HK-listed MMC jumps on upbeat outlook of China's Mongolian coking coal imports

Mongolian Mining

12/01/2024 03:13

** Shares of Hong Kong-listed Mongolian Mining Corp
 0975.HK  (MMC) jump 10.5% to HK$8.44, on course for the biggest
one-day pct rise since Jan 2 if gains hold
    ** Stock hit the highest since Jan 9, snapping four straight
sessions of losses
    ** China's imports of Mongolian coking coal may rise to a
record in 2024, after more than doubling in 2023, on improving
transport links and its lower price versus domestic and
international supplies, traders and miners said 
    ** Import boom has already boosted shares of Mongolian coal
producers in 2023 with Tavan Tolgoi JSC  TTL.MNE  more than
doubled and MMC more than tripled over the same period
    ** MMC expects to operate near full capacity in 2024, CEO
Battsengel Gotov told Reuters
    ** China's 2023 coal imports up 61.8% YoY  
    ** In China, CSI SWS Coal Index  .CSI000820  climbs 0.3%
    ** In Hong Kong, Hang Seng Composite Index on energy stocks
 .HSCIE  rises 1.1%, Hang Seng Index  .HSI  adds 0.1%
    ** MMC stock up 11.6% YTD 

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))