Mongolia in $500 Million Debt Offering and Concurrent Tender Offer www.clearygottlieb.com

Cleary Gottlieb represented the government of Mongolia in a Rule 144A/Reg S offering of $500 million 6.625% bonds due 2030 and its concurrent tender offer for its outstanding dollar-denominated 5.125% bonds due 2026 and 8.65% bonds due 2028.
Crédit Agricole CIB, Deutsche Bank, HSBC, and J.P. Morgan were joint bookrunners and dealer managers for the transactions. The transactions closed on February 25, 2025, and the new bonds were listed on the Singapore Stock Exchange.
The issuance allowed Mongolia to refinance a portion of its debt maturing in 2026 and 2028 and extend the maturity profile of a portion of its indebtedness.

Rio Tinto and University of Queensland Launch Oyu Tolgoi Training Programme www.discoveryalert.com.au

Emeelt Eco-Industrial Park to Enhance the Value of Livestock-Derived Raw Materials www.montsame.mn

The Emeelt Eco-Industrial Park, one of Ulaanbaatar City's 24 mega projects for urban development, will be built on a 539-hectare site in the Shar Khuviin Khooloi area, located 30 kilometers from the downtown Ulaanbaatar City within the 13th khoroo of Khan-Uul district.
The Project will include the construction of a 24 MW thermal power plant, a Wastewater Treatment Plant with a capacity of 6,700 cubic meters per day, 12.5 kilometers of paved roads, flood protection structures, two water reservoirs, and engineering infrastructure networks. The Park will be jointly funded by the State Budget of Mongolia, the Ulaanbaatar City Budget, and foreign aid. 
Currently, a four-story Business Incubator, Training and Production Center of the Park has been completed and commissioned. Preparations are underway to relocate leather and wool processing factories to the Park, with enterprises currently formalizing land-use agreements.  
The relocation and concentration of leather and wool processing factories within the Emeelt Eco-Industrial Park are expected to contribute to the ecological restoration of the Tuul River Basin, which has been contaminated over the years. Additionally, the Project is expected to generate approximately 5,600 permanent jobs. 
Another key benefit of the Project is its potential to increase the value of livestock-derived raw materials and integrate them more effectively into the national economy. Moreover, since the Park is envisioned to function as a core part of the Argalant-Emeelt satellite city’s special economic zone, it will create favorable conditions for people to live and work in the surrounding area.

Parliament of Mongolia Ratifies Cooperation Agreement with China on Gashuunsukhait-Gantsmod Cross-Border Railway www.montsame.mn

At its session on March 27, 2025, the State Great Khural of Mongolia approved the Law on Ratification of the Agreement between the Government of Mongolia and the Government of the People's Republic of China on Cooperation in the Gashuunsukhait-Gantsmod Cross-Border Railway, Coal Trade, and Expanding the Capacity of the Tavan Tolgoi Coal Mine.
The draft Law was introduced by Member of Parliament and Minister of Industry and Mineral Resources of Mongolia Tuvaan Tsevegdorj. The Parliament of Mongolia approved Resolution No. 68 “On some measures related to the construction of the Gashuunsukhait-Gantsmod Cross-Border Railway” in 2023, and Resolution No. 58 “On approving the basic guidelines for establishing an Agreement between the Government of Mongolia and the Government of the People’s Republic of China on the Construction of the Gashuunsukhait-Gantsmod Cross-Border Railway” on December 27, 2024.
Furthermore, by the Law on International Treaties, the Government of Mongolia discussed the draft Agreement. On January 27, 2025, the Standing Committee on Economics and the Standing Committee on Security and Foreign Policy of the Parliament discussed the draft Agreement and authorized the Government to sign the Agreement. The Agreement between the Government of Mongolia and the Government of the People's Republic of China on Cooperation in the Gashuunsukhait-Gantsmod Cross-Border Railway, Coal Trade, and Expanding the Capacity of the Tavan Tolgoi Coal Mine was signed in Harbin, China, on February 14, 2025, in accordance with Resolution No. 58 of the State Great Khural, noted Minister Tuvaan Tsevegdorj.
At a joint meeting of the Mongolian and Chinese working groups, the two sides agreed to finalize documents at three levels. The Chinese side proposed discussing the draft agreements, while the Mongolian side emphasized that concluding the Intergovernmental Agreement would establish the legal framework for further discussions. Regarding the agreements to be concluded, the Mongolian side presented several proposals to the Chinese side, including the following:
-Adhering to its own standards and regulations for the railway gauge and transporting third-party cargo once the railway is operational,
-Carrying out the railway construction with a unified design and a single contractor,
-Setting the base price according to the most recently confirmed rate.
The Chinese side accepted the first proposal — to adhere to its own standards and regulations for the railway gauge — and suggested setting the initial coal price at the "most competitive price for a long-term contract." However, it did not agree to the second proposal of having the construction work carried out by a single contractor. Therefore, in accordance with the Law on Procurement of Goods, Works, and Services with State and Local Property, we are working to ensure that the State Procurement Agency announces the bid for selecting the construction contractor in the near future, Minister Tuvaan emphasized.
Minister Ts. Tuvaan introduced the Agreement between the Government of Mongolia and the Government of the People's Republic of China on Cooperation in the Gashuunsukhait-Gantsmod Cross-Border Railway, Coal Trade, and Expanding the Capacity of the Tavan Tolgoi Coal Mine, emphasizing that it will enable the connection of three additional Mongolian-Chinese ports by rail. This development is expected to increase Mongolia's coal mining and export volumes, accelerate the implementation of the Law on Mongolia's Sovereign Wealth Fund, and ensure the equitable distribution of mineral resource revenues to both present and future generations of Mongolia, Minister of Industry and Mineral Resources Tuvaan highlighted.

Revised Exchange Trading Regulations Introduced to Mining Sector Stakeholders www.montsame.mn

On March 27, 2025, representatives from over 70 mining product sellers, buyers, member brokers, accredited transport companies of the exchange, and laboratories attended a meeting aimed at informing stakeholders about the recent amendments to the Exchange Trading Regulations.
The Working Group responsible for intensifying mining product exports in the short term and increasing foreign exchange reserves has identified the causes of the decline in exchange-based trading and made initial amendments to the Exchange Trading Regulations. At the meeting, stakeholders were provided with information on the newly approved amendments.
In his opening remarks, Minister of Finance Javkhlan Bold noted, “Rather than viewing the decline in mining product prices and the current risks as difficulties, we must see them as challenges that we can overcome together. Mongolian coal is of high quality and has a geographical advantage, which gives us a competitive edge in the global market. We view the current situation as a temporary downturn. Recently, exchange operations within the mining sector have notably developed. Regardless of fluctuations in coal prices, exchange operations must not be disrupted. Although the Exchange has been transformed into a stock company, maximizing short-term profits is not the ultimate goal. We must evaluate the successes and shortcomings of exchange trading and determine the way forward.
We are currently working on amendments to the Law on Mining Exchange, which will soon be submitted to the State Great Khural. Until the draft law is discussed and approved, the revised regulations will remain in effect. According to the regulations, coal prices will be indexed, and the final transportation point will be determined by the Government. The updated regulations must be fully incorporated into the upcoming Law. Coal exports will not retreat from exchange trading, and we are committed to further improving the legal framework.”
Participants in the meeting expressed their commitment to actively cooperating in the implementation of the new regulations aimed at revitalizing mining product trading, while also acknowledging and understanding the temporary challenges facing the sector.

Travel to UB’s green zones restricted due to possible fire outbreaks www.ubpost.mn

The capital city’s forested areas are classified as “Dangerous” in terms of fire risk, placing them in the second-highest risk zone. This classification underscores the serious fire hazards in these areas, particularly during dry seasons.
In recent years, cases of fire in the green zones and suburban areas of the capital city have resulted in considerable damage. In 2024 alone, 83 cases of grass fires were reported, leading to the destruction of homes, personal property, and farmland. These fires have caused significant financial losses to residents, and in some cases, they have led to health hazards and even posed life-threatening dangers to citizens.
To address the growing fire risk, the Government of Mongolia has implemented a comprehensive set of measures for 2025. These efforts are aimed at preventing and combating wildfires across the country. Following the issuance of official directives, such as the January order from the National Emergency Management Agency and the Department of Environment and Tourism’s order A/112, as well as the February order from the Ulaanbaatar Emergency Management Department, several proactive steps have been put in place.
As part of these efforts, the relevant authorities have coordinated fire patrols and inspections across four key areas, with a schedule that spans from March 20 to June 10 and again from September 20 to November 10. During these periods, travel within the capital city’s green zones has been restricted to minimize the risk of fire.
During the fire-prone seasons of spring and autumn, residents, businesses, and organizations are urged to take several important precautions. When visiting the green zones or suburban areas, individuals should inform environmental guardians about their activities and make sure to fill out a “Fire Safety Certificate” upon arrival. Open fires in forests or grasslands should be avoided at all costs, as they can quickly spread and cause massive destruction. Smoking or using lighters outdoors should also be refrained from, and any smoking materials, such as cigarette butts or matches, must be fully extinguished before disposal.
Additionally, vehicles and machinery should be equipped with spark arrestors on their exhaust pipes to prevent the risk of fire from sparks. Residents, homeowners, and businesses are advised to handle ashes and debris with care by placing them in specially designed containers with secure lids to prevent accidental fires. In the unfortunate event that a wildfire is spotted, it is crucial for individuals to ensure their own safety first and then immediately report the fire by calling 101, 105, or 7272-0303.
By following these critical safety measures, individuals can help reduce the risk of wildfires, protecting both lives and property. Local authorities are urging the public to stay vigilant and take a proactive approach to preventing such destructive events.

China emerges as preferred medical destination for Mongolian patients www.xinhuanet.com

Hospitals in north China's Inner Mongolia Autonomous Region are seeing an increasing number of Mongolian patients, who are drawn by the country's advanced technology, bilingual services and cost-saving policies.
Enktuyaa, a 57-year-old from Ulaanbaatar, capital of Mongolia, recently underwent successful surgery for coronary heart disease at the International Mongolian Hospital of Inner Mongolia.
"The doctors here are experienced and the equipment is advanced. I feel much better after the surgery," she said.
Having suffered from worsening heart condition for years, Enktuyaa decided to seek treatment in China based on recommendations from friends. Due to the severity of her disease, the hospital in Inner Mongolia prioritized her case through a "green channel," streamlining admission.
Her two-week treatment, costing around 4,000 yuan (about 557.5 U.S. dollars), exceeded Enktuyaa's expectations.
"Communication was smooth and meals were tailored to my preferences," she noted.
The hospital's international medical service department offers Mongolian patients seamless support from registration to hospitalization, coupled with a 20 percent discount on major diagnostic tests.
In Erenhot, a border city in the autonomous region, traditional Chinese medicine (TCM) is drawing patients like Dawasurong, who sought acupuncture treatment for chronic lumbar and cervical issues."TCM is renowned in Mongolia. This second treatment has significantly eased my pain," he said.
Naranmanda, who accompanied her husband, also had a pleasant treatment experience in Inner Mongolia. She said that therapies combining Western and traditional methods in China can address root causes of illness or discomfort.
The Mongolian-TCM hospital in Erenhot treated nearly 30,000 Mongolian patients in 2024, while offering 20 percent discounts on tests costing over 100 yuan -- totaling 802,000 yuan in savings. Notably, this hospital provides 24/7 hotline support and bilingual staff.
In addition, cross-border medical collaboration is deepening. Zhang Huujiyaa, president of the hospital, highlighted partnerships with Mongolian institutions, including staff exchanges, training and in the telemedicine field.
"We send experts who provide free clinics in Mongolia and train their doctors here in China," he added.
As China-Mongolia medical cooperation expands, more patients are finding renewed health thanks to medical services across the border.
Fan Lijun, director of the Belt and Road Initiative Research Institute at Inner Mongolia Academy of Social Sciences, emphasized that these efforts "strengthen professional ties and enhance public health outcomes."

Mongolia's coal exports face setbacks amid border congestion and weaker global prices www.sxcoal.com

Mongolia's coal exports are facing mounting challenges as border congestion and falling global coal prices disrupt trade. At a recent government meeting, a government working group tasked with boosting mining exports and foreign exchange reserves highlighted bottlenecks at key border crossings and outlined urgent policy measures, Mongolian media outlet IKON reported.
This followed a visit to the affected ports by the group, which directed officials to resolve technical network failures slowing transport at Shivee Khuren and explore ways to reduce container handling, loading, and customs costs at border crossings.
The working group was headed by the Minister of Industry and Mineral Resources Tuvaan Tsevegdorj, Minister of Finance Javkhlan Bold, and Minister of Road and Transport Delgersaikhan Borkhuu.
The ports of Gashuunsukhait, Khanghi, and Shivee Khuren, critical gateways for Mongolia's coal exports, are experiencing severe stockpiling pressure. The storage capacity of China's Ganqimaodu port connected with Gashuunsukhait is nearly maxed out at 4.5 million tonnes, preventing further shipments.
As of March 23, coal inventories at Ganqimaodu stood at 4.39 million tonnes, Sxcoal's tracking data showed.
Similarly, coal is accumulating at Khangi and Mandula border crossings, preventing withdrawals and making additional exchange trading impossible. These logistical challenges have been exacerbated by a sharp decline in coal prices, which has led Chinese buyers to suffer heavy losses, reducing their willingness to purchase additional coal through the Mongolian Stock Exchange.
Mongolian officials also acknowledged the need for domestic improvements. The Finance Minister noted that efforts are underway to cut transportation costs, particularly at Khangi port, where railway expenses under government control have already been reduced by 50%.
By expanding its capacity, Khangi port would be an important gateway to increase foreign trade turnover. Also, it will share the load of Zamiin Uud and Gashuunsukhait ports and support the planned mining project.
Additionally, the Ministry of Road and Transport has slashed railway base freight fees along key routes, aiming to improve competitiveness.
Shivee Khuren port, which operates under a market-driven model with private sector participation, is a little different from the other two ports. Eight domestic and foreign-invested companies operating in the Nariinsukhait deposits exported 24 million tonnes of coal via the port last year, with plans to increase exports to 25-26 million tonnes in 2025.
The Shivee Khuren-Ceke cross-border railway and station – funded through private investment – is nearing completion. Once operational, the port's annual coal export capacity could reach 50 million tonnes, according to the port's private operators.
Meanwhile, the majority of the members present at a meeting supported the discussion and adoption of the draft law on the ratification of the agreement between Mongolia and China regarding the Gashuunsukhait-Ganqimaodu cross-border railway, coal trade, and cooperation in boosting Tavan Tolgoi coal mine capacity, according to the State Great Khural.
Daily truck traffic ranges from 300 to 400 vehicles at Khangi port, and 250-300 trucks cross Gashuunsukhait each day. Shiveekhuren handles over 600 trucks per day, maintaining stable exports, with further growth expected as new facilities come online.
Beyond coal exports, the government's working group inspected a coalbed methane project in Umnugobi aimag, where three exploration initiatives are underway. These projects, led by Telmen Resource, could provide a cleaner alternative energy and heat source while reducing air pollution.

Proposed Amendments to Mongolia’s VAT Law: Key Changes and Public Feedback Process www.vatupdate.com

The Mongolian Ministry of Finance has drafted reforms to the Value Added Tax (VAT) Law, alongside amendments to the General Tax Law, Corporate Income Tax Law, and Personal Income Tax Law, as part of the Government’s 2024-2028 Action Plan, with public comments accepted until April 12, 2025, and implementation set for January 1, 2026. Key VAT changes include a progressive refund incentive for individuals on purchases, a new threshold requiring local entities with sales revenue exceeding MNT 400 million in 12 months to register as VAT payers, and expanded VAT deductions. Deductible input VAT now covers capital expenditures, services received in Mongolia, purchases assumed to include 10% VAT from third parties, passenger cars, and business-related events, training, and personal use within Corporate Income Tax Law limits. The drafts, published on the Ministry’s website, will be refined with public input before submission to the Government and Parliament for approval.
Source: pwc.com

ION Announces US$13.5M Joint Venture on Urgakh Naran, Corporate Updates and Update on Rare Earths Transaction www.stocktitan.net