Mongolian Mining lifts third-quarter coal and gold output
Mongolian Mining Corporation reported third-quarter ROM coal output up 8% quarter on quarter and 33% year on year.
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what happened
Mongolian Mining Corporation reported that run-of-mine coal output in the third quarter rose 8% from the previous quarter and 33% from a year earlier, reaching 4,791.2 thousand tonnes. Processed coking coal fell 6% sequentially but grew 19% year on year, to 2,503.1 thousand tonnes.
Ore extraction jumped 68% quarter on quarter and 212% annually, to 414.9 thousand tonnes. Gold sales edged up 1% from the prior quarter and surged 710% from a year ago, to 11,853 ounces.
why it matters
For investors following coal and gold producers, the update points to a solid rise in volumes during the quarter. However, the figures cover only mining, processing and sales, with no prices, costs or margins disclosed, so the effect on financial results cannot yet be judged from this release. The sequential dip in coking coal processing is the one soft spot in the update.
instruments
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