ANNUAL%20REPORT%202015%20eng

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Notes to Consolidated Financial Statements 5 COST OF REVENUE 2015 2014 USD’000 USD’000 Mining costs 34,830 126,841 Processing costs 13,084 31,596 Transportation costs 15,387 74,383 Provision losses on coal inventories (Note 20) 6,122 — Others (Note (i)) 43,309 62,069 Cost of revenue during mine operations 112,732 294,889 Cost of revenue during idled mine period (Note (ii)) 52,872 40,621 Cost of revenue 165,604 335,510 Note: (i) Others include cost of coal procured from Chinese third party sources and royalty tax for the coal exported from Mongolia. (ii) Cost of revenue during idled mine period for the year ended 31 December 2015 includes USD34,390,000. (2014: USD27,954,000) of mining contractor costs and depreciation expense related to idled plant and equipment. Annual Report 2015 143
Notes to Consolidated Financial Statements 6 LOSS BEFORE TAXATION Loss before taxation is arrived at after charging/(crediting): (a) Net finance costs: 2015 2014 USD’000 USD’000 Interest income (5,084) (3,911) Finance income (5,084) (3,911) Net change in fair value of derivative component of senior notes (Note 26) — 700 Interest on bank and other borrowings 22,276 22,575 Interest on liability component of senior notes (Note 26) 54,978 54,827 Transaction costs 4,136 3,440 Unwinding interest on – Obligations under finance lease — 8 – Accrued reclamation obligations (Note 28) 854 808 Less: Interest expense capitalised into construction in progress* — (8,617) Net interest expense 82,244 73,741 Foreign exchange loss, net 21,862 24,690 Finance costs 104,106 98,431 Net finance costs 99,022 94,520 * No borrowing costs have been capitalised for the year ended 31 December 2015; borrowing costs have been capitalised at a rate of 8.1% per annum for the year ended 31 December 2014. (b) Staff costs: 2015 2014 USD’000 USD’000 Salaries, wages, bonuses and benefits 20,961 25,167 Retirement scheme contributions 2,322 3,015 Equity-settled share-based payment expenses (Note 27) 3,298 3,475 26,581 31,657 144 Annual Report 2015
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(Incorporated in the Cayman Islands
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Company Profile Mongolian Mining Co
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Corporate Information BOARD OF DIRE
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Directors and Senior Management BOA
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Directors and Senior Management Gan
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Directors and Senior Management Une
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Directors and Senior Management SEN
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Group Structure 14 Annual Report 20
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Chairman’s Statement I believe th
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Management Discussion and Analysis
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Sustainability Report OUR APPROACH
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Sustainability Report Fair operatin
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Sustainability Report Figure 3. HR
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Sustainability Report The Company
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Sustainability Report In September
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Sustainability Report Figure 5. LTI
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Sustainability Report Biodiversity
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Sustainability Report In 2015, appr
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Sustainability Report There are num
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Sustainability Report OUR COMMUNITY
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Sustainability Report We receive gr
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Sustainability Report As part of th
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Sustainability Report Procurement W
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Corporate Governance Report BOARD O
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Corporate Governance Report Continu
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Corporate Governance Report Remuner
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Corporate Governance Report The Cor
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Corporate Governance Report SHAREHO
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Directors’ Report The Directors s
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Directors’ Report Risk Management
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Notes to Consolidated Financial Sta
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Notes to Consolidated Financial Sta
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Financial Summary SUMMARY DATA OF C
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Glossary and Technical Terms “FOT
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Glossary and Technical Terms “Ore
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Appendix I Technical details of the
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Appendix I Criteria Commentary •
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Appendix I Criteria Commentary Infr
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