Baganuur JSC registered in MSE (BAN:MSE), implemented project worth MNT 399 billion to expand its mining capacity to 10 million tons annually during 2016-2020.
In scope of the project, mountain transfer mining has planned to be transferred into moving excavator system and the 85 percent of the required finances to be funded by the banks of Poland and Germany, reported by the Baganuur JSC.
Baganuur JSC operates open-pit coal mining in its 5.424 hectares of land and its coal reserve was estimated as up to 900 million tons, of which 100 million tons of coal were mined so far. Currently, its working with the capacity of mining 3.8 million tons of coal annually.
Baganuur JSC has increased its mining capacity by 600 thousand tons since 2012. In addition Baganuur JSC earned 1.4 billion of net profit in the first quarter of 2015, whereas it had losses of MNT 6.3 billion last year, resulting in profitsble operations since 2013.
Ministry of Energy announced that they are working to make changes in the prices of Baganuur JSC`s coal in the future. Government for Solution decided to reduce participation of state ownership up to 51 percent and to sell the remaining stock open. The income from the sales is decided to leave at Baganuur JSC and it is expected to solve the funding of the following project.
Baganuur JSC registered in MSE (BAN:MSE), implemented project worth MNT 399 billion to expand its mining capacity to 10 million tons annually during 2016-2020.
In scope of the project, mountain transfer mining has planned to be transferred into moving excavator system and the 85 percent of the required finances to be funded by the banks of Poland and Germany, reported by the Baganuur JSC.
Baganuur JSC operates open-pit coal mining in its 5.424 hectares of land and its coal reserve was estimated as up to 900 million tons, of which 100 million tons of coal were mined so far. Currently, its working with the capacity of mining 3.8 million tons of coal annually.
Baganuur JSC has increased its mining capacity by 600 thousand tons since 2012. In addition Baganuur JSC earned 1.4 billion of net profit in the first quarter of 2015, whereas it had losses of MNT 6.3 billion last year, resulting in profitsble operations since 2013.
Ministry of Energy announced that they are working to make changes in the prices of Baganuur JSC`s coal in the future. Government for Solution decided to reduce participation of state ownership up to 51 percent and to sell the remaining stock open. The income from the sales is decided to leave at Baganuur JSC and it is expected to solve the funding of the following project.