HK Stock Market Move | Mongol Mining (00975) rises by nearly 5% and signs a long-term cooperation agreement with JiaYou International to expand cooperation in areas such as coal procurement.

MONGOL MINING (00975) rose nearly 5%, as of the time of publication, up 4.96% to HK$9.31, with a turnover of HK$101.656 million. In terms of news, Jiayou International (603871.SH) announced on November 5, 2024, that the company has signed a "Long-term Cooperation Agreement" with Mongolian Mining Corporation (HKEX stock code: 00975, referred to as "MMC"). MMC and its affiliated companies will increase sales of various types of coking coal products by 1.5-3 million tons per year to the company and its affiliated companies. The company will provide an integrated product trading solution for MMC and its affiliated companies, ensuring stable product supply to end users in China. It is reported that MMC owns and operates the Ukhaa Khudag and Baruun Naran open-pit coking coal mines, both located in the South Gobi Province of Mongolia. It is the largest producer and exporter of high-quality washed main coking coal (HCC) in Mongolia and a strategic partner in the company's main coking coal trading business. In February 2024, the company reached a cooperation agreement with MMC's mines to extend the equity further. The signing of this cooperation agreement once again expands the scale of cooperation between the two parties on the basis of mutual trust and win-win cooperation, complementing each other's strengths, and achieving the strategic goal of common development of Chinese and Mongolian enterprises.