Mongolia-based coking coal producer and exporter Mongolian Mining Corporation (MMC) has completed the first gold pour at the Bayan Khundii gold mine in Mongolia.
The mine is expected to produce around 85,000oz of gold annually, with reserves totalling 513,700oz at an average grade of four grams per tonne (g/t).
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MMC intends to sell the gold from the Bayan Khundii mine at spot prices to Mongolia’s Central Bank, contributing to the nation’s foreign reserves and economic stability.
The company invested $40m (Tg143.87bn) for a 50% equity interest in Erdene Mongol (EM) as part of a Strategic Alliance and Investment Agreement, effective from 25 January 2024.
Within 22 months, MMC transformed the greenfield site into a functioning mine. It has established operating systems and procedures to reach full production capacity late in the fourth quarter of 2025.
MMC, primarily known for its coking coal production, operates the Ukhaa Khudag and Baruun Naran open-pit coal mines in Umnugobi aimag, Mongolia.
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By GlobalDataSince launching its mining operations in 2009, the company has grown to become a major exporter of washed coal.
The company was listed on the Hong Kong Stock Exchange in 2010, becoming the first Mongolian company to offer shares internationally.
In 2023, MMC and Erdene Resource Development formalised agreements to advance the Bayan Khundii gold project.
The agreement outlined a three-stage investment plan for MMC to secure a 50% stake in EM, Erdene’s wholly owned subsidiary.
Commenting on the completion of first gold pour, MMC CEO Battsengel Gotov said: “We are proud to see the Bayan Khundii mine reach this significant milestone and extend our sincere congratulations to our employees, contractors and strategic partner whose dedication made this milestone possible, transforming this project into a fully operational gold mine. The team involved deserves tremendous credit for their hard work and dedication.
“The Group also takes pride in advancing its strategic objective of diversifying its business portfolio, ensuring sustainable growth and long-term value creation.
“Moving forward, MMC will work closely with our strategic partner to support their continued focus on exploration efforts aimed at extending the mine life and bringing additional deposits into production covered under the Strategic Alliance Agreement.”
