1 LEGAL REFORMS IN MONGOLIA’S EXTRACTIVE SECTOR WWW.EN.MININGINSIGHT.MN  PUBLISHED:2025/12/24      2 ICONIC SAMUEL BECKETT BRIDGE TO BE ILLUMINATED IN MONGOLIA’S NATIONAL FLAG WWW.MONTSAME.MN PUBLISHED:2025/12/24      3 TUGRUG DEPOSITS RISE BY MNT 3.7 TRILLION WWW.MONTSAME.MN PUBLISHED:2025/12/24      4 CHINA DENIES REPORT OF 100 ICBMS IN BORDER SILOS, URGES U.S. CUTS WWW.UPI.COM PUBLISHED:2025/12/24      5 ERENHOT, LARGEST LAND PORT ON CHINA-MONGOLIA BORDER, SEES RISE IN CROSS-BORDER TRAFFIC VOLUMES WWW.XINHUANET.COM PUBLISHED:2025/12/24      6 CLIMATE RISKS ARE BECOMING FINANCIAL RISKS: WHAT MONGOLIA’S EXPERIENCE REVEALS WWW.UNESCAP.ORG PUBLISHED:2025/12/24      7 4.5 MAGNITUDE EARTHQUAKE HITS SOUTHWESTERN MONGOLIA WWW.XINHUANET.COM PUBLISHED:2025/12/24      8 ENTRÉE RESOURCES PROVIDES UPDATE ON ENTRÉE/OYU TOLGOI JOINT VENTURE LICENSE MATTERS WWW.INVESTINGNEWS.COM PUBLISHED:2025/12/23      9 CHINA QUIETLY LOADS 100+ ICBMS INTO NEW MISSILE SILOS NEAR MONGOLIA: REPORT WWW.FOXNEWS.MN PUBLISHED:2025/12/23      10 MONGOLIA PRESENTS PILOT RESULTS OF NATIONAL MULTIDIMENSIONAL POVERTY INDEX WWW.AKIPRESS.COM PUBLISHED:2025/12/23      “УЛААНБААТАР МЕТРО ТӨСӨЛ”-ИЙН ТЕНДЕРИЙН ХОЁРДУГААР ШАТНЫ ШАЛГАРУУЛАЛТ ЗАРЛАГДЛАА WWW.EAGLE.MN НИЙТЭЛСЭН:2025/12/24     2026-2028 ОНД ДУЛААНЫ ТАВДУГААР ЦАХИЛГААН СТАНЦЫГ ТӨР, ХУВИЙН ХЭВШЛИЙН ТҮНШЛЭЛЭЭР БАРИНА WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/12/24     ХОГ ШАТААЖ, ЭРЧИМ ХҮЧ ГАРГАХ ҮЙЛДВЭРИЙН БАРИЛГА УГСРАЛТЫН АЖЛЫГ 2026 ОНД ЭХЛҮҮЛНЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/12/24     АЙЛ ӨРХ, ОРОН НУТГИЙН ХЭМЖЭЭНД СЭРГЭЭГДЭХ ЭРЧИМ ХҮЧНИЙ ХЭРЭГЛЭЭГ НЭМЭГДҮҮЛНЭ WWW.EAGLE.MN НИЙТЭЛСЭН:2025/12/24     ТӨРИЙН ӨМЧИЙН 8 КОМПАНИЙГ ХУВЬЧИЛЖ, 18-ЫГ НЭЭЛТТЭЙ ХУВЬЦААТ КОМПАНИ БОЛГОНО WWW.ITOIM.MN НИЙТЭЛСЭН:2025/12/24     80,000 ГАРУЙ ТАТВАР ТӨЛӨГЧ 1.29 ИХ НАЯД ТӨГРӨГИЙН ТАТВАР ТӨЛЖЭЭ WWW.NEWS.MN НИЙТЭЛСЭН:2025/12/24     ДЭНЖИЙН МЯНГА 93 МВТ ХИЙН ДУЛААНЫ СТАНЦЫГ ТӨР, ХУВИЙН ХЭВШЛИЙН ТҮНШЛЭЛЭЭР БАРИНА WWW.GOGO.MN НИЙТЭЛСЭН:2025/12/24     НИЙСЛЭЛИЙН 2026 ОНЫ ТӨСВӨӨР ШИНЭЭР 207 ТӨСӨЛ, АРГА ХЭМЖЭЭ ХЭРЭГЖҮҮЛНЭ WWW.NEWS.MN НИЙТЭЛСЭН:2025/12/23     БНХАУ 100 ГАРУЙ ТИВ АЛГАСАГЧ ПУУЖИНГ МОНГОЛЫН ОЙРОЛЦОО БАЙРШУУЛСАН БАЙЖ БОЛЗОШГҮЙ WWW.ITOIM.MN НИЙТЭЛСЭН:2025/12/23     ТӨГРӨГИЙН АМ.ДОЛЛАРТАЙ ХАРЬЦАХ ХАНШ 158 ТӨГРӨГӨӨР СУЛАРЧЭЭ WWW.EAGLE.MN НИЙТЭЛСЭН:2025/12/22    

Category

Events

Events

Name organizer Where
MBCC “Doing Business with Mongolia seminar and Christmas Receptiom” Dec 10. 2025 London UK MBCCI London UK Goodman LLC

NEWS

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Legal reforms in Mongolia’s extractive sector www.en.mininginsight.mn

Awave of legal reform is beginning to sweep through Mongolia’s extractive sector. From amendments and revised versions of existing laws to the drafting of entirely new legislation, this reform agenda signals a fundamental reassessment of the sector’s governance framework and a deliberate effort to chart its future direction. It is this pivotal moment of transition to which we dedicate our November issue. Since assuming office six months ago, the Minister of Industry and Mineral Resources, G. Damdinnyam, has set an ambitious target: to reform five key laws. The scope alone illustrates the scale of change ahead. Two of these are entirely new laws, one is a full revision, and two involve substantial amendments.
The government is preparing amendments to the Law on Minerals and the Law on Petroleum Products, a complete overhaul of the Petroleum Law, and for the first time a standalone legal framework for the heavy industry sector. The Law on Ensuring the Supply of Strategic Commodities, approved under fast-track procedures, already stands as the first tangible outcome of this reform effort. While amendments to the Minerals Law are ready for submission, the remaining drafts are still under development. The core direction of the Minerals Law reform is clear: ensuring a fairer distribution of mineral wealth, strengthening meaningful local participation, and revitalizing the exploration environment. Adjustments to the royalty regime for copper, reopening exploration through an application-based system, and clarifying the governance of critical minerals have already attracted investor interest. In the petroleum sector, reforms aim to secure stable feedstock for Mongolia’s domestic refinery and to integrate extraction with downstream processing, an overdue but essential step for the national economy. 
One of the most striking shifts is the decision to regulate both critical minerals and common minerals within the framework of the Minerals Law, while placing petroleum products under regulatory treatment comparable to hard minerals. This represents a significant departure from the long-standing practice of separating mineral resources into distinct legal regimes. It is a turning point that has the potential to reshape the broader logic of resource governance in Mongolia. The Minister’s interview in this issue provides deeper insight into the intent behind these policy shifts and their implications for the investment environment. Our coverage explores the rationale of these reforms and the opportunities they seek to unlock, while recognizing the lessons drawn from earlier attempts that fell short. 
The future of Mongolia’s mining and petroleum sectors is inseparable from the stability of their legal environment. Earlier efforts to revise the Minerals Law, dating back to 2013, did not pass public and political scrutiny. Nonetheless, the lessons from those experiences now underpin the current reform agenda. Unlike previous initiatives that aimed at sweeping structural overhauls, the present approach focuses on resolving the most urgent and growth-constraining issues with clarity and practicality. Mistrust among investors, resistance from local communities, ambiguity surrounding the definition of strategic deposits, and sudden changes in the tax regime have all acted as barriers to progress. The central challenge of the ongoing reform is to untangle these accumulated obstacles. If the bottlenecks that have stalled new projects can be resolved, genuine progress is likely to follow. At the same time, a fairer distribution of mineral revenues for local development, a royalty mechanism that can rebuild investor confidence, and an updated definition of strategic deposits, if approved by Parliament, could provide the sector with new momentum. In this issue, we sought to include a diversity of perspectives on the proposed legal reforms, with particular attention to the role and responsibility of Parliament in shaping the sector’s future. The interview with the Senior Advisor to the Prime Minister also offers readers valuable insight into the government’s broader reform agenda and the development trajectory envisioned for the next five years.
By N.Ariuntuya

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Iconic Samuel Beckett Bridge to Be Illuminated in Mongolia’s National Flag www.montsame.mn

A ceremonial lighting of the iconic Samuel Beckett bridge in the colors of Mongolia’s national flag will take place on December 29, 2025.
The event marks the 114th anniversary of Mongolia’s restoration of national freedom and independence, as well as the 27th anniversary of the establishment of diplomatic relations between Mongolia and Ireland. The Embassy of Mongolia to the Republic of Ireland and the Dublin City Council are jointly organizing the illumination.
The initiative symbolizes the friendly relations, mutual understanding, and growing cooperation between the two countries. The illumination is scheduled to begin at 18:00 local time.

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Tugrug Deposits Rise by MNT 3.7 Trillion www.montsame.mn

At the end of November 2025, tugrug-denominated deposits reached MNT 24.7 trillion, up 17.4 percent or MNT 3.7 trillion compared with the same period last year, and up 3.1 percent or MNT 747.5 billion from the previous month.
According to the National Statistics Office of Mongolia, 84.6 percent of tugrug deposits, equivalent to MNT 20.9 trillion, belonged to individuals, while 15.4 percent, or MNT 3.8 trillion, were held by businesses and organizations.
Foreign currency deposits totaled MNT 5.4 trillion, increasing 19.4 percent or MNT 879.3 billion year-on-year, but declining 1.2 percent or MNT 65.3 billion month-on-month.
Cash in circulation reached MNT 1.2 trillion at the end of last month (preliminary data), up 5.4 percent or MNT 61.5 billion year-on-year, and 0.3 percent or MNT 4 billion month-on-month.

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China denies report of 100 ICBMs in border silos, urges U.S. cuts www.upi.com

China on Tuesday rejected a draft U.S. Defense Department report claiming Beijing has deployed more than 100 intercontinental ballistic missiles in silo bases near its border with Mongolia, saying it was "unaware" of such deployments and accusing Washington of exaggeration.
Foreign Ministry spokesperson Lin Jian said at a regular press briefing that similar U.S. claims were a familiar tactic used to justify modernization of U.S. nuclear forces and undermine global strategic stability. He argued the United States, which he described as the world's largest nuclear power, should prioritize substantial reductions in its own arsenal to enable broader nuclear disarmament.
Lin said China recently released a white paper titled China's Arms Control, Disarmament and Non-Proliferation in the New Era, reaffirming Beijing's nuclear policy. He reiterated China's no-first-use pledge and said the country would maintain a self-defense nuclear posture at the minimum level required for national security, without entering an arms race.
He added that China continues to take part in the Nuclear Non-Proliferation Treaty review processes and meetings among the five recognized nuclear-weapon states, maintaining dialogue on arms control issues.
The U.S. claims were reported by Reuters, which cited a draft Pentagon assessment saying China likely deployed more than 100 solid-fuel Dongfeng-31 missiles across three silo bases near the Mongolian border. While the Defense Department has previously acknowledged the existence of the silo sites, the report marked the first disclosure of the alleged number of missiles and their deployment scale.
The draft assessment also said China is rapidly expanding and modernizing its nuclear forces, projecting that its nuclear warhead stockpile could reach the low 600s by 2024 and exceed 1,000 by 2030. It further assessed that Beijing appears unwilling to engage in arms control negotiations.
Lin also criticized U.S. measures targeting Chinese technology companies, including restrictions on foreign-made drones. He said China opposes what it calls an expanded U.S. national security concept and discriminatory practices that unfairly suppress Chinese firms, urging Washington to provide a fair and non-discriminatory business environment.
His comments followed a U.S. Federal Communications Commission announcement that it had added foreign-made unmanned aircraft systems and key components to its Covered List, a move that bars listed equipment from receiving FCC certification for import, sale or distribution in the United States.
- Reported by Asia Today; translated by UPI

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Erenhot, largest land port on China-Mongolia border, sees rise in cross-border traffic volumes www.xinhuanet.com

Vehicles wait for border inspection at a land port in Erenhot, north China's Inner Mongolia Autonomous Region, Dec. 22, 2025. Erenhot, the largest land port on the China-Mongolia border, is a pivotal point of the China-Mongolia-Russia Economic Corridor. As of Dec. 22, inbound and outbound passenger traffic volumes and the number of vehicles driving through Erenhot reached 2.753 million and 741,000, respectively, up by 8.8 percent and 12.1 percent compared with the same period of last year. 
An inbound China-Europe freight train passes through a land port in Erenhot, north China's Inner Mongolia Autonomous Region, Dec. 22, 2025. Erenhot, the largest land port on the China-Mongolia border, is a pivotal point of the China-Mongolia-Russia Economic Corridor. As of Dec. 22, inbound and outbound passenger traffic volumes and the number of vehicles driving through Erenhot reached 2.753 million and 741,000, respectively, up by 8.8 percent and 12.1 percent compared with the same period of last year. 
A passenger goes through border inspection procedures at a land port in Erenhot, north China's Inner Mongolia Autonomous Region, Dec. 22, 2025. Erenhot, the largest land port on the China-Mongolia border, is a pivotal point of the China-Mongolia-Russia Economic Corridor. As of Dec. 22, inbound and outbound passenger traffic volumes and the number of vehicles driving through Erenhot reached 2.753 million and 741,000, respectively, up by 8.8 percent and 12.1 percent compared with the same period of last year. 
An aerial drone photo taken on Dec. 22, 2025 shows an inbound China-Europe freight train passes through a land port in Erenhot, north China's Inner Mongolia Autonomous Region. Erenhot, the largest land port on the China-Mongolia border, is a pivotal point of the China-Mongolia-Russia Economic Corridor. As of Dec. 22, inbound and outbound passenger traffic volumes and the number of vehicles driving through Erenhot reached 2.753 million and 741,000, respectively, up by 8.8 percent and 12.1 percent compared with the same period of last year. 
Passengers prepare to go through border inspection procedures at a land port in Erenhot, north China's Inner Mongolia Autonomous Region, Dec. 22, 2025. Erenhot, the largest land port on the China-Mongolia border, is a pivotal point of the China-Mongolia-Russia Economic Corridor. As of Dec. 22, inbound and outbound passenger traffic volumes and the number of vehicles driving through Erenhot reached 2.753 million and 741,000, respectively, up by 8.8 percent and 12.1 percent compared with the same period of last year. 
A passenger goes through border inspection procedures at a land port in Erenhot, north China's Inner Mongolia Autonomous Region, Dec. 22, 2025. Erenhot, the largest land port on the China-Mongolia border, is a pivotal point of the China-Mongolia-Russia Economic Corridor. As of Dec. 22, inbound and outbound passenger traffic volumes and the number of vehicles driving through Erenhot reached 2.753 million and 741,000, respectively, up by 8.8 percent and 12.1 percent compared with the same period of last year. 
An aerial drone photo taken on Oct. 10, 2025 shows a border trade zone in Erenhot, north China's Inner Mongolia Autonomous Region. Erenhot, the largest land port on the China-Mongolia border, is a pivotal point of the China-Mongolia-Russia Economic Corridor. As of Dec. 22, inbound and outbound passenger traffic volumes and the number of vehicles driving through Erenhot reached 2.753 million and 741,000, respectively, up by 8.8 percent and 12.1 percent compared with the same period of last year.
Passengers go through border inspection procedures at a land port in Erenhot, north China's Inner Mongolia Autonomous Region, Dec. 22, 2025. Erenhot, the largest land port on the China-Mongolia border, is a pivotal point of the China-Mongolia-Russia Economic Corridor. As of Dec. 22, inbound and outbound passenger traffic volumes and the number of vehicles driving through Erenhot reached 2.753 million and 741,000, respectively, up by 8.8 percent and 12.1 percent compared with the same period of last year. 
An aerial drone photo taken on Oct. 10, 2025 shows a truck loading goods in Erenhot, north China's Inner Mongolia Autonomous Region. Erenhot, the largest land port on the China-Mongolia border, is a pivotal point of the China-Mongolia-Russia Economic Corridor. As of Dec. 22, inbound and outbound passenger traffic volumes and the number of vehicles driving through Erenhot reached 2.753 million and 741,000, respectively, up by 8.8 percent and 12.1 percent compared with the same period of last year.

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Climate risks are becoming financial risks: What Mongolia’s experience reveals www.unescap.org

Climate change is no longer a distant environmental issue; it is a present and growing threat to economic and financial stability. Across Asia and the Pacific, nearly 85 per cent of people are expected to be exposed to multiple climate hazards even under the targeted 1.5°C warming scenario.
Mongolia exemplifies these regional vulnerabilities. The country ranks 19th of 171 countries in the Global Climate Risk Index over 1993–2022 and has faced multiple catastrophic events in recent years. For example, the dzud (extreme winter) of 2009–2010 covered most of the country and killed over 8.5 million livestock, roughly one-quarter of the national herd, and resulted in economic losses of over $287 million. The most recent 2023 dzud claimed approximately 8 million livestock, with over 4,800 households losing 70 per cent or more of their livestock and over 500 households losing all. Additionally, in July 2023, severe floods inundated Ulaanbaatar and surrounding areas, directly affecting over 100,000 people. The compounding nature and rising frequency of these hazards are evident.
Frequency of key disasters in Mongolia by year
Figure1: Frequency of key disasters in Mongolia by year (Source: ESCAP based on data from NEMA)
The recent ESCAP analysis on Climate Change Risks and Impacts on Mongolia’s Financial Sector shows that the financial system faces a dual challenge from physical climate risks and transition risks. On the physical side, the country’s continental climate makes it prone to acute hazards such as floods, droughts and dzuds, and chronic shifts in rainfall and temperature patterns. Increased precipitation and rapid snowmelt have led to more frequent, intense floods that damage infrastructure and homes. Severe droughts are threatening pastureland productivity and water supplies, undermining the country’s predominantly pastoral agriculture. 
Transition risks from the global shift towards low-carbon development are also increasing. As countries worldwide enact climate policies and clean technologies, Mongolia’s carbon-intensive sectors face tough adjustments. The agriculture sector could be affected by emissions-reduction policies (for example, curbing herd sizes to cut methane), which could significantly reduce herders’ income. The mining industry, a pillar of Mongolia’s exports and GDP, is vulnerable to declining global demand for coal and other high-carbon commodities. Meanwhile, Mongolia’s energy sector is heavily reliant on coal, so efforts to decarbonize and diversify the energy mix entail significant structural changes.
From climate shocks to financial risks
Why do these climate risks matter for banks, insurers and the broader financial system? Both physical risks and transition risks can quickly transition into systemic financial risks. When herders lose their livestock to dzud or crops fail from drought, they can default on loans. Infrastructure damage from floods can impair businesses and real estate values, undermining mortgage portfolios. These climate stressors can lead to higher loan default rates, market volatility, liquidity strains and even legal liabilities for financial institutions. In Mongolia, many banks have borrowers in climate-sensitive sectors and regions. If those borrowers’ incomes collapse due to an environmental shock, the banks face rising non-performing loans and credit losses, affecting overall financial stability 
Notably, droughts cause the highest average annual losses, underscoring their severe impact on Mongolia’s agro-ecosystems. Overall, it is estimated that natural hazards cost Mongolia about $0.43 billion each year (over 3 per cent of GDP), indicating the significant drain on development gains. 
The report finds that Mongolian banks’ loan exposures, while diversified, do include notable concentrations in areas that could be impacted by climate change. For example, based on data from 2024, about 17 per cent of outstanding bank loans are in real estate and construction, sectors exposed to physical risks like floods, and around 5 per cent of loans are directly to agriculture and herding In aggregate, this means climate-induced losses in these sectors could cascade into the financial system, undermining growth and development goals if left unaddressed.
Overview of outstanding loans across different sectors in Mongolia
Figure 3: Overview of outstanding loans across different sectors in Mongolia (Source: ESCAP based on data from Bank of Mongolia)
Mapping collateral against hazard layers is essential for prudent loan-to-value ratios, pricing and insurance decisions. Additionally, mapping borrowers, grazing areas and herd composition against dzud–drought hazard indices and pasture conditions while linking them to national early-warning systems could guide risk management measures, contingency credit lines, pricing and index-based livestock insurance requirements to strengthen resilience. At the same time, even under optimistic early transition scenarios, losses are expected for banks, while in scenarios of a delayed transition or business-as-usual, losses are expected to be much higher. 
Recognizing the looming threat, the Bank of Mongolia and ESCAP joined forces to study these issues. The resulting report, Climate Change Risks and Impact on Mongolia’s Financial Sector, is a product of this collaboration, drawing on nationwide data analysis, stakeholder interviews and data from Mongolian agencies and development partners. ESCAP is helping Mongolia’s central bank build capacity to deal with climate risks, an effort aligned with global climate commitments and the SDGs.
A practical agenda for supervisors and financial institutions
The report concludes with several actionable recommendations, key highlights include:
Integrate climate risk into financial supervision.
Embed climate considerations in supervisory risk assessments and financial stability monitoring. This includes conducting regular climate risk analyses across banks and insurers and updating prudential rules to account for climate shock exposures. 
Run decision-grade stress tests.
Use NGFS-aligned scenarios to stress PD/LGD/NPLs by sector and region. Combine scenario outputs with geo-referenced collateral to estimate flood and dzud damage, collateral haircuts and provisioning needs. Pilots should focus on building capacities, increasing understanding of climate risks and highlighting gaps in data and methodologies.
Improve data, disclosure and peer learning.
Strengthen data systems for hazards, exposure and performance; align disclosures with the new national guideline to improve comparability; and promote peer-to-peer learning among financial institutions and supervisors. 
Finance adaptation where it matters.
Scale lending for herder resilience (fodder storage, shelters, water points) and expand risk transfer (e.g., index-based livestock insurance with credible triggers). In urban areas, promote flood-resilient retrofits and business continuity investments for SMEs. 
By taking these actions, Mongolia and other governments can bolster their financial systems against climate shocks and ensure that economic growth is sustainable in every sense. 
Deanna Morris
Economic Affairs Officer, Macroeconomic Policy and Financing for Development Division
Anant Jha
Climate Finance Consultant, Macroeconomic Policy and Financing for Development Division

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4.5 magnitude earthquake hits southwestern Mongolia www.xinhuanet.com

An earthquake with a magnitude of 4.5 jolted the southwestern Mongolian province of Bayankhongor at 4:42 p.m. local time on Tuesday, the country's Institute of Astronomy and Geophysics said.
The epicenter of the quake was 37 km to the southwest of Bogd soum (administrative subdivision) of Bayankhongor province in Mongolia and was initially determined to be at 45.01 degrees north latitude and 100.39 degrees east longitude, the institute said in a statement.
The quake was felt across the province, and there is no immediate report of damage, it added.

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Entrée Resources Provides Update on Entrée/Oyu Tolgoi Joint Venture License Matters www.investingnews.com

Entrée Resources Ltd. (TSX:ETG,OTC:ERLFF; OTCQB:ERLFF the "Company" or "Entrée") provides an update on matters pertaining to the Shivee Tolgoi and Javkhlant mining licenses (the "JV Licenses") held by Entrée LLC on behalf of the EntréeOyu Tolgoi joint venture participants in Mongolia.
Parliamentary Temporary Oversight Committee
As previously disclosed by the Company, on July 2, 2025, the Parliament of Mongolia approved Resolution No. 62 to establish a Temporary Oversight Committee to conduct a special investigation related to the protection of Mongolia's interests and the enhancement of benefits derived from the exploitation of the Oyu Tolgoi strategic group of deposits. The scope of the special investigation includes conducting oversight and inspection in connection with determining the State's ownership interest and percentage, based on the established reserves and valuation of the JV License areas, as well as other relevant documents. The Company supported the activities of the Temporary Oversight Committee by submitting thousands of pages of requested documents in a timely manner and participating in numerous inspector meetings and discussions.
The Temporary Oversight Committee held a three-day public hearing in the first half of December. Approximately 300 witnesses received summons, including former Mongolian Prime Ministers, Presidents, and Ministers, as well as current and former representatives of Rio Tinto and the Company's joint venture partner Oyu Tolgoi LLC ("OT LLC"). Stephen Scott, the Company's President and Chief Executive Officer, attended the December 8 hearing on matters related to the JV Licenses to answer questions on behalf of Entrée. The December 10 and 12 hearings focused on OT LLC's 2011 Amended and Restated Shareholders' Agreement. The Company understands from media reports that on December 19, 2025, the Temporary Oversight Committee reported its findings and submitted a draft resolution to Parliament. The draft resolution was returned to the Parliamentary Standing Committee on Economics for further consideration before it is resubmitted to Parliament for debate.
Government Working Group
As previously reported by the Company, the Prime Minister of Mongolia by Order No. 73 dated August 22, 2025 established a renewed working group (the "Government Working Group") led by the Minister of Industry and Mineral Resources to negotiate the State's interest in the area of the JV Licenses. The Company received official notice of the formation of the Working Group on September 18, 2025, and on October 17, 2025, the Company responded to a request from the Minister of Industry and Mineral Resources to advise the Working Group of the composition of the Company's negotiating team. A preliminary meeting between the Company and the Government Working Group was held in Ulaanbaatar on December 10, 2025, and negotiations are expected to commence shortly. The Company will work closely with its joint venture partner OT LLC and the Government Working Group to ensure State participation in the area of the JV Licenses is resolved in a mutually beneficial manner in accordance with applicable laws. OT LLC has an 80% (or 70% depending on the depth of mineralization) economic interest in the area of the JV Licenses and has the exclusive right under the Entrée/Oyu Tolgoi Joint Venture Agreement and the Oyu Tolgoi Investment Agreement to construct and operate infrastructure, conduct mineral exploration, and conduct the operations of mining and processing in the area of the JV Licenses.
Administrative Court Claim
During the third quarter 2025, Entrée LLC filed a claim with the Administrative Court of Mongolia seeking an order for the Mongolian tax authority to review and confirm the calculations of values of the JV Licenses in accordance with applicable laws of Mongolia. Taxes must be paid before the documentation necessary to affect the transfer of the JV Licenses to OT LLC may be submitted to the Mineral Resources and Petroleum Authority of Mongolia for registration. The Court hearing is expected to be scheduled shortly.
ABOUT ENTRÉE RESOURCES LTD.
Entrée Resources Ltd. is a Canadian mining company with a unique carried joint venture interest on a significant portion of one of the world's largest copper-gold projects – the Oyu Tolgoi project in Mongolia. Entrée has a 20% or 30% carried participating interest in the Entrée/Oyu Tolgoi joint venture, depending on the depth of mineralization. Royal Gold, Inc. (through its subsidiary International Royalty Corporation) and Rio Tinto are major shareholders of Entrée, holding approximately 24% and 16% of the shares of the Company, respectively. More information about Entrée can be found at www.EntreeResourcesLtd.com.

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China quietly loads 100+ ICBMs into new missile silos near Mongolia: report www.foxnews.mn

China has reportedly loaded more than 100 intercontinental ballistic missiles into three newly constructed silo fields near its border with Mongolia and shows little interest in arms control talks, according to a draft Pentagon report seen by Reuters.
The assessment underscores Beijing’s accelerating military buildup, with the report saying China is expanding and modernizing its nuclear forces faster than any other nuclear-armed power. Chinese officials have repeatedly dismissed such findings as attempts to "smear and defame China and deliberately mislead the international community."
The Pentagon declined to comment when contacted by Fox News Digital about the Reuters report.
Last month, U.S. President Donald Trump said he may pursue denuclearization discussions with China and Russia. The Pentagon report, however, concluded that Beijing does not appear inclined to engage.
"We continue to see no appetite from Beijing for pursuing such measures or more comprehensive arms control discussions," the report said.
TAIWAN UNVEILS $40B DEFENSE SPENDING PLAN TO COUNTER CHINA MILITARY THREAT OVER NEXT DECADE
The Zhuque-2 carrier rocket, a methane-liquid oxygen rocket by Chinese company LandSpace, takes off from the Jiuquan Satellite Launch Center, near Jiuquan, Gansu province, China July 12, 2023.
China's rocket force has rapidly advanced. (CNS Photo via Reuters)
According to the assessment, China has likely loaded more than 100 solid-fueled DF-31 intercontinental ballistic missiles into silo fields near the Mongolian border. While the Pentagon had previously disclosed the existence of the silo fields, it had not publicly estimated how many missiles had been placed inside them.
China’s embassy in Washington did not immediately respond to a request for comment.
The report did not identify potential targets for the newly loaded missiles and could change before it is formally submitted to Congress, U.S. officials said.
CHINA’S ENERGY SIEGE OF TAIWAN COULD CRIPPLE US SUPPLY CHAINS, REPORT WARNS
China’s nuclear warhead stockpile remained in the low 600s in 2024, reflecting what the report described as a slower production rate compared to previous years. Still, Beijing is on track to exceed 1,000 nuclear warheads by 2030.
China says it adheres to a nuclear strategy of self-defense and maintains a no-first-use policy. But analysts say Beijing’s public messaging increasingly contradicts that restraint.
"For a country that still advocates a policy of ‘no-first use,’ China has become increasingly comfortable showcasing its nuclear arsenal, including parading its nuclear triad together for the first time in September," said Jack Burnham, a senior research analyst in the China Program at the Foundation for Defense of Democracies.
TRUMP ORDERS US NUCLEAR WEAPONS TESTING TO BEGIN 'IMMEDIATELY' AFTER RUSSIA TESTS NEW MISSILES
U.S. President Donald Trump (L) and China's President Xi Jinping shake hands while walking at Mar-a-Lago estate after a bilateral meeting in Palm Beach, Florida, U.S., April 7, 2017.
Trump and Xi will meet in South Korea for the first time in six years, on Oct. 30, 2025. (Carlos Barria/Reuters)
Burnham said Beijing’s rejection of arms control talks reflects the pace of its weapons construction. "China has no interest in locking in a long-term strategic disadvantage, and every intention of building an arsenal on par with its perceived place in the world, alongside and potentially eventually ahead of the United States," he said.
The report also warned that China expects to be able to fight and win a war over Taiwan by the end of 2027. Beijing claims the self-governed island as its own territory and has never ruled out the use of force.
China is refining options to seize Taiwan by "brute force," including long-range strikes up to 2,000 nautical miles from the mainland that could disrupt U.S. military operations in the Asia-Pacific, the report said.
The findings come as the 2010 New START treaty, the last remaining nuclear arms control agreement between the United States and Russia, approaches expiration. The treaty limits both sides to 1,550 deployed strategic nuclear warheads.
"What is surprising is that China has now loaded only about 100 of the silos it has built recently," said Gordon Chang. "That’s an indication money is tight in the People’s Liberation Army."
Chang warned against extending New START without Beijing’s participation. "This is no time for the U.S. to agree to an extension of the New START Treaty with Russia," he said. "Russia and China are de-facto allies, and they are ganging up on America. Without China in a deal — Beijing has flatly rejected every nuclear arms-control initiative of the U.S. —no treaty can be in America’s interest."
Reuters contributed to this report.
BY
Efrat Lachter is an investigative reporter and war correspondent. Her work has taken her to 40 countries, including Ukraine, Russia, Iraq, Syria, Sudan and Afghanistan. She is a recipient of the 2024 Knight-Wallace Fellowship for Journalism. Lachter can be followed on X @efratlachter.

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Mongolia presents pilot results of National Multidimensional Poverty Index www.akipress.com

The National Statistics Office (NSO) of Mongolia presented the pilot results of the National Multidimensional Poverty Index (MPI) developed under the United Nations Development Programme (UNDP)'s "Statistical Capacity Building for Sustainable Development" project funded by the Ministry of Foreign Affairs of the Republic of Korea.
The National MPI is the outcome of collaboration led by the NSO MPI Working Group, supported by technical experts from the Oxford Poverty and Human Development Initiative (OPHI) and UNDP Seoul Policy Centre. Aimed to measure overlapping deprivations in health, education, labour and living conditions, this MPI pilot introduced the internationally recognised Alkire Foster method, tailored specifically to Mongolia's context and priorities and based on pilot data from the 2024 Household Socio-Economic Survey. This establishes the methodology to be applied by the NSO for releasing the MPI results in 2027, using data from the 2026 Household Socio-Economic Survey.
"The national MPI strengthens evidence-based and accountable decision-making and improves accuracy of measuring people's living conditions, enabling the government and its partners to better target resources and monitor the progress. The NSO will officially publish the MPI results in 2027 based on 2026 data and remain fully committed to regularly updating the index," Chairperson of the NSO Batdavaa Batmunkh said.
The pilot results show that in 2024, 26% of Mongolia's population experienced multidimensional poverty, with deprived individuals lacking, on average, 36.8% of the 15 selected indicators. The most common challenges facing the multidimensionally poor relate to sanitation, internet access, health insurance and housing conditions, whereas school attendance and years of schooling are less prevalent.
Ambassador of the Republic of Korea to Mongolia Choi Jin-won highlighted the importance of National MPI and pointed out that "Korea stands ready to continue working closely with the government of Mongolia to deepen cooperation in development, governance, gender empowerment, environmental protection, and social policy".
UNDP Resident Representative in Mongolia Matilda Dimovska emphasized that the National MPI pilot results gave Mongolia stronger tools to meet its SDG commitments. UNDP will continue working with the government to apply this evidence to focus support where it is needed most, she added.
The event concluded with reflections on how Mongolia's National MPI can guide more targeted policymaking, strengthen integrated social and economic policies, and provide a robust evidence base for designing programmes that effectively reduce poverty and vulnerability. With this National MPI finalized, Mongolia will join more than 50 countries using multidimensional poverty measurement as an essential tool for advancing equitable, inclusive, and sustainable development.

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