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Tavan Tolgoi JSC: Coal sales totaled 1.8 million tons in 2018 www.zgm.mn
Tavan Tolgoi JSC: Coal sales totaled 1.8 million tons in 2018 Tavan Tolgoi (TT) JSC was planning to sell 5 million tons of coal in 2018, but the amount totaled only 1.8 million tons, earning MNT 226.4 billion in sales revenue. Net profit was MNT 52.8 billion, according to its financial statement.
The company's share price fell 36 percent to MNT 6,400 at the Mongolian Stock Exchange (MSE) over the last year. The decline is mainly due to the Professional Inspection Agency's activity that caused temporary delay in share sales for over two months in connection with the mining operation of the company.
In addition, the companies that are operating at the residual deposits of Tavan Tolgoi have been facing a major problem in the customs sector last year. The Chinese side delayed the import at the Gantsmod port because of the introduction of smart systems, which resulted in the 21-day suspension of the Tavantolgoi-Gashuunsukhait road to reduce the overload at the road.
The government is working to improve the capacity of the border checkpoint
Tavan Tolgoi JSC reported in its financial statements that the road was closed for 18 days due to weather conditions. However, Erdenes Tavan Tolgoi JSC, which operates at the same deposit with TT exported 13 million tons of coal in 2018, while Energy Resources LLC's coal production reached 10.9 million tons.
The government is working to improve the capacity of the border checkpoint. Umnugovi province Governor's Office reported that the Gashuunsukhait is waiting for a transaction of CNY 140 million or MNT 50 billion in part of the Chinese grant.
Published Date:2019-05-23
