Мongolia’s largest mining company, Erdenes Tavan Tolgoi (ETT) JSC, presented its 2024 annual report at the shareholders’ meeting held on April 28, 2025. The company posted a net profit of MNT 4.528 trillion in 2024, exceeding its 2023 performance by MNT 1 trillion and surpassing its 2024 target by MNT 508 billion. From this profit, a total of MNT 3.9 trillion was distributed to shareholders as dividends marking the highest dividend payout ever seen in Mongolia’s mining sector. Other operational indicators of the company also reached historic highs in 2024. Coal production increased by 2.2 million tonnes compared to the previous year, reaching 30.4 million tonnes. Coal sales rose by 0.3 million tonnes to a total of 29.6 million tonnes.
As a result, the company maintained its position as Mongolia’s largest coal producer and exporter. The company’s sales revenue reached USD 3.019 billion, an increase of USD 228 million compared to the previous year. With this achievement, it became the first company in Mongolia’s business history to surpass USD 3 billion in annual sales revenue. Over the past three years, the company’s total sales revenue has amounted to USD 6.9 billion. Taxes, fees, and charges paid to the state and local budgets totaled MNT 3.460 trillion, representing an increase of MNT 612 billion compared to the previous year. This makes it the first company in Mongolia to pay over MNT 3 trillion in taxes. In total, the company has paid MNT 7.3 trillion in taxes over the past three years. Additionally, the company fully repaid MNT 981.6 billion worth of ETT bonds issued in the domestic market during 2021–2022 using its own funds on schedule in 2024. Furthermore, in line with its commitment to social responsibility and cooperation, the company invested MNT 5.7 billion in 2024 to support local development, education, healthcare, and environmental initiatives-marking a historically successful year, as highlighted by Acting CEO Kh. Munkhjargal.
