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.
PwC led...
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