Mongolian Mining Corporation (MMC) has successfully 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 totaling 513,700oz at an average grade of four grams per tonne (g/t).

MMC plans to sell the gold from the Bayan Khundii mine at spot prices to Mongolia’s Central Bank, boosting the nation’s foreign reserves and economic stability. The company invested $40m for a 50% equity interest in Erdene Mongol (EM) as part of a Strategic Alliance and Investment Agreement.

Within 22 months, MMC transformed the greenfield site into a functioning mine and aims to reach full production capacity by late 2025. The company, known for coking coal production, also operates the Ukhaa Khudag and Baruun Naran open-pit coal mines in Mongolia.

Since starting mining operations in 2009, MMC has become a major exporter of washed coal. The company, listed on the Hong Kong Stock Exchange in 2010, has grown to offer shares internationally and diversify its business portfolio with the Bayan Khundii gold project.

MMC CEO Battsengel Gotov expressed pride in reaching the milestone, crediting employees, contractors, and partners for their dedication. The company aims for sustainable growth and value creation by focusing on exploration efforts to extend the mine life and bring additional deposits into production.

Read more at Yahoo Finance: MMC completes first gold pour at Bayan Khundii mine in Mongolia