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Coal output of MMC rises 1.8 percent in Q1 www.zgm.mn
The HKSE-listed Mongolian Mining Corporation (MMC)’s coal output rose 1.8 percent to 1.8 million tons from a year earlier. However, it is down 38 percent from the previous quarter. Sales of washed coking coal decreased by 39 percent year-on-year and 50 percent down from the previous quarter to 607,700 tons. Coal exports at the Gashuunsukhait-Gantsmod port were suspended from February 10 to March 23 to prevent the spread of COVID-19. During the time, MMC continued to sell coal from its warehouse to China. The company said in a statement that it was taking measures for unforeseen circumstances, including temporary regulation of its coal production. As reported previously, Mongolian Mining Corporation has suspended some operations since April 10 and laid off 60 percent of its employees, according to sources.
Published Date:2020-04-20
