The Mongolian Mining Journal

COPPER PRICES HIT A TWO-MONTH HIGH AS INVENTORIES AT THE LONDON METAL EXCHANGE DECLINED Copper prices surged to a two-month high of 9,800 USD per ton on Thursday, driven by a sharp decline in inventories on the London Metal Exchange (LME). By Friday, prices had eased slightly to 9,739.50 USD per ton.

IFC AND FRC EXPAND PARTNERSHIP TO BUILD SUSTAINABLE FINANCE MARKET IN MONGOLIA Ulaanbaatar, Mongolia, June 5, 2025—The International Finance Corporation (IFC) and the Financial Regulatory Commission (FRC) of Mongolia have renewed their partnership to further advance sustainable finance in Mongolia by signing a new Memorandum of Understanding (MOU). This agreement also marks the launch of the second phase of the IFC Green Finance Market Development Project.

UK READY TO PARTNER WITH MONGOLIA ON CRITICAL MINERALS The Mongolian Critical Minerals Association (MCMA) held its 3rd Annual Seminar last week under the theme "Roadmap for Mongolian Critical Minerals Development: Shaping Mongolia's Role in the Global Transition." The event brought together global experts, government representatives, and academics to discuss the global outlook for critical minerals, Mongolia’s economic opportunities through 2050, ESG standards, sustainable sourcing, and the investment climate.

MONGOLIAN GOVERNMENT BOND PRICES REBOUND SLIGHTLY AFTER POLITICAL UNCERTAINTY Mongolian government bonds traded on international markets have shown a modest recovery following a sharp decline on May 23. The downturn was triggered by the Mongolian People's Party's (MPP) decision to expel the Democratic Party from the coalition government, announced during a conference on May 22.

$658 MILLION TPP-5 PROJECT FUNDED PRIMARILY BY PRIVATE SECTOR As part of 24 major development projects to develop Ulaanbaatar, Thermal Power Plant No. 5 (TPP-5) is planned for construction in the 20th sub-district of Bayangol District. The plant will have an installed capacity of 340 Gcal for heating and 300 MW for electricity generation.

A. ENKHJIN: RISING GOLD PRICES ARE EXPECTED TO STABILIZE AROUND $3,000 A. Enkhjin, Director of the Financial Market Department at the Mongol Bank, shared insights on the current state and future prospects of the gold market.

MONGOLIA TO BUILD THE WORLD'S FIFTH LARGEST URANIUM MINING PLANT To find out, we spoke with D. Dalaijargal, Executive Director of the state-owned Mon-Atom LLC, the government's implementing agency for the project.

INDIA REVIEWS PROGRESS OF MONGOLIA’S OIL REFINERY PROJECT A delegation of around 20 officials from the Government of India visited the construction site of the Oil Refinery Project, which is being implemented in Mongolia with India’s Line of Credit (LoC) financing.

LOANS ISSUED TO GOLD COMPANIES IN MNT WITH REPAYMENTS IN GOLD Gold prices on the global market G have surged to historic highs, with 1 ounce (31.5 grams) reaching $3,000 and climbing further to $3,300 by the last week of March.

EBRD LOWERS MONGOLIA’S GROWTH FORECAST FOR 2025 The European Bank for Reconstruction and Development (EBRD) has revised its regional economic forecast for 2025 downward by 0.2 percentage points compared to its projections from February 2025.

CONSTRUCTION OF CROSS-BORDER RAILWAY BEGINS AT GASHUUNSUKHAIT–GANTSMOD PORT Construction has officially commenced on the Gashuunsukhait–Gantsmod cross-border railway, a first-class line featuring dual tracks with both 1520 mm broad gauge and 1435 mm standard gauge.

ORICA MONGOLIA LLC: DRIVING INNOVATION AND DIGITAL TRANSFORMATION IN MONGOLIA'S MINING SECTOR Orica Mongolia LLC, a subsidiary of the Australia-based Orica Group, has been operating in Mongolia since 2004. With a legacy spanning over 150 years, the Orica Group is a global leader in the construction and mining blasting industries, operating in more than 100 countries worldwide.

DOES MONGOLIA NEED AN AVIATION FUEL DEAL WITH RUSSIA? The proposed 20-year agreement has set off a firestorm within Mongolian politics, highlighting sensitive issues of dependency and neutrality.

Second Agreement to Link Mongolia and China by Rail Approved After 70 Years On March 27, Parliament discussed and approved the draft Law on Ratification of the Agreement between the Government of Mongolia and the Government of the People’s Republic of China. This focuses on cooperation for the construction of the Gashuunsukhait-Gantsmod cross-border railway, boosting coal trade, and expanding the capacity of the Tavan Tolgoi coal mine.

RIO TINTO WEIGHS UP RARE EARTHS MARKET Rio Tinto (ASX: RIO) is weighing a move into rare earths and other critical minerals as it responds to shifting global market dynamics and trade tensions. Following the company’s annual general meeting in Perth on Thursday, chief executive Jakob Stausholm said the board had discussed rare earths this week and would take a “serious look” at their potential role in Rio Tinto’s portfolio.

UNITED AIRLINES TO LAUNCH FLIGHTS TO MONGOLIA In 2023, Mongolia and the United States signed a long-anticipated “Open Sky” agreement after more than 20 years of negotiations. This intergovernmental aviation deal paved the way for stronger air connectivity between the two countries.

ERDENES TAVAN TOLGOI JSC RECORDED A NET PROFIT OF 4.5 TRILLION MNT IN 2024 The regular shareholders' meeting of Erdenes Tavan Tolgoi JSC was held on April 28, 2025. The meeting was chaired by S. Narantsogt, Executive Director of Erdenes Mongol LLC, which exercises the state’s ownership rights in the company.

DEPUTY PRIME MINISTER T. DORJKHAND SECURES USD 2.0 BILLION IN CLEAN ENERGY INVESTMENT In a major step toward energy sector reform, the Government of Mongolia has launched a bold initiative to expand the country's renewable energy capacity. During a recent investment forum in New York, Prime Minister T. Dorjkhand secured USD 2.0 billion in foreign investment to accelerate Mongolia’s transition to clean energy.

Rio Tinto paid 482 million USD in Mongolian taxes and royalties in 2024 Rio Tinto is committed to ensuring that all stakeholders benefit from the company’s success. This commitment is reflected in the way the company prioritizes the well-being of its employees, protects the environment, supports the communities in which it operates, and responsibly rehabilitates land at the end of its operational life.

UBS Group revises dollar forecast amid trade war concerns UBS Group has revised its dollar outlook for the second time in just over two months, citing the growing economic impact of the ongoing U.S.-China trade conflict.