ANNUAL RESULTS 2018 18 MARCH 2019 UHG mine, Umnugobi province, - - PowerPoint PPT Presentation

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ANNUAL RESULTS 2018

18 MARCH 2019

UHG mine, Umnugobi province, Mongolia.

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Disclaimer

FORWARD-LOOKING STATEMENTS

We have included in this presentation forward-looking statements. All statements that are not historical facts, including statements about our intentions, beliefs, expectations or predictions for the future, are forward-looking statements. The reliance on any forward-looking statement involves risks and uncertainties, and although we believe the assumptions on which the forward-looking statements are based are reasonable, any or all of those assumptions could prove to be inaccurate and as a result, the forward-looking statements based on those assumptions could also be incorrect. We undertake no obligation to publicly update or revise any forward-looking statements contained in this presentation, whether as a result of new information, future events or otherwise, except as required by applicable laws, rules and regulations. In light of these and other risks and uncertainties, the inclusion of forward-looking statements should not be regarded as representations by us that our plans and objectives will be achieved. All numbers in this presentation are approximate rounded values for particular items.

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COMPANY OVERVIEW OPERATING ENVIRONMENT BUSINESS OVERVIEW

Agenda

FINANCIAL OVERVIEW APPENDIX

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KEY FINANCIALS

Company overview

Mongolia’s Sole Fully Integrated Coal Mining Company

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̶ World-class high quality and sizeable coal resources at Ukhaa Khudag (“UHG “) and Baruun Naran (“BN”) mines ̶ Total pro-forma P&P Reserves: 499Mt1 ̶ Total pro-forma M&I&I Resources: 1,062Mt1 ̶ Located ~245 km from the Chinese border with close proximity to end customers, well positioned to capitalize the high growth potential in Northern China ̶ The leading and sole fully integrated coal mine in Mongolia, with established full set of captive infrastructure including coal handling and processing plant (“CHPP”), power plant, water facilities and transportation logistics ̶ Mature sales platform with direct sales to end users instead of traders ̶ Well established long-term relationship with blue chip companies in China including Shenhua Inner Mongolia Coal and Coking Co., Ltd (later changed to “China Energy Coal and Coking Co., Ltd”), Baotou Iron & Steel, and etc. ̶ Enhanced operational efficiency through a number of cost initiatives and best- in-class operational practices ̶ The first Mongolian company listed on the main board of an international stock exchange – the Hong Kong Stock Exchange (“HKEx”) ̶ The Company has “B-”, Outlook Stable rating from S&P

HIGHLIGHTS

USD mln FY 2017 17 FY 2018 18 Cash2 7.5 33.0 Senior Loan2,3 31.2 23.7 Senior Notes2,3 412.5 412.5 Total Assets2 1,631.4 1,718.0 Total Equity2 770.9 817.3 Revenue 476.4 590.7 EBITDA 177.1 218.3 EBITDA Margin (%) 37.2% 37.0% Total Debt2 / Capital 36.5% 34.8% Total Debt2 / EBITDA 2.5x 2.0x

Notes: 1Resources data as of 31 December 2018, reserves data as of 1 January 2019. 2 As of 31 December. 3 Shown and calculated from the face value of the senior loan and the senior notes.

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Company overview

Corporate Key Milestones

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Notes: 1 Based on Built-Operate-Transfer arrangement with the government.

Successful listing at HKEx raising USD616 mln IPO net proceeds

OCT 2010

Acquisition of BN mine for USD569 mln

JUN 2011

Mining operation at BN mine commenced

FEB 2012

Issuance of USD600 mln 5-year senior notes. First corporate bond from Mongolia

MAR 2012

Stage 3 CHPP plant commenced bringing total capacity to 15Mtpa

AUG 2013

Debt restructuring

• Senior notes

USD412.5 mln

• Senior loan

USD31.2 mln

• Perpetual notes

USD195 mln

• 1.03 bln new

shares to creditors

MAY 2017

Water supply facility operation commenced

SEP 2011

Mining operation at UHG mine commenced

APR 2009

Stage 1 CHPP plant commenced with operation capacity of 5Mtpa

JUN 2011

Constructed ~240km UHG-GS paved road (transferred to the Government of Mongolia in 2014)1

AUG 2011

18MW power plant commenced at UHG mine

SEP 2011

Successful Rights Issue of USD195 mln net proceeds

DEC 2014

Stage 2 CHPP plant commenced bringing total capacity to 10Mtpa

FEB 2012

Tax stabilization certificate is granted to Energy Resources LLC for 24 years period

AUG 2015

10-year cooperation agreement on coal sales with China Energy Coal and Coking Co., Ltd to supply up to 3Mt of hard coking coal (“HCC”) and 1Mt of semi-soft coking coal (“SSCC”) per annum

MAY 2018

10-year cooperation agreement on coal sales with Baotou Iron & Steel Co., Ltd to supply up to 5Mt of coal products per annum

MAY 2017

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̶ Global CSR Award 2013 - MMC won the Silver “Best Workplace Practice Award” at the Global CSR Summit and Awards 2013, which has attracted entries from more than 500 world leading corporations. ̶ Global CSR Award 2012 - the Company was selected as a finalist for the “Best Community Program Award” with the leading corporations such as Procter & Gamble, Standard Chartered, Huawei, DHL and FedEx. ̶ Water Stewardship Award 2013 - the National Water Management Committee

• f the Government of Mongolia awarded the Company’s water management

activities at UHG mine, which includes belt-press dewatering technologies. ̶ Water Innovation Award 2018 – Awarded by the International Finance Corporation after MMC’s multiple initiatives for rainwater harvesting and increasing water recycling rate in the Gobi region ̶ Top 10 Enterprises in Mongolia (eight times during 2009-2018 period) – Awarded by the Mongolian National Chamber of Commerce and Industry ̶ National Quality Award 2018 – Awarded by the Government of Mongolia for successful introduction of the Integrated Management System into its

• perations for the first time in Mongolian mining industry

Company overview

Sustainable and Responsible Mining

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̶ MMC became the first Mongolian mining company to introduce a comprehensive international management systems such as ISO 9001:2015 Quality management systems, ISO 14001:2015 Environmental management systems and OHSAS 18001:2007 Occupational health and safety management systems in 2018 ̶ The continued effort to reduce the number of incidents and related frequency rates is the testament to the commitment of the Group’s management to the concept of Zero Harm in terms of health, safety and environment. Since the commencement of MMC’s public reporting, there were 2 semi-annual periods of zero Lost Time Injury being recorded. ̶ MMC is committed to supporting community development and local employment, and invested in housing complex development together with social infrastructure such as school and kindergarten open for employees and local community

• children. Today, about 50% of the staff are local residents. In addition, MMC

implements various community development programs in the areas of health, education, cultural heritage preservation and local business development, such as providing interest-free loans to local small and medium businesses. ̶ MMC has established forest belt covering 15 ha area to combat desertification and 2.5 ha nursery field dedicated for mine reclamation activities.

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COMPANY OVERVIEW OPERATING ENVIRONMENT BUSINESS OVERVIEW

Agenda

FINANCIAL OVERVIEW APPENDIX

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MONGOLIAN INDUSTRIAL OUTPUT

Source: National Statistics Office of Mongolia, World Bank, IMF. Note: 1 2014-2018 GDP data form National Statistics Office of Mongolia, 2017E-2021E GDP forecast data from IMF.

MONGOLIAN TOTAL FDI MONGOLIAN GDP GROWTH1

629 629 764 764 861 861 921 921 1,044

2,313 2,060 1,999 2,626 3,382 6,397 5,857 7,067 9,386 11,231 9,338 8,681 9,927 12,933 15,657 5,000 10,000 15,000 20,000 2014 2015 2016 2017 2018 MNT bln 7.9 2.4 1.2 5.3 6.9 (0.2) 5.1 6.3 4.9 5.0 5.2 (3) 3 6 9 2014 2015 2016 2017 2018E 2019E 2020E 2021E 2022E % Real GDP Growth IMF Estimate 720 720 607 607 545 545 613 613 717 717 1,272 790 790 941 941 1,671 1,752 1,992 1,397 1,486 2,284 2,469 64% 64% 57% 57% 63% 63% 73% 73% 71% 71% 1,000 2,000 3,000 4,000 2014 2015 2016 2017 2018 USD mln % of Mining sector FDI

Operating environment

Mongolian Economy Outlook Remains Positive

4,792 3,678 3,484 4,934 6,070 83% 83% 79% 79% 71% 71% 80% 80% 87% 87% 2,500 5,000 7,500 10,000 2014 2015 2016 2017 2018 USD mln Minerals Export Minerals Export % of Total Export

MONGOLIAN MINERALS EXPORT

Manufacturing Electricity, water supply Mining and quarrying Mining sector Other sectors

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̶ Infrastructure remains a key focus in China’s inter-regional integration and the government relies on construction expenditure to further boost economic growth ̶ In an effort to boost development in western China, the Chinese government has approved 152 infrastructure projects worth a total of CNY3.8 tn since 2012 ̶ Around 200 projects within the energy & utilities sector is recorded in pre-construction or under-construction phases, worth approximately USD190 bln ̶ China’s de-capacity strategy has led to closures of illegal and inefficient steel mills while the remaining Chinese steel makers are being encouraged to swap to bigger blast furnaces. This requires steelmakers to seek higher quality coking coal with superior chemical properties to bridge the production gap ̶ Coal production capacity in China was reduced by 700.9 Mt during 2016-2018 ̶ China’s demand for imported coal is expected to defy the downward trend, driven by a loss of low sulphur premium HCC, shift in blast furnace size, and location driving a continued reliance on high quality imports

Operating environment

Robust Economic Growth In China Supports Steel Sector

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CHINA COKING COAL MARKET

Source: Fenwei.

CHINA CRUDE STEEL PRODUCTION

808 808 832 832 928 928 920 920 910 910 900 900 300 600 900 1,200 2016 2017 2018 2019E 2020E 2021E Mt 534 534 515 515 511 511 515 515 512 512 512 512 444 444 446 446 435 435 461 461 461 461 460 460 59.3 69.9 64.9 63.0 62.7 62.5 150 300 450 600 2016 2017 2018 2019E 2020E 2021E Mt Consumption Production Import

mmc.mn 90 180 270 360 Feb-16 Sep-16 Apr-17 Nov-17 Jun-18 Jan-19 USD FOB Aus (low vol) FOB Aus (mid vol) CFR North China (low vol)

Operating environment

Stabilized pricing facilitated by supply and demand balance

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CHINA COKING COAL PRICES1 COKING COAL STOCKS AT CHINA END USERS

Source: Fenwei, Platts. Note: 1 VAT inclusive.

COKING COAL STOCKS AT CHINA PORTS SEABORNE COKING COAL PRICES

600 1200 1800 2400 Feb-16 Sep-16 Apr-17 Nov-17 Jun-18 Jan-19 CNY EXW Jingtang (mid vol) FOR Luilin #4 EXW Baotou FOR Tangshan 4 8 12 16 Feb-16 Sep-16 Apr-17 Nov-17 Jun-18 Jan-19 Mt 2 4 6 8 Feb-16 Sep-16 Apr-17 Nov-17 Jun-18 Jan-19 Mt Jingtang Rizhao Lianyungang Qingdao Fangcheng Steel mills Coke plants

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Operating environment

Regulatory highlights

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EXPLORATION LICENSES

̶ Only Mongolian legal entities are entitled to hold exploration licenses ̶ Exploration licenses granted by Mineral Resources and Petroleum Authority of Mongolia (“MRPAM”) for an initial term of 3 years and license holders may apply for 3 successive additional periods of 3 years each (maximum period of 12 years) ̶ Exploration license holders are subject to annual fees and annual minimum exploration spending, and are also subject to various environmental protection obligations

MINING LICENSES

̶ Mining licenses are granted by the MRPAM for an initial term of 30 years and are renewable for 2 successive periods of 20 years (maximum period of 70 years). ̶ Only Mongolian legal entities are entitled to hold mining licenses

CORPORATE INCOME TAX

̶ The corporate income tax rate in Mongolia is 10% on annual taxable income of up to MNT3.0 bln, plus 25% of the exceeding amount on annual taxable income in excess of MNT3.0 bln ̶ Taxable income is calculated as revenue minus deductible expenses. Some operating and other expenses are not deductible for tax purposes according to the Corporate Entity Income Tax Law of Mongolia ̶ A withholding tax of 20% is applicable on revenue generated within Mongolia by foreign entity unless governed by a Double Taxation Treaty

VALUE ADDED TAX

̶ 10% VAT applicable on all goods sold and services performed within Mongolia ̶ Company exporting unprocessed mineral products cannot claim VAT credits and must bear VAT cost of producing such goods ̶ Processed coal products are subject to zero percent output VAT

ROYALTIES

̶ Mining license holders exporting coal are allowed to pay their royalties based on their actual contract pricing, which shall be adjusted with reference to the closest border crossing point used for export from Mongolia. ̶ Domestic consumption: 2.5% of coal reference price ̶ International consumption-sliding scale: 5% base royalty rate of coal reference price, plus progressive royalty rate based on product (i.e. unwashed and washed coal) market price increase level as follows ̶ Processed coal is subject to the lowest level of progressive royalty rate of 0–3%, whereas raw/unprocessed coal is subject to 0–5%

LAW ON INVESTMENT

̶ Tax stabilization certificates are granted to entities that have fulfilled the requirements set out in the Law on Investment of Mongolia based on a different number of factors including (i) industry, (ii) investment size, and (iii) location of investment. ̶ In 2015, Energy Resources LLC having fulfilled the requirements as set out in the law has received the tax stabilization certificate for a period of 24 years, based on its investment size, for tax rates of CIT, customs fee, VAT and royalty

REHABILITATION REQUIREMENTS

̶ Long-term management of permanent engineered structures (for example, spillways, roads, waste dumps) ̶ Achievement of environmental closure standards ̶ Relinquishment of the site with associated permanent structures and community development infrastructure and programs to new owners ̶ Environmental legislation is evolving in a manner that will require stricter standards and enforcement, increased fines and penalties for non-compliance, more stringent environmental assessments of proposed projects and a heightened degree of responsibility for companies and their officers, directors and employees

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COMPANY OVERVIEW OPERATING ENVIRONMENT BUSINESS OVERVIEW

Agenda

FINANCIAL OVERVIEW APPENDIX

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Business overview

Sizeable coking coal resources and reserves base

12 JOR ORC (2012) State tement nt1 UHG UHG BN BN THG HG Pro-Form rma Total Total resources2 (Mt) 663 326 73 1,062

• Above 300m

442 231 54 727

• Below 300m

221 95 19 335 Total ROM coal reserves3 324 175

• 499
• Coking

311 175

• 486
• Thermal

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Total marketable reserves3 191 91

• 282
• Coking

153 71

• 224
• Middling

25 20

• 45
• Thermal

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Notes: 1 Due to rounding, discrepancy may exist between sub-totals and totals. Rounding rules refer to Clause 25 of the JORC Code (2012).

2 Includes Measured, Indicated and Inferred Resource category as at 31 December 2018. 3 Includes Proved and Probable Reserve category as at 1 January 2019.

̶ Overview: The Company owns and operates two open-pit coking coal mines, namely the UHG deposit located within the Tavan Tolgoi coal formation and the BN deposit, both of which are located in the South Gobi province of Mongolia ̶ Location: UHG mine is located ~540 km south of Ulaanbaatar, the capital city of Mongolia, and ~245 km from the Mongolia-China border crossing Gashuunsukhait-Ganqimaodu (“GS-GM”). BN mine is located ~30 km south-west of UHG mine ̶ License: UHG mining license was granted in 2006 and BN mining license was granted in 2008. The Company performed exploration work during 2011-2012 at Tsaikhar Khudag (“THG”) area and was granted the THG mining license in June 2013. All licenses permit the Company to engage in coal mining activities for an initial period of 30- years, extendable twice by 20-years each ̶ Resources: The latest UHG, BN and THG Coal Resources statements were prepared as at 31 December 2018. Based on the latest estimates, pro-forma total Coal Resources are 1,062 Mt ̶ Reserves: The latest Coal Reserves statements for UHG and BN deposits were prepared as at 1 January 2019. The estimates were prepared based on open cut, multi seam, truck and excavator mining

• methods. Based on the updated statements, pro-forma total run-of-

mine (“ROM”) Coal Reserves of UHG and BN deposits are 499 Mt

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̶ In 2018, total CHPP ROM coal infeed was 10.0 Mt representing an increase of 25% compared to 2017. ̶ The Company works closely with its customers by providing higher quality coal products suitable for tighter industry standards in China. As such, starting from 4Q2018, the Company has adjusted contractual specifications for HCC product by lowering indicative ash content at dry basis from 11.0% to 10.5%.

1.8 2.2 4.1 4.8 5.9 7.0 3 6 9 12 2017 2018 Mt Primary product Secondary product

Business overview

Tailoring production output with export logistics conditions

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WASHED COAL PRODUCTION

Note: 1 Combined stripping ratio of UHG and BN mines.

ROM COAL PRODUCTION

̶ At UHG mine a total of 44.3 million bank cubic metres (“bcm”) of prime

• verburden was removed and 9.5 Mt of ROM coal mined with an actual

stripping ratio 4.67 bcm per ROMt. ̶ At BN mine a total of 9.7 million bcm of prime overburden was removed and 1.4 Mt of ROM coal mined with an actual stripping ratio of 6.98 bcm per ROM tonne. ̶ During 2018, the Company achieved the highest total ROM coal production rate since commencement of the both UHG and BN mines

• peration.

8.2 9.5 1.4 8.3 10.9 4.4 5.0 5 10 15 20 2017 2018 Mt UHG BN Stripping ratio (bcm/ROMt)

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Business overview

Continued inefficiencies at the border crossing

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Source: the Company data. Note: 1 Combined average throughput of all coal trucks crossing GM border per operating day.

GM BORDER CROSSING DAILY AVERAGE THROUGHPUT1

GS GS-GM GM

Existing border crossing Proposed border crossing Potential route

UHG HG TKH TKH

CHINA MONGOLIA

BN BN Khangi-Mandal Tsagaandel Uul-Ulzii

1,075 1,221 724 724 576 576 494 494 847 847 936 936 639 639 400 800 1,200 1,600 1Q2017 2Q2017 3Q2017 4Q2017 1Q2018 2Q2018 3Q2018 4Q2018 Trucks

̶ The cross-border logistic bottlenecks remain as the main factor limiting potential increase for coal export volumes from Mongolia to China via GS-GM border crossing point. ̶ 1Q2018 GM border crossing average throughput was the lowest in the recent two

• years. While the situation has improved since 2Q2018, it still remains below the levels

recorded in 1H2017. ̶ In 4Q2018, Chinese customs were installing new automatic clearance system at GM, which resulted in a slowdown of the throughput. ̶ Turnaround time required for coal export is extended due to border crossing inefficiencies, which resulted in increased third party contractor tariffs. ̶ The Company has completed during 1H2018 increase of its trucking fleet by additional 150 double-trailer trucks, each capable to carry 130 tonnes per shipment. ̶ In response to the border crossing inefficiencies, from time to time, Mongolian regulators have taken actions to temporarily suspend export customs clearance at mines in TT area and required the exporters to utilize trans-shipment facilities at TKH. Following the directions imposed by regulators, the Company used two modes for export transportation, either direct shipments from UHG to GM or two-step shipments from UHG to TKH and further from TKH to GM.

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Area A

Business overview

Target market region

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China Railway Corporation railway China Shenhua railway UHG-GS paved road Customers UHG HG

MONGOLIA

Area C Area B

CHINA

BN BN GS-GM Source: Fenwei, National Bureau of Statistics of China.

Mt Crude steel production Province 2017 2018 Change (YoY) 1 Inner Mongolia 19.8 23.1 17% 2 Hebei 191.2 237.3 24% 3 Gansu 5.6 8.0 43% 4 Tianjin 18.1 20.2 12% 5 Xinjiang 11.1 11.6 5% 6 Ningxia 2.3 2.5 9% 7 Shanxi 44.3 53.9 22% 8 Shandong 71.5 71.8 0% 9 Liaoning 64.2 68.7 7% 10 Others 403.6 431.2 7% Total 831.7 928.3 12% 9 8 4 2 7 6 1 3 5

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COMPANY OVERVIEW OPERATING ENVIRONMENT BUSINESS OVERVIEW

Agenda

FINANCIAL OVERVIEW APPENDIX

mmc.mn 47.3 82.4 82.4 30 60 90 120 2017 2018 USD mln 3.6 3.9 0.8 0.8 4.4 4.7 $130.3 $139.7 2 4 6 8 2017 2018 Mt HCC Others ASP of HCC/t

Financial overview

Increasing revenue stream

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REVENUE AND PROFIT FROM OPERATIONS ADJUSTED EBITDA3

Note: 1 ASP is a blended average of HCC. 2 Includes mainly SSCC and middlings.

3 Earnings before interest, taxes, depreciation and amortisation adjusted by share option expenses and other non-cash items.

NET PROFIT SALES VOLUME AND ASP1

124.0 153.7 476.4 590.7 200 400 600 800 2017 2018 USD mln 177.1 218.3 70 140 210 280 2017 2018 USD mln Net profit excluding debt restructuring gain Debt restructuring gain Revenue Profit from operations 263.0 310.3

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Financial overview

Operating costs impacted by border crossing inefficiencies

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PROCESSING COST HCC OPERATING CASH COST AT GM3

Note: 1 Combined average mining cost for UHG and BN mines.

2 Combined weighted average transportation cost from UHG to GM, including third party contractors.

3 Washed HCC operating cash cost delivered at GM including mining, processing, handling, transportation, logistics, royalties, fees and other costs. In 2018, SSCC operating cash cost at GM was USD58.8 per tonne due to higher processing yield, lower royalties and lower site administration expenses.

TRANSPORTATION COST2 MINING COST

11.7 11.5 1.4 2.2 13.1 13.7 5 10 15 20 2017 2018 USD/ROMt Cash cost Non-cash cost 1.9 2.1 3.4 2.5 5.3 4.6 2 4 6 8 2017 2018 USD/ROMt Cash cost Non-cash cost 19.8 24.8 20.1 25.5 8 16 24 32 2017 2018 USD/t Cash cost Non-cash cost 54.4 62.7 6.4 6.8 60.8 69.5 20 40 60 80 2017 2018 USD/t DAP GM cost Royalties

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mmc.mn 443.7 436.2 2.5 2.0 200 400 600 800 31-Dec-17 31-Dec-18 USD mln Debt Debt to EBITDA ratio

Financial overview

Solid financial metrics

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CAPEX TOTAL ASSETS AND GEARING RATIO

Note: 1 Calculated from the face value of debts.

EQUITY AND DEBT TO EQUITY RATIO1 DEBT AND DEBT TO EBITDA RATIO1

19.3 16.0 8 16 24 32 2017 2018 USD mln CAPEX (exc. capitalised stripping cost) 770.9 817.3 0.6 0.5 400 800 1,200 1,600 31-Dec-17 31-Dec-18 USD mln Equity Debt to equity 1,631.4 1,718.0 29% 29% 28% 28% 700 1,400 2,100 2,800 31-Dec-17 31-Dec-18 USD mln Total Asset Gearing ratio

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Financial overview

Finance costs breakdown

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2018 NET FINANCE COSTS 2017 NET FINANCE COSTS

̶ In accordance with IFRS, the principal amounts of USD412.5 mln Senior Notes and USD31.2 mln Senior Loan were initially recognized at fair values of USD378.0 mln and USD29.2 mln, respectively, on 4 May 2017. ̶ The difference between the face value and initially recognised fair value of Senior Notes and Senior Loan is amortised over the term of the facilities using the effective interest rate calculation. ̶ In addition, Senior Notes and Senior Loan are considered as hybrid financial instruments containing a derivative component of interest rate linked to benchmark coal price and cash sweep premium. Changes in fair values of the derivative components are reflected as gain/loss of derivatives in the Net Finance Cost section of the Profit and Loss Statement.

35.1 2.3 4.3 7.8 0.9 0.6 51.0 20 40 60 80 Accrued interest Withholding tax Effective interest rate Fair value change of derivatives Foreign exchange loss, net Others Net finance costs USD mln 35.5 2.7 6.7 9.3 0.8 0.4 55.4 20 40 60 80 Accrued interest Withholding tax Effective interest rate Fair value change of derivatives Foreign exchange loss, net Others Net finance costs USD mln

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THANK YOU

Mon Mongolian Mi Mining Cor

• rporation

16F Central Towe

• wer

Suk ukhbaatar Di District Ulaanbaatar 14200 Mo Mongolia www.mmc. c.mn inv nvestor@mmc.mn