Rio Tinto CEO Stausholm to step down in surprise move www.reuters.com

MELBOURNE/LONDON, May 22 (Reuters) - Rio Tinto (RIO.AX), opens new tab CEO Jakob Stausholm, who in his 4-1/2 year tenure oversaw a big bet on lithium and a cultural overhaul at a firm strongly criticised for workplace toxicity, is to step down, the miner said on Thursday in a surprise to investors.
In a statement to the market, the company said only that Stausholm will step down later this year once a succession process, already underway, concludes. It gave no further details.
The world's largest iron ore miner named Stausholm as its top boss in late 2020 while grappling with legal, public and investor angst over the destruction of Australia's ancient Juukan Gorge rock shelters, which led to the ousting of its former CEO.
One of Stausholm's early moves was commissioning a report on workplace culture at the firm, which in 2022 outlined widespread incidents of bullying, harassment and racism.
During his tenure the group also pledged a strong pivot towards addressing climate change, committing to achieving an "impeccable ESG" performance.
"This news comes as a big surprise, and in our view was not expected," Berenberg analyst Richard Hatch said. "No clear reason for his departure has been given by the company other than to state that now is 'a natural moment' to appoint a successor – but it does not feel that natural to us."
Under Stausholm Rio has taken a big bet on battery metal lithium, with its Rincon project in Argentina, $6.7 billion acquisition of U.S.-based Arcadium Lithium and $900 million investment in Codelco's Maricunga lithium project.
"We had expected Mr Stausholm to remain with the company and drive the integration of the lithium business, so his exit comes as a surprise," Hatch said.
Stausholm - one of a number of candidates considered for the role in 2020, including BAE Systems CEO Charles Woodburn and Newmont boss and former Rio executive Tom Palmer - will continue at the helm until a new CEO is appointed.
Internal contenders are expected to include Chief Commercial Officer Bold Baatar, head of iron ore Simon Trott and aluminium boss Jerome Pecresse.
Investors said they expected Rio to mount an external search, but it may have to compete for candidates with BHP (BHP.AX), opens new tab, whose CEO Mike Henry is widely expected to step down in the next year.
The global steel and construction sectors are racing to decarbonize and use a greener type of furnace.
"He's done a good job on the soft issues," said analyst Glyn Lawcock at Barrenjoey in Sydney, including repairing relationships after Juukan Gorge and advancing the company's Oyu Tolgoi copper project in Mongolia.
Under Stausholm's tenure, Rio Tinto's London share price fell around 15%, despite reaching an all-time high in 2024, while total shareholder returns stood at 30% on earnings. The Australian share price rose 6.5% over the period.
"Jakob has stabilised the company and has built up a very good internal team, he's reset the culture and he's got the company on a growth path with the lithium acquisitions. So he's going at a pretty good time, and Rio can now have an orderly succession," George Cheveley, portfolio manager at Rio shareholder Ninety One, said.
But there has also been controversy. Sources and documents seen by Reuters showed earlier this year that accidents at the company's giant Simandou iron ore project in West Africa had killed more than a dozen workers between June 2023 and November 2024.
Stausholm had also faced a push by activist investor Palliser Capital and more than 100 other shareholders to review its model of listing in both London and Sydney, a campaign rejected by shareholders in May.
Reporting by Melanie Burton, Clara Denina, Rishav Chatterjee; Writing by Jan Harvey; Editing by Savio D'Souza, Jan Harvey, Veronica Brown and Jason Neely

Protests against prime minister in Mongolia could lead to government shake-up www.apnews.com

L.Gantumur: I have submitted my resignation as Party Chairman www.gogo.mn

L.Gantumur, Member of Parliament and Chairman of Democratic Party, responded to journalists’ questions on current political developments.
-Some members of the Democratic Party (DP) signed a statement opposing the joint government, considering it a breach of the coalition agreement, and now face dismissal. What is your position on this?
-Three members signed the statement. I believe the Mongolian People’s Party (MPP) has made a highly irresponsible decision, without considering the national interest. Also, they need to stop spreading falsehoods and start telling at least part of the truth. Is it really justifiable to bring down a government because MPs like Lodoisambuu and Bayarmaa voiced their opinions? Should a Member of Parliament not be allowed to speak their mind?
If the MPP intends to remove the government every time one of its MPs offers honest criticism, is that the future we want? That’s not what governance should look like. The coalition agreement never included a clause saying MPs must stay silent. The agreement was about how to govern and which policies to pursue. It was a commitment to take bold steps for the sake of development.
That’s why we are asking the MPP to stop accusing the Democratic Party of violating the agreement. At least tell part of the truth about why this government is being dismantled. What we’re seeing now is the MPP backing away from the principles it advocated just a few months ago. It is reverting to its old ways and losing the public’s trust. Still, I urge party members not to act against Mongolia’s national interests.
Politics in our country has consistently harmed the public. Politicized decisions are almost always flawed. We’ve been engaged in political battles for 35 years. After all this time, we finally formed a coalition government based on a shared vision for the country. I was one of its architects. Now that the situation has shifted, I have submitted my resignation as party chairman to the Political Council.
-How do you see the political process unfolding from here?
I will hold a meeting with L.Oyun-Erdene, Chairman of MPP and T.Dorjkhand, Chairman of HUN Party, to discuss the way forward. The agreement contains a clause about joint responsibility in case of its dissolution. Beneath it all is also the idea that canceling the agreement might help avoid scrutiny and investigations.

Severe Coronary Artery Narrowing Now Treatable in Mongolia www.montsame.mn

The Second State Central Hospital of Mongolia has installed and put into operation the IVUS+NIRS imaging diagnostic device, a technology globally recognized in cardiovascular medicine.
With the introduction of this advanced technology, it has become possible to treat severe coronary artery stenosis, which was previously untreatable in Mongolia. The system also allows for the treatment of coronary artery dysplasia in accordance with international standards, helping reduce complications and mortality rates. It improves the precision of percutaneous coronary intervention (PCI) procedures through evidence-based diagnostics.
Studies have shown that the use of stents placed with this device reduces the risk of vascular failure by 38–45 percent over a three-year period compared to other treatment methods. According to the Ministry of Health, the adoption of this equipment paves the way for Mongolian patients to access internationally recognized, effective treatments for complex coronary conditions.
In line with the Government's Health Policy, a team of five physicians from the Second State Central Hospital recently completed specialized training in Shanghai, China, aimed at localizing the treatment of severe coronary artery stenosis and vascular dysplasia in Mongolia.

ACCA and MonICPA renew partnership www.theaccountant-online.com

The Association of Chartered Certified Accountants (ACCA) and the Mongolian Institute of Certified Public Accountants (MonICPA) have renewed their partnership to strengthen Mongolia’s accountancy profession.  
The agreement, renewed in mid-May 2025, focuses on providing pathways for mutual membership and emphasises public sector development in Mongolia. 
The five-year agreement highlights the collaboration between ACCA and MonICPA to promote ACCA’s Public Financial Management and International Public Sector Standards qualifications.  
Both bodies aim to engage with donor agencies to support public sector development and focus on the role and certification of accounting technicians in Mongolia. 
ACCA has committed to sharing its research and professional insights, while both organisations plan to explore collaborative research opportunities.  
ACCA Central Asia, Mongolia and Armenia head Zhanna Iskenova said: “It is so encouraging to witness the renewal of this partnership. ACCA and MonICPA share a common strong interest in the advancement of the accountancy profession in Mongolia especially in strengthening professional capacity and building accountancy infrastructure in the country. I look forward to working with colleagues in ACCA and MonICPA in achieving our mutual aims.” 
MonICPA CEO Baasandorj Oyunbaatar said: “MonICPA is committed to carry on the excellent work we have already achieved with ACCA. At its heart this relationship promotes the highest profession, ethical and governance standards and by doing that clearly advances the public interest.  
“We are keenly interested in co-operating with ACCA on professional training education and examinations.” 
In addition to the partnership with MonICPA, ACCA recently collaborated with the Astana International Financial Centre (AIFC) Green Finance Centre.  
In April 2025, the association hosted a seminar in Astana, Kazakhstan, to enhance the understanding of sustainability disclosures among Central Asian regulators and business leaders. 
The Capacity Building Seminar provided insights into International Sustainability Standards Board standards, featuring case studies and practical training on preparing sustainability reports focused on IFRS S1 and S2.

T. Dorjkhand: Be responsible, People’s Party www.gogo.mn

T.Dorjkhand, Chairman of HUN Party, responded to journalists’ questions on current political issues today, May 21, 2025.
Addressing criticism over the formation of a joint government with the People’s Party and the Democratic Party, Dorjkhand acknowledged that the People’s Party might have fared better politically had it stayed in opposition. “If they had not joined the government, they could have positioned themselves as a strong opposition force and possibly won more seats in local elections. But that would have served the interests of the HUN Party, not the interests of Mongolia,” he said.
He emphasized that the HUN Party’s decision to join the coalition was guided by national interest, citing the vision of S.Zorig, who advocated for putting Mongolia first over personal or party ambition. “We made this decision based on principle, and we stand by it,” he added.
T.Dorjkhand described the current global situation as unprecedented in the last hundred years, marked by instability and rising geopolitical tension. “Trump's tariffs are shaking the world. Not only Mongolia, which has a population of 3.5 million, but also the Arabic countries with 300 million people, are uniting. Asia is coming together. European leaders, too, are calling for unity. We must do the same.”
He expressed confidence that the coalition formed by the three parties with the most seats was the right step forward. However, he addressed the People’s Party directly: “Be responsible. You take pride in your 100-year history. But do you put the interests of your party above those of Mongolia?”
He questioned whether the People’s Party, on its own, could navigate Mongolia through the current economic challenges, warning of a looming 60–80% risk of economic collapse. “Can all 68 of your members solve this crisis with one voice? I don’t think so.”
And T.Dorjkhand cautioned “This will create a situation where the government changes after six months, similar to the situation when the Democratic Party was majority in 1996-2000. Who needs such a situation? In the end, there is nothing to hide, and we will enter the game of going to the presidential government”.

Sixth Conference of the Mongolian People’s Party Convenes www.montsame.mn

On May 21, 2025, the Sixth Conference of the Mongolian People’s Party (MPP) was held, and today, May 22, 2025, the decisions made at the Conference were announced.
Secretary-General of the MPP Sodbaatar Yangug said, “The Conference discussed the political speech delivered by Prime Minister of Mongolia and Chairman of the MPP Oyun-Erdene Luvsannamsrai. More than 40 members raised questions following the presentation, and after the discussion, a resolution was adopted to issue a political conclusion on the Joint Government. Based on the criticism voiced by the MPP members of primary and mid-level units, a decision was made to continue the ‘New Recovery Policy’ and the Regional Development Action Program without involving any political party that violated the Joint Government Agreement. The Conference is our party’s central representative body. Thus, the decision passed by majority vote at the Conference will be introduced to other political parties currently serving in the Joint Government. As stipulated in the Joint Government Agreement, the matter will be introduced to the Policy Council, and next steps will be taken.”
The Joint Government currently has 12 Ministers from the Mongolian People’s Party, 8 Ministers from the Democratic Party, and 2 Ministers from the HUN Party.

Young Mongolians demand PM resign over corruption claims www.wfxg.com

President of the Republic of Austria to Pay a State Visit to Mongolia www.montsame.mn

At the invitation of President of Mongolia Khurelsukh Ukhnaa, President of the Republic of Austria Alexander Van der Bellen will pay a State Visit to Mongolia on May 25-28, 2025.
During the State Visit, the two Heads of State will hold official talks and discuss expanding bilateral relations and cooperation, the economy and investment, making joint contributions toward resolving global challenges, including climate change and desertification, and advancing the Sustainable Development Goals. Also, a Mongolia–Austria Joint Declaration will be signed, along with agreements to deepen cooperation in social protection, finance, mineral resources, science, culture, and the arts. The two Presidents will hold a press briefing.
Mongolia and the Republic of Austria established diplomatic relations on July 1, 1963. This will be the first State Visit by the President of the Republic of Austria to Mongolia.

China Begins Construction of New Line to Mongolian Border www.railway.supply

China has launched the construction of a railway approach to the Gankemaodu/Gashuun Sukhait border crossing in Bayannur, strengthening its transport link with southern Mongolia. This is reported by the railway transport news portal Railway Supply.
The works are progressing on a section that connects Chinese territory with Mongolia’s largest coal deposit — Tavan Tolgoi. This site holds vast reserves of coking and thermal coal crucial to industrial production.
In 2022, Mongolia completed a 258 km broad-gauge rail line between Tavan Tolgoi and Gashuun Sukhait. That project laid the foundation for integration with China’s rail system.
The Chinese section is being developed by China Energy Investment Corporation (CHN Energy), the country’s leading coal-powered electricity producer. Completion is scheduled for early 2027.
China Strengthens Infrastructure Link with Mongolia
The new rail link will become the second active railway connection between the two countries. The first, Erenhot–Zamyn-Uud, has operated since 1956.
This project holds strategic value for both nations. It will boost Mongolia’s coal export capacity and enhance supply chain reliability for China.
China to Expand Freight Traffic and Coal Imports
The new corridor is expected to handle around 30 million tons of cargo annually. This will create additional logistics capacity and reinforce Mongolia’s export strength.
Forecasts suggest Mongolia’s annual coal exports could grow to 165 million tons. The new railway will play a significant role in advancing regional trade.