The Mongolian Mining Journal

UNDP AND ERDENES MONGOL GROUP TO INTRODUCE SDG IMPACT STANDARDS The United Nations Development Programme (UNDP) and Erdenes Mongol Group jointly hosted a high-level meeting titled "Erdenes Mongol Group and UNDP Partnership for Sustainable Impact on June 19.

Mongolia's banking sector records a sharp decline in net foreign assets in June The net foreign assets of Mongolia's banking sector declined by 60.2 percent year-on-year in June, amounting to 3.9 trillion MNT (approximately 1.08 billion USD), according to data released Wednesday by the National Statistics Office. In contrast, net domestic assets saw a significant increase during the same period, rising 23.6 percent to reach 39.1 trillion MNT (about 10.90 billion USD).

WHERE LIES THE BLAME FOR AN ECONOMY OVER-DEPENDENT ON COAL? Last February, the Mongolian government successfully raised $500 million by issuing the "Century IV" bond in the international market. It was recognized both at home and abroad that Mongolia is managing its debt quite effectively.

MINISTER DAMDINNYAM HIGHLIGHTS MONGOLIA’S COMMITMENT TO STRENGTHENING LEGAL FRAMEWORK FOR INVESTMENT Minister of Industry and Mineral Resources G. Damdinnyam received H.E. Sandra Choufani, Ambassador of Canada to Mongolia.

EYES STRONGER PRESENCE IN MONGOLIA'S MINING SECTOR Kito Crosby is a global leader in the design and manufacture of high-quality lifting and rigging equipment, trusted across industries such as mining, construction, offshore energy, and heavy manufacturing.

Embassy of the People’s Republic of China in Mongolia is Named “Focus Country” Mongolian National Mining Association (MNMA) is honored to announce that the Embassy of the People’s Republic of China in Mongolia has been designated the Focus Country for MiningWeek & MinePro 2025.

OECD UPGRADES MONGOLIA’S COUNTRY RISK CLASSIFICATION The Organisation for Economic Co-operation and Development (OECD) upgraded Mongolia’s credit risk rating on June 27, 2025, during its latest review of Country Risk Classifications. The rating was raised from the highest-risk level of 7/7 to 6/7.

MONGOLIA YET TO ANNOUNCE ITS LIST OF CRITICAL MINERALS Rare earth elements are essential for R producing magnets used in wind turbines and electric motors, making them a cornerstone of high-tech renewable energy systems.

Bayan Khundii Gold Project Expects First Production in Q3 2025 Peter C. Akerley, President and CEO of Canada’s Erdene Resource Development Corporation, has issued a letter to investors emphasizing that the company’s Bayan Khundii Gold Project in Mongolia is nearing the production stage.

MONGOLIAN PARLIAMENT TO VOTE ON SPECIAL LICENSE TRANSFER FROM ENTRÉE RESOURCES TO OYU TOLGOI In 2004, Turquoise Hill Resources and Entrée Resources Ltd entered into a Profit Sharing Agreement, preceding the signing of the Oyu Tolgoi Project Investment Agreement.

Cabinet reclaims 535.9 billion MNT in unused budget funds to boost efficiency and accountability An extraordinary session of the cabinet was held on June 20, during which key fiscal issues were reviewed and resolved.

T .BATMUNKH: ERDENET PLANT TO PROCESS A RECORD 40 MILLION TONS OF ORE The Erdenet Mining Corporation, commonly known as the Erdenet Plant, is a cornerstone of Mongolia's mining industry, operating continuously for over 40 years.

CANADIAN AMBASSADOR VISITS 'BAYAN KHUNDII' GOLD PROJECT SITE On June 9, 2025, Ambassador Choufani visited the Bayankhundii Gold Mine in Bayankhongor province, operated by Erdene Mongol LLC — a joint venture between Canada’s Erdene Resource Development Corporation and Mongol Mining Corporation (MMC).

THE MONGOLIA ECONOMIC FORUM 2025 TO TAKE PLACE THIS JULY The Mongolia Economic Forum is a leading national conference focused on tackling the nation's key economic and social challenges, aimed at accelerating Mongolia's development.

CONSTRUCTION BEGINS ON THE GASHUUNSUKHAIT–GANTSMOD CROSS-BORDER RAILWAY PROJECT The construction of the Gashuunsukhait–Gantsmod cross-border railway officially commenced on June 15, 2025, with the drilling of the first foundation piles for a column bridge on both sides of the Mongolia–China border.

AGREEMENT SIGNED FOR THE CONSTRUCTION OF THE GASHUUNSUKHAIT–GANTSMOD CROSS-BORDER RAILWAY A signing ceremony was held today at the Ministry of Roads and Transport for the enterprise agreement on the construction of the Gashuunsukhait–Gantsmod cross-border railway. This agreement marks a significant milestone in developing a new railway link connecting Mongolia and China through the Gashuunsukhait–Gantsmod border crossing.

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.