MONGOL MINING年度报告 2025

975OTCQXMOGLFwww.mmc.mn MMCMMC Mongolian Mining CorporationMMC975OTCQXMOGLF MMCMMC MMCUmnugobiUkhaaKhudagUHGBaruun NaranBN MMCErdene Mongol LLCEM50%EMBayan KhundiiBKHBayankhongor MMCMMC MMCMMC MMCMMC MMCMMC Gotov53GotovEnergy Resources LLCEREnergy Resources Corporation LLCERKhangad Exploration LLCKEXKEXGotovMongolian Coal Corporation LimitedMongolian Coal Corporation S.à.r.l.Baruun Naran S.à.r.l.AGotovMongolian Mining Corporation Pte. Ltd.Energy Resources Rail LLCGotovKEXERGotovMCSUniversity of CologneAlexander vonHumboldt FoundationUniversity of CologneGotov(Mongolian BasketballAssociation NGO)Gotov Jambaljamts60JambaljamtsJambaljamtsMCS Holding LLCMCS Mongolia LLCMCSJambaljamtsStarain LimitedMCS GlobalLimitedMCS (Mongolia) LimitedNovel International Investment LimitedNovel Holdings Group LimitedMCS Mining Group LimitedJambaljamtsJambaljamtsHydropower LLCEgiin RiverJambaljamtsMaastricht School of Management ODJARGAL JAMBALJAMTS BATTSENGEL GOTOV ENKHTUVSHIN GOMBO54 GomboGomboMCS Holding LLCMCS Mongolia LLCGomboMCS Holding LLCGomboMCS Holding LLCMCSGomboGombo ARIUNBAYAR BYAMBADORJ40 ByambadorjByambadorjMCS Investment LLCByambadorjNUMByambadorjMCS Holding LLCByambadorj15 69Larry Jewelry International Company LimitedCVC Capital Partners LimitedRizal CommercialBanking Corporation (RCBC)Affin Holdings BerhadAffin Bank BerhadAffin Holdings BerhadAffin Bank BerhadPRASAC Microfinance Institution DELGERJARGAL BAYANJARGAL53 BayanjargalBayanjargalM Bank Closed JSCMCS Holding LLCMCS Mongolia LLCBayanjargal(University of Finance and Economics)(Institute of Finance and Economics)UFE)BayanjargalMSELendMN NBFI JSCTenger Insurance LLCBayanjargalMSEMIK Holding JSCMortgage Corporation HFC LLCMIK HFC(Development Solution NGO)(Quality Supplier Development NGO)(United States Agency for InternationalDevelopment)USAIDBayanjargalAnd Systems LLCLendMN NBFI JSCTenger Insurance LLCBayanjargalXacBankMSEBayanjargalMSEKhugjliin Altan San NBFIXacBank TSEND-AYUSH TUVSHINTUR55 TuvshinturTuvshinturTuvshintur(Corporate Governance Development Center)CGDCMIK HFCMIK ASSET SPC LLCTuvshinturNUMNUMTuvshinturUFEUFEUFEUFECGDCMBA(Joint MBA Program in Corporate Governance)TuvshinturCGDCInformation Communications Network LLCMongol Basalt JSCMSETuvshintur(International Finance Corporation)IFCUSAID(Ministry of Finance of Mongolia)(State Property Committee)TuvshinturNUMMSE20(Financial Regulatory Commission of Mongolia)FRCMSEIFCCGDCMSE20FRCDeutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbHTuvshintur Dorjpalam44ERKEXDorjpalamUnited Power LLCUkhaa KhudagWater Supply LLCTavan Tolgoi Airport LLCTavan Tolgoi Power Plant Water Supply LLCDorjpalamMCSUnitel GroupDorjpalam Lkhagvatsend49LkhagvatsendEMLkhagvatsendUniversal Copper LLCUCCLkhagvatsend18LkhagvatsendNewcom GroupEznis Airways LLCEnergy Resources Rail LLCLkhagvatsend ENKHBAT DORJPALAM OYUNBAT LKHAGVATSEND Baskhuu47BaskhuuEnergy Resources Rail LLCBaskhuuBaskhuu Dorjgotov62DorjgotovMCS Holding LLC(USAID)Bearing Point, Inc.Barents Group69Dorjgotov UURTSAIKH DORJGOTOV EMERKEX EMBayan KhundiiBKHBKH UCCUCCUrkhutURTJORC36.3 3,4313,43544%4,3004,7002970 11912251% 3,300 ERKhangad Exploration LLCKEXUHGBN15.08.910.1 Odjargal Jambaljamts (i)823.4792.131.3(ii)EBITDA203.0(iii)12.5 UHGBNTHG300Tavan TolgoiTT27 1,849.452.0%960.81,005.14.4%6.2%7.5% ERUHGKEXBNUmnugobi Zandanshatar GombojavERKEX 2,960UHGMV-011952UHG3020BNBaruun Naran LimitedQGX Coal Limited4,482MV-014493BN308,340MV-017336THG3020 504.1479.2489.3459.14.8%7.98.3 (i)(ii)60% 587.8599.1473.0479.5 ) 118.6122.33.0%51% 5.45.5(i)50%(ii)34% ERKEX 4.THGJORC 3.BNJORC 2.UHGJORC UHGBNTHGByambaa BarkhasBarkhasAusIMM#31819816(Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves)JORCBarkhas24UHGBNTHG(Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves)JORC BNByambaa BarkhasBarkhasAusIMM#31819816(Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves)JORCBarkhas34BN(Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves)JORC (ii)Lkhagva-Ochir SaidUHGBNTHGUHGBNTHGJORCSaidSaidAusIMM31600518(Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves)JORC UKHAA KHUDAG (UHG) 5.UHGJORC Glogex Consulting LLCGlogexUHGJORCJORCJORC •AMC Consultants Pty LtdAMCJohnLatillaJORC •UHG •UHG •JORC0B0AU 53.64%2.68%UHGJORC 6.BNJORC BARUUN NARAN (BN) (i).56(Australasian Code for Reporting of Exploration Results, Mineral Resources andOre Reserves)JORCUHGNaranbaatar LundegAusIMM#326646Glogex24JORCLundeg BNGlogexBNJORC • •AMCJohn Latilla360 • JORCBN61.8%2.62% •NorwestJohn Trygstad (ii). 14.711.13.6UHGBN 15.08.9 Tsagaan KhadTKHGashuunsukhait TerminalGSTGMUHGTKHGSTGM (i)UHGTKH(ii)GMGMGM 10.18.64.90.52.94.70.42.7 MSE29%55% ASP82.2120.832%117.2105.594.148.234.5 662.1532.3UHG129.8BN 21.418.8 5.64.8 15.517.4 5%8%MSEMSE5.2%7.2% 71%54%