From Bust to Boom: MMC plans bond return

After a difficult few years, Mongolian Mining is on the up again. It plans to issue US dollar bonds as part of the company's rebound from default in 2016.
Mongolian Mining's coal exports are expected to improve this year
Mongolian Mining's coal exports are expected to improve this year

After a near-knockout in 2016 on the back of a default, Mongolian Mining Corproation MMC is on track to restore its financial health. The Hong Kong-listed coking coal producer has announced plans to tap the US dollar bond market for the first time in nearly two years.

In 2016, MMC defaulted on a $600 million bond and US dollar bank loan to lenders that included BNP Paribas Singapore and ICBC. The default came after coking coal prices fell to their lowest level in a decade. The company’s main product is hard coking coal, all of which is exported to China.

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