Mongolian Mining Corporation, the largest producer and exporter of washed coking coal in Mongolia, announced its interim results for the six months ended 30 June 2026 on August 20, 2026. The company reported total revenue of approximately USD 586.2 million in the first half of 2026, representing a 69.0% year-on-year increase compared to USD 346.6 million in the corresponding period of 2025. The revenue growth was driven by higher washed coking coal sales volume and improved average selling prices.
The Group sold approximately 5.7 million tonnes of washed coal products during the period, comprising 5.2 million tonnes of primary products and 0.5 million tonnes of secondary products, compared to 4.2 million tonnes in the first half of 2025. The company's Bayan Khundii gold mine contributed USD 94.7 million to total revenue, accounting for 16% of revenue during the first half of 2026, marking its first full reporting period of commercial production. The Group sold 20,236 ounces of gold and 6,452 ounces of silver to the Bank of Mongolia and its authorized commercial banks during the period.
The average selling price was USD 4,654 per ounce for gold and USD 76 per ounce for silver. The Group reported gross profit of approximately USD 134.9 million for the period under review. Net profit attributable to equity shareholders of the Company for the first half of 2026 was USD 89.0 million, compared to a loss of USD 23.3 million in the first half of 2025.
The significant turnaround was primarily attributable to higher washed coking coal sales volume and average selling prices, combined with the profit contribution from the company's gold and metals segment. Dr. Battsengel Gotov, Chief Executive Officer of Mongolian Mining Corporation, stated that the company remains committed to its strategic pillars to maintain its position as the largest internationally listed private mining company with operations focused on and located in Mongolia.
He emphasized that during the first half of 2026, the company increased production and sales volume by maximizing utilization of existing assets while enforcing prudent financial policy to preserve a strong balance sheet and healthy capital structure. The CEO noted that the Bayan Khundii mine's contribution reduces the company's exposure to a single commodity, strengthening the future outlook for building a more resilient business portfolio. Mongorian Mining Corporation is listed on the Hong Kong Stock Exchange under the ticker symbol 975 and on OTCQX under the symbol MOGLF.
The company operates through two main segments: the Coal Mining segment, which is engaged in the mining, processing, transportation and sale of washed hard coking coal and other coal products, and the Gold Mining segment, which operates gold mining and processing activities. The company owns and operates the Ukhaa Khudag and Baruun Naran open-pit coking coal mines in the Umnugobi aimag province in southern Mongolia. The company also owns 50% equity interest in Erdene Mongol LLC, which operates the Bayan Khundii gold mine, and 50.5% equity interest in Universal Copper LLC.
Source: marketscreener.com