Mongolia-based coking coal producer and exporter Mongolian Mining Company (MMC) has accomplished the primary gold pour on the Bayan Khundii gold mine in Mongolia.
The mine is anticipated to supply round 85,000oz of gold yearly, with reserves totalling 513,700oz at a mean grade of 4 grams per tonne (g/t).
MMC intends to promote the gold from the Bayan Khundii mine at spot costs to Mongolia’s Central Financial institution, contributing to the nation’s international reserves and financial stability.
The corporate invested $40m (Tg143.87bn) for a 50% fairness curiosity in Erdene Mongol (EM) as a part of a Strategic Alliance and Funding Settlement, efficient from 25 January 2024.
Inside 22 months, MMC reworked the greenfield website right into a functioning mine. It has established working methods and procedures to succeed in full manufacturing capability late within the fourth quarter of 2025.
MMC, primarily recognized for its coking coal manufacturing, operates the Ukhaa Khudag and Baruun Naran open-pit coal mines in Umnugobi aimag, Mongolia.
Since launching its mining operations in 2009, the corporate has grown to change into a serious exporter of washed coal.
The corporate was listed on the Hong Kong Inventory Trade in 2010, turning into the primary Mongolian firm to supply shares internationally.
In 2023, MMC and Erdene Resource Development formalised agreements to advance the Bayan Khundii gold mission.
The settlement outlined a three-stage funding plan for MMC to safe a 50% stake in EM, Erdene’s wholly owned subsidiary.
Commenting on the completion of first gold pour, MMC CEO Battsengel Gotov stated: “We’re proud to see the Bayan Khundii mine attain this important milestone and lengthen our honest congratulations to our staff, contractors and strategic companion whose dedication made this milestone doable, reworking this mission into a completely operational gold mine. The staff concerned deserves great credit score for his or her onerous work and dedication.
“The Group additionally takes delight in advancing its strategic goal of diversifying its enterprise portfolio, making certain sustainable development and long-term worth creation.
“Transferring ahead, MMC will work carefully with our strategic companion to help their continued concentrate on exploration efforts aimed toward extending the mine life and bringing further deposits into manufacturing lined beneath the Strategic Alliance Settlement.”
“MMC completes first gold pour at Bayan Khundii mine in Mongolia” was initially created and printed by Mining Technology, a GlobalData owned model.
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