Mongolian fuel importer Shunkhai opens 100 billion tugrik bond sale www.streamlinefeed.co.ke

Mongolian petroleum group Shunkhai LLC will open subscriptions for its 100 billion tugrik Shunkhai-4 open bond on the Mongolian Stock Exchange on Sept. 22, the exchange announced, in a sale underwritten by Golomt Capital Securities.

The exchange notice, dated Sept. 18, sets the order window from Sept. 22 to Sept. 25 between 10:00 and 17:00, and its new-securities board lists the issue under ticker SHKL with a target raise of exactly 100,000,000,000 tugrik. At the time of inspection the order book showed zero orders because subscription had not yet opened.

Terms, rating and underwriting
An investor notice carried on ikon.mn, labelled sponsored content, says the bond carries the highest rating assigned to an open bond in Mongolia, "A stable," from the Mongolia Investment Rating Agency, and that proceeds will fund the company's core operations. The notice describes the rating as an assessment of financial capacity, governance, market position and growth prospects.

Because the ikon piece is paid promotion by the underwriter, its characterisations are reported here as claims. The timetable, size and listing come from the exchange's own notice, and the yield comparison comes from the MSE board tracked by Bondmarket.mn.

Issue: Shunkhai-4 open bond, ticker SHKL, target 100 billion tugrik, about 27.8 million US dollars at ikon's displayed Sept. 21 rate of 3,595.64 tugrik per dollar
Subscription: Sept. 22 to 25, 10:00 to 17:00 daily, on the Mongolian Stock Exchange
Underwriter: Golomt Capital Securities, an MSE member
Rating: "A stable" from the Mongolia Investment Rating Agency, per the sponsored notice
A thin market absorbs a big issue
The exchange's weekly summary puts total trading in the week to Sept. 18 at 138.2 billion tugrik across all instruments, so a fully subscribed Shunkhai-4 would approach a week of entire market turnover in a single corporate issue. The MSE lists 53 bonds and four government securities, with total market capitalisation of about 16.4 trillion tugrik.

President Khurelsukh Ukhnaa Departs to Attend UN General Assembly Session www.montsame.mn

Khurelsukh Ukhnaa, the President of Mongolia, has departed to attend the General Debate of the 81st Session of the United Nations General Assembly.

The 2026 session and General Debate are organized under the theme "Restoring Trust, Managing Transformation: A United Nations that Delivers for All." President Khurelsukh will address the General Debate, delivering a statement outlining Mongolia's position on pressing international relations issues. The President is also scheduled to meet with António Guterres, the UN Secretary-General, and several heads of state to discuss bilateral relations and cooperation.

Additionally, on September 24, 2026, the President will meet in Chicago with representatives of the Mongolian diaspora in the central region of the United States. A total of 133 heads of state and government have announced their participation in the General Debate of the 81st Session of the UN General Assembly.

Mongolia joined the United Nations 65 years ago, in 1961, as its 101st full member state. Over this period, the country has actively collaborated with the UN in various areas, including maintaining regional and international peace and security, safeguarding the interests of landlocked developing countries, and participating in UN peacekeeping operations.

The UN was established in 1945 in San Francisco, USA, with 51 founding members, and has grown to 193 member states. Last year, marking its 80th anniversary, the UN convened the 80th Session of the General Assembly and General Debate under the theme "Better Together: 80 Years and More for Peace, Development and Human Rights"

ADB allocates $30 million for the development of Mongolia's cashmere sector www.open.kg

The Asian Development Bank (ADB) has signed a loan agreement for 30 million US dollars to strengthen the production and marketing chain of cashmere in Mongolia. This project will also create over 360 jobs in the food service sector.
The investments will be directed towards purchasing raw cashmere from herders, which will improve working conditions and enhance production sustainability. Additionally, the project aims to increase the deep processing of raw materials and modernize food industry enterprises.
Mongolia produces 45% of the world's raw cashmere, but only 10% of this raw material is processed into finished products. The rest is exported abroad as minimally processed wool, which causes economic damage to the country.
Funding will significantly increase the capacities of processing factories and stabilize the incomes of livestock breeders, creating 367 new jobs in specialized areas.
The project represents a strategic step towards developing non-raw material exports from Mongolia and turning local cashmere into a competitive international brand. International support will be an important incentive for enhancing the competitiveness of Mongolian brands and creating new opportunities for youth in high technology and manufacturing.

Jade Gas to Investigate Deeper Exploration Potential of TTCBM Project in Mongolia www.smallcaps.com.au/

ade Gas Holdings (ASX: JGH) is advancing plans to investigate the deeper gas potential of its flagship Tavan Tolgoi coal bed methane project (TTCBM) project in Mongolia to determine whether it extends to additional gas-bearing horizons at depth.

The company’s exploration and development activities to date have focused predominantly on shallower gas-bearing coal seams, whereas the proposed deeper program will explore the geological sequence beneath these horizons to see if it forms part of a larger vertically developed system.

It is complementary to Jade’s existing development strategy and does not alter the company’s near-term focus on the development and commercialisation of TTCBM gas resources.

The proposed deeper exploration strategy draws on established examples from China's Ordos Basin, particularly the Hedong Coalfield (including the Linxing and Daning-Jixian fields) along its eastern margin, where extensive Carboniferous-Permian coal-bearing sequences host multiple vertically stacked gas-bearing horizons.

2D-3D Seismic Programs
Jade also plans to conduct targeted 2D and 3D seismic programs to improve its understanding of the deeper geological architecture at TTCBM including depth, distribution, continuity, and structural setting.

The work will look to image the geological sequence beneath the company’s currently targeted coal seams, map major structural and stratigraphic features, and identify prospective horizons warranting further investigation.

Initial 2D seismic is expected to provide broader structural and stratigraphic definition, while targeted 3D seismic will provide higher-resolution imaging over select areas and assist in defining and ranking priority targets for subsequent deep exploration drilling.

If the seismic programs identify compelling deeper targets, Jade will use the results to optimise the location and design of future deep exploration wells.

Successful drilling could confirm additional gas-bearing horizons, establish a new inventory of exploration targets, and identify additional exploration potential at TTCBM and across the broader permit area, providing a stronger basis for further engagement with interested international energy companies.
Jade executive director Dr Ian Wang said the company was keen to learn more about the TTCBM coal-measure gas system.

“The inbound enquiries we have received from international energy companies regarding this project’s deeper gas potential reinforce our view that this is an opportunity worth investigating,” he said.

“The planned seismic programs will allow us to evaluate the broader geological sequence and identify any additional prospective gas-bearing horizons beneath those currently underpinning our development strategy.

“Our immediate priority remains the development and commercialisation of our established gas resources and this deeper exploration program is complementary to that strategy, providing an opportunity to determine the broader scale and potential of the TTCBM gas system at depth.”

EBRD and EU Boost SME Lending in Mongolia with €25 Million Initiative www.news.fundsforngos.org

EBRD and EU Collaborate to Enhance SME Support in Mongolia
The European Bank for Reconstruction and Development (EBRD) and the European Union (EU) have launched a significant initiative to bolster lending to micro, small, and medium-sized enterprises (MSMEs) in Mongolia. This initiative introduces a portfolio risk-sharing framework that aims to facilitate increased financial support to local businesses.

Under this framework, the EBRD will provide an unfunded guarantee of up to €25 million (US$ 29 million) on loans dispensed by XacBank, one of Mongolia’s leading financial institutions. This guarantee will cover up to 50% of the credit risk associated with new MSME loans, marking XacBank as the first Mongolian bank to implement this partnership.

Unitel group advances data capabilities in Mongolia with Dell technologies www.natlawreview.com

 Unitel Group, Mongolia’s leading telecommunications and technology group, has successfully implemented a Data Lakehouse technology solution in collaboration with Dell Technologies, creating a unified foundation to integrate, process, analyze, and manage large volumes of data from multiple sources.

Mongolia’s distinctive geography and nomadic heritage have long shaped the way people connect across vast distances. Today, these characteristics are increasingly intersecting with a rapidly evolving digital economy, as connectivity, digital services, and technology become more deeply embedded in everyday life. As Mongolia’s digital lifestyle continues to expand, the infrastructure supporting the collection, processing, and use of data is becoming an increasingly important part of this transformation.

As technology adoption and digital services continue to expand, organizations are generating not only greater volumes of data, but also a wider variety of data at increasingly rapid speeds. In this environment, the ability to go beyond simply storing data and instead integrate, process, analyze, and apply data to business decisions is becoming an increasingly important foundation for digital transformation.

Data Growth Drives the Need for New Infrastructure

For Unitel Group, data generated across the operations of more than 20 subsidiaries has grown significantly in recent years. The Group processed approximately 1.9 terabytes of data per day in 2023. By 2026, this figure had increased to 8.6 terabytes per day, a 4.5-fold increase in just three years.

B. Juldyz, Director of Digital Transformation at Unitel Group

“Data generated across Unitel Group has grown rapidly in recent years, both in volume and complexity. In response to this growth and the changing ways data is being used, we needed an infrastructure that could integrate and manage data from multiple sources more efficiently, while enabling faster processing and analysis. Based on Dell Technologies’ technology solutions, we have implemented a Data Lakehouse to establish this foundation and unlock greater value from our data.”

Phillip Wu, Regional Sales Director, Infrastructure Solution Group, Dell Technologies, emphasized the importance of the underlying infrastructure in realizing the value of advanced technology:

“Having high-performance hardware alone is not enough. To fully utilize these capabilities, organizations also need an infrastructure that can deliver data that is ready for processing at the required speed and in a well-organized manner.”

Mongolia’s heavy-haul coal railway faces tough challenges www.railjournal.com

The South Gobi railway cut the cost of moving coal to China to about a quarter of the road rate and helped double exports in two years. With a collapsing coal price, Jim Blaze and Ganbat Chuluunkhuu* investigate whether the corridor can run a hard daily cadence when the margin no longer forgives a missed train.

EVERY railroader knows the case for moving bulk freight by rail rather than road. Few markets have demonstrated it as clearly as Mongolia’s Tavan Tolgoi - Gashuunsukhait railway over the past three years. But with coal prices under pressure, the railway is now facing a tougher test: whether its cost advantage can be converted into sustained throughput.

The cost case needs a caveat. Figures published for the Tavan Tolgoi - Gashuunsukhait railway are project-promoter estimates and do not fully tally. Mongolia’s railway authority has cited roughly $US 8 per tonne by rail against $US 32 by road, while the engineering, procurement and construction (EPC) contractor has published $US 12.1 against $US 46.8.

These figures should be treated cautiously, particularly as at least one excludes border transshipment. The important point is that rail costs roughly a quarter that of road over this 233.6km haul. For a commodity sold on thin margins, cutting logistics costs by three to four times can determine whether coal is shipped or remains at the mine.

Rail’s advantage has become more important as coal prices have fallen. Mongolian Mining Corporation sold 8.6 million tonnes (Mt) of coal in 2024 at an average hard-coking-coal price of about $US 168 per tonne and recorded net profit of around $US 242m. In 2025, sales increased to 10.1Mt, but the average price fell to about $US 82 per tonne and net profit at $US 6m almost disappeared. Chinese customs data tell a similar story, with the average price of imported Mongolian coking coal falling by about $US 51 per tonne to around $US 74 per tonne in 2025. Against that backdrop, saving more than $US 30 per tonne on transport can determine whether a shipment remains commercially viable.

Rail has already demonstrated its ability to unlock volume. The Tavan Tolgoi - Gashuunsukhait line is rated for 30-50Mt a year, while Mongolia’s total coal exports by road and rail reached about 31Mt in 2022, 70Mt in 2023, 83.7Mt in 2024 and around 90Mt in 2025. The sharp increase demonstrates what happens when corridor capacity is released for a commodity already available at the mine.

Demand is also supported by coal quality. Mongolian hard coking coal is naturally low in ash and sulphur and typically has a coke strength of reaction (CSR) of 63-66, below the roughly 70 of premium Australian grades but suitable for Chinese steelmakers. Its combination of acceptable quality, low mining costs and a short overland route to China gives the corridor a durable demand base.

For railways the critical issue is cadence. The 1520mm-gauge line is designed for 25-tonne axleloads and speeds of up to 100km/h, giving a transit time of about four hours. Trains comprise 100 wagons hauled by two EMD locomotives, carrying around 10,000 tonnes. A loading facility commissioned in 2024 can crush, sort and load at up to 3500 tonnes per hour, or roughly one wagon a minute.

At 30Mt a year, this implies roughly eight to nine loaded trains daily. Reaching 50Mt requires the loading facility, locomotive fleet, crews and border operation to sustain a substantially higher rhythm, including through winter. The limiting factor is therefore the railway’s ability to maintain a reliable daily cycle.

A higher axleload offers one possible route to additional capacity, although it must be approached cautiously. Today, 32.5-tonne axleloads are widely established on heavy-haul networks. But economic returns diminish as axleloads rise beyond 30-32.5 tonnes. Higher loadings require increasingly substantial infrastructure investment and are not universally appropriate.

Break of gauge
The more immediate constraint is the break of gauge (to standard gauge) in China. Until recently, southbound coal could involve rail to a border terminal, road transport across the frontier and another rail movement in China. Transloading has been estimated at around $US 3 per tonne. Even with that cost, the rail-plus-transload route remains cheaper than road, but the additional handling reduces efficiency and constrains throughput.

The cross-border connections now under development, including the final section between Gashuunsukhait and Gantsmod, are intended to create a more direct rail interchange. Expansion at Ganqimaodu should add around 30Mt of annual capacity when completed next year. Industry projections suggest Mongolian coal exports could reach 95-100Mt in 2026 and 130-165Mt after 2027 as rail projects come online. These industry outlooks underline the importance of resolving the border interface.

The conclusion is therefore relatively straightforward. The rail cost advantage is compelling and the response in coal volumes has already demonstrated that capacity, rather than geology, was the original constraint. That constraint has now shifted towards price and sustained throughput.

The 30Mt annual target on the Gashuunsukhait line appears achievable. The frequently quoted 50Mt figure is more demanding under the present single-line, single-loadout and border-transshipment configuration. It is likely to require a more capable cross-border interchange, further loading capacity, disciplined winter operations and, where engineering permits, incremental increases in axleload.

The deposits were never the main issue. The real test is whether the railway can maintain a hard, repeatable daily cadence through a Gobi winter when temperatures can drop to -40°C while coal prices leave little room for inefficiency. That is a challenge the heavy-haul industry knows how to solve, and one that will determine whether Mongolia's rail revolution becomes a lasting freight advantage.

*Jim Blaze is a railway economist and analyst and Ganbat Chuluunkhuu is a former infrastructure and capital-markets advisor who worked on Mongolia’s railway and industrial development strategy.

Minister of Justice and Internal Affairs S.Amarsaikhan dismissed www.gogo.mn

On September 16, Prime Minister N.Uchral has dismissed Minister of Justice and Internal Affairs S.Amarsaikhan, citing concerns that the situation within the justice and internal affairs sector had deteriorated to a level that was undermining public trust and disrupting the normal operations of institutions responsible for the country’s internal security.

At the Cabinet meeting, the Prime Minister exercised his statutory authority to remove S.Amarsaikhan from office. He also directed the dismissal of senior and mid-level officials at subordinate agencies who were implicated in the matter.

Prime Minister N.Uchral said at the Cabinet meeting that it is necessary to establish the facts and determine the truth regarding all issues that have arisen

Mining Week & MinePro Opens for Fifth Consecutive Year www.montsame.mn

The “Mining Week & MinePro 2026” international mining exhibition and conference, jointly organized for the fifth consecutive year by the Ministry of Industry and Mineral Resources, the Mineral Resources and Petroleum Authority, and the Mongolian National Mining Association, opened on September 17 under the theme “For Sustainable Development: Green Future, Global Partnership.”

Prime Minister Uchral Nyam-Osor, Minister of Industry and Mineral Resources Damdinnyam Gongor and other officials attended the opening of the conference and exhibition. At the opening ceremony, Prime Minister Uchral presented the work carried out as part of legal and regulatory reforms and emphasized the importance of ensuring coordination between the mining and environmental sectors and delivering tangible benefits to local communities and citizens.

Minister Damdinnyam presented the challenges facing the mining and mineral resources sector, legal and regulatory reforms, and policy priorities for the future. He emphasized the need to increase the accessibility and transparency of information on the mining sector, noting that a lack of information is contributing to public opposition and, consequently, declining activity in the exploration sector.

He also announced that amendments to the Minerals Law have reached the stage of parliamentary approval, noting that the amendments would create an opportunity to improve the investment and operating environment for the exploration sector. Mongolia has, for the first time, established a list of critical minerals, and the Government will pursue a policy of processing mineral resources domestically and developing value-added industries rather than focusing solely on extracting and exporting minerals, the Minister said.

He also reported that the Government is working on policy changes to reduce the mineral resource royalty rate on copper, which has reached double-digit levels, in order to enhance the competitiveness of the copper sector. He further emphasized that attention will be paid to protecting investors’ legitimate rights and interests and ensuring a stable and predictable investment environment.

Meanwhile, Gan-Ochir Z., Chairman of the Council of the Mongolian National Mining Association, presented an overview of the competitiveness of Mongolia’s mineral resources sector. He noted that although Mongolia has significant geological resources and potential, issues related to the policy environment, governance, infrastructure, and relations with local communities are affecting investment.

During the event, the Professional Unified Association of Geology, Mining and Mineral Resources, the Ministry of Industry and Mineral Resources, the Ministry of Environment and Climate Change, and the Authority for Standardization and Metrology signed a memorandum of cooperation.

Companies operating in mining and mineral processing, machinery and equipment, supply and procurement, digital technologies, automation, and environmental solutions are participating in the exhibition.

Mining production made an important contribution to Mongolia’s 6.8 percent economic growth in 2025, accounting for around 80 percent of total industrial production and more than 70 percent of foreign direct investment.

Over the three-day event, in addition to the plenary sessions, 16 sectoral sessions, discussions and roundtable meetings will be held to discuss a wide range of issues, including Mongolia’s position in the global green transition, mineral resources investment, coordination between mining and energy, the future of the coal sector, responsible mining, human resources, technological innovation, and international cooperation.

This year, more than 3,500 representatives from 20 countries, including Mongolia, China, Russia, the Republic of Korea, Japan, Australia, Canada, the United Kingdom, Germany, Sweden and the United States, are attending the exhibition, where more than 135 organizations are showcasing their products, services, and technological solutions.

The exhibition covers a total area of 17,200 square meters, with more than 350 indoor and outdoor exhibition stands. The outdoor area features heavy machinery, equipment and other machinery designed for mining operations.

The “MinePro” exhibition extends beyond simply showcasing products. Mining companies, license holders, suppliers, subcontractors, technology companies, investors, and financial and professional organizations have gathered at one venue to explore new products and technologies, establish business relationships, and discuss opportunities for cooperation.

DMW, Mongolia meet for protection of OFWs www.manilatimes.net

The Department of Migrant Workers (DMW) said it met with a Mongolian delegation on Wednesday to discuss a proposed labor agreement aiming to protect overseas Filipino workers (OFWs) in Mongolia.

The meeting was held at the DMW Central Office in Mandaluyong.

"The proposed agreement seeks to identify a focal office to handle labor migration matters and establish an ethical and legal deployment process for Filipino workers bound for Mongolia," the DMW said in a statement.

Impeachment court issues show-cause orders to two House prosecutors
The department said that Olalia welcomed the delegation which included Zayten Bauyrzhan, labor and welfare services director general, and Ganbold Misheel, senior specialist at the Social Insurance and Provident Fund Policy Department, both from the Ministry of Family, Labour, and Social Protection of Mongolia.

"In protecting our domestic workers, including all workers bound to Mongolia, we are not only interested in compliance with Philippine laws, but we also are very much interested in complying with Mongolian laws, particularly on the regulations regarding the employment of foreign workers, including Philippine workers," said Olalia.

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"We have our recruitment agencies as our important partner in fulfilling our mandate of protection of our workers. And these recruitment agencies are licensed recruitment agencies, which promotes fair, ethical, and transparent practices," he said.

"And we all know that Mongolia and the Philippines are on the same page regarding these safeguards," he said.
The DMW said, "665 Filipinos in Mongolia are employed in skilled and professional occupations, as well as in household care and service work."