Mongolian Stock Exchange (MSE) published 2012 financial reports of the publicly listed companies in Mongolia. Of those MSE traded companies submitted their financials to date, “Tavantolgoi” (small Tavan Tolgoi), a joint stock company, owned by Umnugovi provincial government and a few private investors, reported the highest profit in 2012. “Tavantolgoi” is the only company, among those mining ventures listed at MSE, that exports coking coal to overseas.
Even though Mongolia’s export of coking coal in 2012 was increased by 2.8 percent, its monetary value was reduced by 16.9 percent due to price fluctuations. This negatively affected the performance of coal exporters of the country. However, “Tavantolgoi” JSC enjoyed total sales of MNT 102.7 Billion in 2012 with a net profit of MNT 9.2 Billion.
It can also be noted that miners of thermal coal performed well in the year too. “Shariin Gol” JSC had reported total sales of MNT 13.7 Billion with a net profit of MNT 1.8 Billion in the period. As a result of positive changes in its core management team, the company was able to significantly improve its operations for the recent years.
“Aduunchuluun”, a shareholding company, located in Dornod Province, produced and sold coal worth MNT 4.9 Billion, pocketing a net profit of MNT 734 Million in 2012, while “Mogoin Gol”, another prominent coal mine in Khuvsgul Province, made sales of MNT 1.15 Billion with a net profit of MNT 734 Million.
Although “Shivee-Ovoo” JSC, one of the largest and oldest coal mines in the country, had reported annual revenue of MNT 27.2 Billion, its performance was weak with a net loss of MNT 4.2 Billion by the end of the reporting year.