗАМЫН БАРИЛГЫН АЖЛЫГ ЭНЭ САРЫН СҮҮЛЭЭР ЭХЛҮҮЛНЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/04/02     “STEPPE GOLD”-ИЙН ХУВЬЦААНЫ ХАНШ 4 ХУВИАР ӨСЛӨӨ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2025/04/02     ҮЙЛДВЭРЛЭЛИЙН ОСОЛ ӨНГӨРСӨН ОНД ХОЁР ДАХИН НЭМЭГДЖЭЭ WWW.GOGO.MN НИЙТЭЛСЭН:2025/04/01    

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Events

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MBCC “Doing Business with Mongolia seminar and Christmas Receptiom” Dec 10. 2024 London UK MBCCI London UK Goodman LLC

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President of Mongolia Khurelsukh Ukhnaa arrives in USA www.akipress.com

President of Mongolia Khurelsukh Ukhnaa arrived in New York (USA) on September 19-23 to participate in general discussions at the 78th session of the UN General Assembly.
The President of Mongolia will take part in the general discussions of the 78th session of the UN General Assembly. He will make a speech in which he will express Mongolia's position on current issues of international relations. He also plans to meet with UN Secretary-General Antonio Guterres and heads of state and government of several countries.
Deputy Prime Minister, Minister of Economy and Development of Mongolia Khurelbaatar Chimed will participate in the high-level meeting on the Sustainable Development Goals and the high-level discussion on Financing for Development.
Government representatives led by Foreign Minister Battsetseg Batmunkh will take part in the main events of the conference.
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Including Youth Voices Strengthens Democracy in Mongolia www.iri.org

Mongolia has been lauded globally as a democratic success story and as a country that, despite being sandwiched between authoritarian neighbors Russia and China, has consolidated democracratic gains over the past three decades. However, while its peaceful democratic journey is commendable and can shine as a success story in the region, the International Republican Institute’s (IRI) public opinion poll conducted in 2021 revealed that even though there is a strong support for a democratic government, 72 percent of Mongolians feel that ordinary people are unlikely to influence decisions made in the country.
This political apathy was already evident in previous elections; for example, in the 2016 local elections, only three out of ten eligible young voters cast ballots. This low turnout indicates that, in addition to distrust and disengagement, the traditional voter outreach methods were no longer effective in exciting youth about voting. Additionally, the persistence of corruption scandals, the failure of political campaigns to translate promises into tangible results, and the exclusivity of politics have worsened the disillusionment felt by youth about their government’s ability to serve its citizens.
Within the program’s voter education campaigns, young volunteers distributed voter education materials at public places.
This year, IRI concluded its three-year, USAID-funded “Strengthening Women and Youth Engagement in Electoral and Political Processes” (SWYEEPPM) program that implemented over one hundred activities and reached more than 500,000 people. Under this program, IRI employed innovative “For Youth, By Youth” initiatives that made politics relevant and cool for Mongolian youth. Despite the fact that the program faced COVID-19 pandemic restrictions on many in-person activities, the program conducted nine comprehensive and creative voter education campaigns during three major elections between 2020 and 2021 and garnered more than 26 million views. These viral “get out the vote” (GOTV) campaigns communicated political content and topics that would otherwise have been unattractive for youth. For example, during the 2020 parliamentary elections, youth wore stylish traditional Mongolian clothing when voting, which became a viral social media challenge that drove up the youth vote.
 
 
 
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14th China-Mongolia media forum held in north China www.xinhuanet.com

The 14th China-Mongolia Media Forum was held on Monday in the city of Ulanqab in north China's Inner Mongolia Autonomous Region.
Focusing on the use of media power to serve modernization and common development, the forum attracted over 150 guests from the media sectors in both countries.
Liu Siyang, vice president of the All-China Journalists Association (ACJA) and secretary of the association's leading Party members group, told the forum that this year marks the 10th anniversary of Belt and Road Initiative.
Over the past decade, China and Mongolia have shown mutual respect, worked together for common development, engaged in frequent high-level interactions, and maintained continuous people-to-people exchanges, and bilateral cooperation has yielded fruitful results, Liu said.
He noted that he expects the media organizations of both countries to play a greater role in serving modernization and promoting friendly cooperation between China and Mongolia, which would benefit both countries and their peoples.
Otgonbaatar Ulziibayar, president of the Confederation of Mongolian Journalists, said at the forum that cooperation between the Chinese and Mongolian media sectors has seen progress and contributed to deepening the friendship between the two countries.
Through the forum, practical bilateral cooperation in various fields will be strengthened and make a positive contribution to the friendship between the two countries, said Ulziibayar.
Chinese and Mongolian media also renewed the Belt and Road news exchange and cooperation agreement during the event.
Established in 2010, the forum has become an important platform for media organizations in both countries to advance exchanges and cooperation.
 
 
 
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Mongolia to field largest squad of 403 athletes at Asian Games www.ocasia.org

Hangzhou, China, September 18, 2023: Mongolia will field its largest squad at an Asian Games with 403 athletes participating at the Hangzhou showpiece which gets underway on Saturday, September 23.
“This is our biggest squad. China is our good friend and we wanted to field a big team here. We will be taking part in 34 sports, which is also an all-time high at an Asian Games for Mongolia,” said Chef de Mission of the Mongolian delegation Ganbaatar Amgalanbaatar.
The head of Mongolia’s sports delegation was speaking after a colourful Team Welcome Ceremony at the Hangzhou Asian Games Village on Monday, September 18.
“We are fielding many athletes in team sports, and that is why our squad is big. We are also trying to encourage youth in Mongolia to play sports and many members of our team are youngsters,” Amgalanbaatar noted.
Mongolia will feature teams in football, basketball, cricket and volleyball, but according to their team leader, their best hopes of winning a medal will be in wrestling – 12 of the 25 gold medals the country has won in its Asian Games history since first participating at 1974 Tehran have come in wrestling.
“It will be no different this time too as our main hopes of winning medals will be in wrestling. But we will also have high hopes in shooting and boxing,” Amgalanbaatar pointed out.
China’s close ties with Mongolia have also resulted in the Mongolian delegation being sponsored by Chinese clothing outfit 361.
Meanwhile the Hangzhou Asian Games Village Mayor Li Huolin, who welcomed the Mongolian team to the Asian Games, noted that the Village was all about “being Green, Smart, Economical and Ethical”.
Besides the main Athletes’ Village in Hangzhou, there are also five sub-villages for competition zones Ningbo, Wenzhou, Jinhua, Tonglu and Chun’an throughout Zhejiang Province.
 
 
 
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Mongolia's Aug coal output jumps 159.6% YoY; iron ore falls 6.3% www.sxcoal.com

The country produced 44.97 million tonnes of coal in the first eight months of 2023, jumping 183.80% from the preceding year.
Mongolia's iron ore production was 845,900 tonnes in August, down 6.29% on the year but up 26.46% on the month. This included 545,700 tonnes of iron sand, down 29.29% year on year yet up 23.69% from July, and 300,200 tonnes of iron concentrate, soaring 129.16% from a year ago and up 31.84% month on month.
coal,coal price,coke,China coal,coking coal,thermal coal
Production of iron ore in Mongolia totaled 4.64 million tonnes during first eight months, down 32.99% year on year. Iron sand output was 3.11 million tonnes, slumping 43.57% year on year and iron concentrate production was 1.53 million tonnes, up 8.39%.
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Rio Tinto shoulders Simandou iron ore bill as Chinese funds delayed – sources www.reuters.com

Rio Tinto has been solely funding preparatory work at the blocks it holds at Simandou, one of the world’s largest untapped iron ore deposits, as its Chinese partners are yet to make their funds available, two sources close to the matter said.
The Anglo-Australian miner owns two of four Simandou mining blocks as part of its Simfer joint venture with China’s Chalco Iron Ore Holdings (CIOH) and the government of Guinea, where the mine is located.
It has so far spent more than $500 million on developing the project that should have been split with CIOH, due to a delay in the Chinese consortium getting state approval on the financing, the sources said.
CIOH is 75% held by Aluminum Corporation of China (Chinalco) and 20% by Baowu Steel Group, with China Railway Construction Corporation (CRCC) and China Harbour Engineering Company (CHEC) each holding 2.5%.
“The worry is that if their (Rio’s) partners don’t get approval from China on their funding, the money will deplete,” added one of the sources, who declined to be named because the information is not public.
Rio declined to comment. Chinalco, Baowu, CRCC and CHEC did not respond to Reuters‘ requests for comment.
Most Chinese companies are backed or owned by state entities, their financial approvals complicated by convoluted structures amid an economic slowdown that has seen the world’s second-largest economy struggle after a brief post-Covid recovery.
With a complex ownership structure, Simandou has been haggled over for years, its construction delayed by legal wrangling, Guinea’s political changes and the difficulty and cost of the 600 km of rail and port that need to be built to export the ore from the mines in the southeast of the country.
Raphael Gnambalamou, a director-general at Guinea’s mines ministry said that “the project is moving well”.
Simandou’s other two blocks are owned by the Winning Consortium Simandou (WCS), made up of Singapore-based Winning International Group, Weiqiao Aluminium – part of the China Hongqiao Group – and United Mining Suppliers.
A WCS spokesperson said in an email that the consortium had been “steadfastly progressing with our construction work” on Simandou blocks 1 and 2 and associated infrastructure development, with a workforce of more than 10,000.
Simfer and its contractors have employed around 3,000 people so far, after agreeing to share capacity and associated costs for the trans-Guinean rail line of the project with WCS.
Rio earmarked $800 million for its share of the development in 2023 and around $2 billion a year in 2024 and 2025.
(By Clara Denina, Felix Njini and Amy Lv; Editing by Jan Harvey)
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President U.Khurelsukh to attend 78th Session of the UN General Assembly www.gogo.mn

On September 19-23, 2023, Khuresukh Ukhnaa, the President of Mongolia, will work in New York, USA, and participate in the 78th session of the United Nations General Assembly.
The theme of the 78th session of the General Assembly, including the general debate, will be: "Rebuilding trust and reigniting global solidarity: Accelerating action on the 2030 Agenda and its Sustainable Development Goals towards peace, prosperity, progress and sustainability for all." More than 100 political leaders have announced their personal participation.
The President of Mongolia will participate in the General Debate of the 78th session of the UN General Assembly and will make a speech expressing Mongolia's position on the pressing issues of international relations. During this time, the President is planning to meet with Antonio Guterres, the United Nations Secretary General, and heads of state and government of some countries.
Ch.Khurelbaatar, Deputy Prime Minister and Minister of Economy and Development of Mongolia, will participate in a high-level meeting on "Sustainable Development Goals'' and a high-level discussion on "Development Financing". Government representatives headed by B.Battsetseg, the Minister of Foreign Affairs, will participate in the main activities of the session.
U.Khurelsukh, the President of Mongolia, has been attending the General Debate of the UN General Assembly every year since 2021.
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Canada retain FIBA 3x3 Women's Series title in Mongolia www.insidethegames.biz

Canada retained the International Basketball Federation (FIBA) Women's Series title as they edged to a 16-15 win in the final over France in Ulaanbaatar in Mongolia.
The champions had arrived in Mongolia as top seeds after winning five stops in the regular season, and they were unbeaten on their way to the final, defeating the United States in the semi-final.
The final of the fourth edition of this competition pitted them, as last year, against France - and once again sisters Katherine and Michelle Plouffe were immense.
Katherine Plouffe put up a game-high 10 points in a final that went down to the wire, with Paige Crozon putting up the game-winning shot at the buzzer to earn Canada their second Women's Series title.
Her sister, who had excelled for her side throughout the season, continued her dominance in Ulaanbaatar.
Michelle Plouffe, right, was voted Most Valuable Player as they retained the FIBA 3x3 Women's Series title in Mongolia ©Getty Images
Michelle Plouffe, right, was voted Most Valuable Player as they retained the FIBA 3x3 Women's Series title in Mongolia ©Getty Images
She earned the title of Most Valuable Player as she led the event in player value and points scored.
Michelle Plouffe finished with 33 points while also earning 21 rebounds over the two-day competition.
The final event brought to a close the longest season so far in the Women’s Series, which grew to 23 events this year, with total prize money throughout the season reaching over $1 million (£807,000/€938,000).
China finished third in the overall standings, followed by the United States and Germany, with Neftchi sixth, Sc Yuanda seventh and Mongolia eighth.
Created in 2019, the FIBA 3x3 Women’s Series is the number one event on the 3x3 women's professional circuit.
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This Week in Mongolia www.montsame.mn

Summary of this week's events:
September 18: Regular Mongolia-China Media Forum will be held in Ulaantsav, Inner Mongolian Autonomous Region, China.
September 18: The 34th National Book Festival “Let's Read More" will continue at the Sukhbaatar Square.
September 18: "Five Lives" joint exhibition of Mongolian and Japanese women photographers will open at the Mongolian Art Gallery.
September 18: The 100th anniversary of the Veterinary Service will be celebrated in Zavkhan aimag.
September 18-19: The President of Mongolia Khurelsukh Ukhnaa will attend the UN General Assembly.
September 18-22: The first round of the International Song Contest "Ulemjiyn Chanar" will be held on the 220th anniversary of the birth of the genius Mongolian enlightener Khutagt Danzanravjaa.
September 19: Mongolian Labour Hero and People's Writer B. Lkhagvasuren's drama "The Throne without a Seal" will be performed in Hohhot, Inner Mongolian Autonomous Region, China.
September 20: XXI Congress of the Mongolian National Chamber of Commerce and Industry will take place.
September 20: Registration of the 48th International Exhibition "Ulaanbaatar Partnership-2023" will end.
September 21-22: Dundgobi Partnership-2023 Market Day will be held in Dundgobi aimag.
September 22: The Mongolian State Philharmonic Orchestra will present the "Classic Evening" performance of the works of M. Ravel, A. Dvorak, A. Harutiunian, and J. Suk, the composers of the late XIX and early XX centuries, who represent a new wave in the history of the world classical music.
September 22: The Prime Minister of Mongolia Oyun-Erdene Luvsannamsrai will work in Uvurkhangai aimag.
September 22-23: "Open Selenge" event will be organized in Ulaanbaatar.
September 22-24: "Diary Products Exhibition" will be held at the Museum of Natural History.
September 22-24: The International Conference on Computational and Applied Mathematics (ICCAM) will be organized in Ulaanbaatar.
September 22-24: "Open Bayankhongor Aimag" event will be held in Bayankhongor aimag in the framework of the New Revival Policy of the Government of Mongolia.
September 23-24: The fifth annual Inspire Me Festival will take place at the White Rock Center.
September 23-25: "New Eastern Revival" Investment Forum will be held in Dornod aimag.
September 24: The Christina Noble Children's Foundation will host the Children's Walk for Hope, an annual virtual fundraising event.
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Fitch Affirms Mongolian Mining's IDR at 'B'; off RWN; Outlook Stable; Assigns Final 'B' to USD Notes www.fitchratings.com

Fitch Ratings has affirmed Mongolian coal producer Mongolian Mining Corporation's (MMC) Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'B'. The Outlook is Stable. Fitch also assigned a 'B' final rating to the US dollar senior exchange notes due September 2026, with a Recovery Rating of 'RR4'. The notes are jointly and severally issued by MMC and its wholly owned subsidiary, Energy Resources LLC.
The ratings were removed from Rating Watch Negative (RWN), on which they were placed on 28 August 2023, as MMC completed the exchange offer, improving its liquidity and debt maturity profile.
MMC's IDR is constrained by its customer concentration, limited scale and volatility of mining regulations in Mongolia.
KEY RATING DRIVERS
Refinancing Risk Removed: MMC's refinancing risk is mitigated after completing the exchange offer, with a larger cash buffer enhancing liquidity and more spread-out debt maturities. After the exchange offer and new note issuance, MMC's maturity profile improved significantly with USD84 million of notes maturing in 2024 and USD180 million in 2026, compared with USD350 million in 2024 previously. We expect MMC's cash balance at end-2023 to be slightly under USD150 million, which is sufficient to cover USD84 million due in April 2024 and provides a sufficient cash buffer to maintain operations.
Regional Customer Concentration: MMC's sole customer base is in northern China, limiting its operational flexibility. MMC's heavy reliance on Chinese customers caused major business disruptions during Covid-19-related border closures between Mongolia and China. Border throughput decreased to 100-200 trucks a day, on average, with periods of complete closure, from around 700 trucks a day pre-Covid. Sales volume dropped to 1.6 million tonnes (mt) in 2021 from an average of 5mt historically.
Transportation costs are another factor for MMC's customer base concentration. MMC's cash costs, including royalties, are in the second quartile of the global coking-coal cost curve, but its cost advantage is only in northern China due to the proximity of its mines to steel mills in the area. Land transportation costs to Chinese customers averaged about USD13/tonne in 1H23 (2022: USD30/tonne), putting it in the higher quartile of the global cost curve.
Volatile Mining Regulatory Environment: Volatility in Mongolian mining regulations can have significant impact on MMC's financials. This was the case during Covid when the Mongolian government increased the royalty reference rate, raising the effective royalty rate from 5%-8% to over 20%. Pre-Covid, the realised average selling price (ASP) and reference price used for the royalty calculation were similar with the minimal price gap. The price gap rose from 2Q21 and only started narrowing in 2H22, and in this period the ASP was around USD150-160/tonne while reference price was over USD300/tonne.
Robust Operational Improvements: MMC's coking-coal operation has normalised, with Covid-related disruptions at the border with China easing in 1Q23. Average daily throughput rose to about 800 trucks in 1H23, surpassing pre-pandemic levels and the 1H22 level of around 240 trucks. MMC ramped up processing volume to 6.8mt in 1H23, from 900,000 tonnes in 1H22, beating our expectations. Meanwhile, the ASP for hard coking coal exceeded USD160/tonne, against USD147/tonne in 2022.
We expect the ASP to fall in 2H23, but for the full-year ASP to remain above the 2022 level. We also expect washed hard coking-coal sales volume to reach 5.5mt (2022: 3.5mt). As a result, we forecast EBITDA margin to improve to over 40%, from around 24% in 2022, with greater free cash flow (FCF) from the higher volume, stronger pricing assumptions and lower costs. We also forecast net leverage to drop to below 1.0x (2022: 3.0x), supported by a strong ASP and margin expansion.
Small Scale, Single Product: MMC is small by revenue compared with Fitch-rated coal miners globally. Washed coking coal products accounted for over 98% of its total revenue in 2022. Its latest coal reserve statements show total marketable coal reserves of just under 400mt, or a reserve life of around 35 years. MMC's small scale and product concentration constrain its business profile to the 'b' category. MMC is looking to diversify away from coking coal, but we believe it will remain its dominant revenue contributor in the short to medium term.
DERIVATION SUMMARY
MMC has a smaller revenue scale than rated peers, such as Guangyang Antai Holdings Limited (B/Stable), PT Indika Energy Tbk (BB-/Stable) and PT Golden Energy Mines Tbk (GEMS, BB-/Stable).
Guangyang Antai's revenue is more than 10x times that of MMC, while Indika's revenue scale is more than 7x larger and GEMS's 5x. Even so, MMC's margin is much higher than that of Guangyang Antai and similar to that of Indika and GEM. MMC is a single-product coal miner, similar to the peers. Its operational profile in terms of mine life is over 30 years compared with slightly under 20 years for GEMS and around 16 years for Indika. However, MMC's concentrated customer base and the volatilities in Mongolia's mining regulations compare unfavorably to its rated peers
MMC's leverage and financial flexibility profile is weaker than that of GEMS. GEMS has more stable FCF generation, much lower leverage and wider financing channels. Both MMC and Indika have had choppy FCF generation in the past few years. Still, Indika has better interest coverage and much lower leverage. We expect lower leverage at MMC compared with Guangyang Antai, but both companies have had weak FCF generation in the past few years.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Our Rating Case for the Issuer:
- Hard coking coal ASP of over USD150/tonne in 2023 and USD140/tonne in 2024, consistent with trend in Fitch's price deck assumptions;
- Total sales volume over 8.5mt in 2023, before dropping to just under 7mt from 2024;
- EBITDA margin to improve to an average of over 40% in 2023-2025, supported by volume improvement, strong ASP and normalised costs;
- Capex to average around 10% of revenue during 2023-2025;
- No dividend payments in 2022-2025.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive rating action/upgrade:
- Positive rating action is not envisaged in light of MMC's limited diversification in end customers and the volatility of Mongolian mining regulations.
Factors that could, individually or collectively, lead to negative rating action/downgrade:
- Negative FCF for a sustained period;
- EBITDA net leverage above 3.5x for a sustained period;
LIQUIDITY AND DEBT STRUCTURE
Adequate Liquidity: We expect MMC to have cash on hand of just under USD150 million at end-2023, which is sufficient to cover the USD84 million of notes due in April 2024. We forecast MMC to generate over USD200 million in FCF in 2024 and 2025, and therefore, it will have sufficient cash to redeem the USD180 million of notes due in 2026 without the need for refinancing.
ISSUER PROFILE
MMC is the largest producer and exporter of high-quality hard coking coal in Mongolia. It owns and operates the Ukhaa Khudag and Baruun Naran open-pit coking coal mines in South Gobi province. MMC processed 6.6mt of run-of-mine coal in 2022, which yielded around 3.0mt of washed coking coal as a primary product and 1.2mt of washed thermal coal as a secondary product.
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING
The principal sources of information used in the analysis are described in the Applicable Criteria.
ESG CONSIDERATIONS
The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. For more information on Fitch's ESG Relevance Scores, visit http://www.fitchratings.com/topics/esg/products....
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