1 ZANDANSHATAR GOMBOJAV APPOINTED AS PRIME MINISTER OF MONGOLIA WWW.MONTSAME.MN PUBLISHED:2025/06/13      2 WHAT MONGOLIA’S NEW PRIME MINISTER MEANS FOR ITS DEMOCRACY WWW.TIME.COM PUBLISHED:2025/06/13      3 ULAANBAATAR DIALOGUE SHOWS MONGOLIA’S FOREIGN POLICY CONTINUITY AMID POLITICAL UNREST WWW.THEDIPLOMAT.COM PUBLISHED:2025/06/13      4 THE UNITED NATIONS CHILDREN’S FUND (UNICEF) IN MONGOLIA, THE NATIONAL FOUNDATION FOR SUPPORTING THE BILLION TREES MOVEMENT, AND CREDITECH STM NBFI LLC HAVE JOINTLY LAUNCHED THE “ONE CHILD – ONE TREE” INITIATIVE WWW.BILLIONTREE.MN PUBLISHED:2025/06/13      5 NEW MONGOLIAN PM TAKES OFFICE AFTER CORRUPTION PROTESTS WWW.AFP.MN PUBLISHED:2025/06/13      6 GOLD, MINED BY ARTISANAL AND SMALL-SCALE MINERS OF MONGOLIA TO BE SUPPLIED TO INTERNATIONAL JEWELRY COMPANIES WWW.MONTSAME.MN PUBLISHED:2025/06/13      7 AUSTRIA PUBLISHES SYNTHESIZED TEXTS OF TAX TREATIES WITH ICELAND, KAZAKHSTAN AND MONGOLIA AS IMPACTED BY BEPS MLI WWW.ORBITAX.COM  PUBLISHED:2025/06/13      8 THE UNITED STATES AND MONGOLIA OPEN THE CENTER OF EXCELLENCE FOR ENGLISH LANGUAGE TEACHING IN ULAANBAATAR WWW.MN.USEMBASSY.GOV  PUBLISHED:2025/06/12      9 MONGOLIA'S 'DRAGON PRINCE' DINOSAUR WAS FORERUNNER OF T. REX WWW.REUTERS.COM PUBLISHED:2025/06/12      10 MONGOLIA’S PIVOT TO CENTRAL ASIA AND THE CAUCASUS: STRATEGIC REALIGNMENTS AND REGIONAL IMPLICATIONS WWW.CACIANALYST.ORG  PUBLISHED:2025/06/12      БӨӨРӨЛЖҮҮТИЙН ЦАХИЛГААН СТАНЦЫН II БЛОКИЙГ 12 ДУГААР САРД АШИГЛАЛТАД ОРУУЛНА WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/06/15     ОРОН СУУЦНЫ ҮНЭ 14.3 ХУВИАР ӨСЖЭЭ WWW.EGUUR.MN НИЙТЭЛСЭН:2025/06/15     МОНГОЛ УЛСЫН 34 ДЭХ ЕРӨНХИЙ САЙДААР Г.ЗАНДАНШАТАРЫГ ТОМИЛЛОО WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/06/13     SXCOAL: МОНГОЛЫН НҮҮРСНИЙ ЭКСПОРТ ЗАХ ЗЭЭЛИЙН ХҮНДРЭЛИЙН СҮҮДЭРТ ХУМИГДАЖ БАЙНА WWW.ITOIM.MN НИЙТЭЛСЭН:2025/06/13     МОНГОЛ БАНК: ТЭТГЭВРИЙН ЗЭЭЛД ТАВИХ ӨР ОРЛОГЫН ХАРЬЦААГ 50:50 БОЛГОЛОО WWW.EGUUR.MN НИЙТЭЛСЭН:2025/06/13     МОНГОЛ ДАХЬ НҮБ-ЫН ХҮҮХДИЙН САН, ТЭРБУМ МОД ҮНДЭСНИЙ ХӨДӨЛГӨӨНИЙГ ДЭМЖИХ САН, КРЕДИТЕХ СТМ ББСБ ХХК “ХҮҮХЭД БҮРД – НЭГ МОД” САНААЧИЛГЫГ ХАМТРАН ХЭРЭГЖҮҮЛНЭ WWW.BILLIONTREE.MN НИЙТЭЛСЭН:2025/06/13     ЕРӨНХИЙЛӨГЧИЙН ТАМГЫН ГАЗРЫН ДАРГААР А.ҮЙЛСТӨГӨЛДӨР АЖИЛЛАНА WWW.EAGLE.MN НИЙТЭЛСЭН:2025/06/13     34 ДЭХ ЕРӨНХИЙ САЙД Г.ЗАНДАНШАТАР ХЭРХЭН АЖИЛЛАНА ГЭЖ АМЛАВ? WWW.EGUUR.MN НИЙТЭЛСЭН:2025/06/13     “АНГЛИ ХЭЛНИЙ МЭРГЭШЛИЙН ТӨВ”-ИЙГ МУИС-Д НЭЭЛЭЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/06/13     Г.ЗАНДАНШАТАР БАЯЛГИЙН САНГИЙН БОДЛОГЫГ ҮРГЭЛЖЛҮҮЛНЭ ГЭЖ АМЛАЛАА WWW.EGUUR.MN НИЙТЭЛСЭН:2025/06/12    

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Events

Events

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MBCC “Doing Business with Mongolia seminar and Christmas Receptiom” Dec 10. 2024 London UK MBCCI London UK Goodman LLC

NEWS

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Authorities benefit from incompetent local governors www.ubpost.com

Citizens rarely have direct interactions with the mayor. However, they have the right to meet with the governor of their khoroo at any time to address their concerns. In practice, essential government services are first provided by local governors, doctors and police officers within their respective villages. Unfortunately, the khoroo governors who are closest to the citizens have long misused their authority, eroding public trust by engaging in favoritism, trading rights, compromising their integrity and undermining community values.
For years, the public has identified the governors as key sources of dysfunction within local governance. Many citizens agree that their most notable activity is political agitation on behalf of parties rather than serving the community. A recurring issue raised by residents is the instability of human resources within primary government units, particularly during election years. Frequently, new appointments are made not based on merit or community collaboration but on political alignment. Given that more than 50 percent of the governors of the bag and khoroo are replaced during national, provincial and capital city elections, there is growing concern that these positions are largely controlled by political parties rather than being dedicated to public service.
Furthermore, citizens argue that many bag and khoroo governors lack relevant experience and a clear understanding of their responsibilities but excel in political campaigning. There is also a widespread perception that these officials engage in discriminatory practices, favoring individuals based on political affiliation or socioeconomic status rather than prioritizing the needs and interests of the public. This persistent issue continues to undermine trust in local governance and highlights the urgent need for reform.
Since 1992, the administrative and territorial division of Mongolia has been structured into bag, khoroo, district, province and the capital city. According to a survey conducted last year by the National Statistics Office, Mongolia comprises 21 provinces, 330 soums, 1,647 bags, the capital city, nine districts, and 204 khoroos. A khoroo is the primary administrative unit of Ulaanbaatar, while a bag serves as the primary administrative unit of the provinces. Each bag and khoroo is overseen by a governor, with 1,851 governors currently serving in primary state units nationwide.
Ulaanbaatar’s nine districts previously had 152 khoroos, but due to increasing population density, several were subdivided, resulting in the current 204 khoroos providing public services to citizens. The responsibilities and jurisdiction of bagh and khoroo governors are extensive. They manage and safeguard sensitive personal information, which is stored in the electronic database and secure archives of each khoroo, protected by law.
Would you believe that 141 laws define the powers and functions of province, soum, bag, and khoroo governors nationwide? This means a significant number of legal provisions relate specifically to the duties of bag and khoroo governors. However, governors are not required to independently search for these provisions across multiple laws. However, many members of khoroo, as well as bag leaders, are not well-versed in these laws. It is no exaggeration to say that they often operate under the “laws” of their political party and superiors rather than the actual legal framework. Moreover, when incidents that shock society arise, the governors frequently hold the “card” to manage and suppress public outrage.
A recent example is the tragic case of six family members who died from carbon monoxide poisoning, which gained widespread attention on social media. In addition to the sole surviving family member’s statement, sensitive personal information about the deceased was improperly disseminated online, seemingly to distract public attention from the core issue. Information that should have been legally protected, such as the victims’ struggles with alcoholism, their poverty, the assistance they received from the khoroo, and the victim’s son’s involvement in theft, was made public. This breach of confidentiality exposed the victims to unnecessary scrutiny and violated their right to privacy.
Minister of Justice and Home Affairs O.Altangerel recently announced that a case has been opened against B and four others who allegedly leaked this information via a Facebook group chat before it was widely shared on social media. The public remains divided over who initially disclosed these details, with widespread suspicion falling on the khoroo governor. Many citizens believe that only khoroo employees had access to such confidential information, raising serious concerns about data privacy and the ethical conduct of local government officials.
District governors have been “accused” of orchestrating political manipulation, including the unauthorized distribution of citizens’ registration numbers, addresses, family status, socioeconomic conditions and voter information during elections. It has become increasingly common for political operatives, known as agitators, to invade citizens’ privacy under the guise of election campaigning. These individuals enter homes uninvited, make unsolicited phone calls, and aggressively solicit political support. Even in public spaces, such as queues for government services, citizens report being openly approached with statements like, “You live in that building, right? Support our candidate,” blatantly violating their right to privacy and free choice.
On top of that, district officials are frequently criticized for favoritism in the distribution of donations, loans, aid and food stamps from state, private and international organizations, prioritizing personal acquaintances over eligible recipients. This persistent misconduct raises an essential question: What kind of individuals should serve as district governors? Is there any legal provision that allows a governor to infringe upon citizens’ rights, opinions, or voting freedoms? In accordance with the Law on the Management of Primary State Units, a governor is a special official responsible for implementing state administration within their jurisdiction. As a representative of the state, the governor is tasked with ensuring the enforcement of laws, government decisions and directives from higher authorities. Their powers and responsibilities are strictly defined and limited by law. Therefore, under the principle of the rule of law, governors must fully understand their legal authority and obligations and ensure that their decisions and actions strictly adhere to legal and ethical standards.
Under the Law on Administration, Territorial Units and Their Management of Mongolia, candidates for bag and khoroo governor positions must meet specific legal requirements, including having a higher education, being free of financial and tax debts, and having no criminal record. They are elected by a majority vote of local councils and must be approved by a higher-level governor. However, despite the legal framework defining their powers and responsibilities, there are few standardized procedures for their selection or appointment. Their professional background, work experience and legal knowledge are inconsistently addressed in different laws, making it difficult to establish a unified national database on the age, gender, qualifications and skills of the 1,851 bag and khoroo governors.
The National Statistics Office has acknowledged this gap, stating that since these officials are political appointees, no detailed human resource surveys are conducted at the national level. Instead, such assessments may be carried out in part by the Civil Service Council or political parties. While a census of administrative structures, territorial units and populations exists, there is no comprehensive database on the human resources within primary administrative units.
A 2021 performance assessment of the statistics office revealed serious concerns about the qualifications of local governors. Many are unskilled or non-professional, struggle with timely reporting, and lack proficiency in computer and software skills, making it difficult for them to manage population databases, census reports, and statistical data effectively. Despite these issues, no further studies have been conducted on the competency of khoroo governors at the capital city level.
This lack of oversight benefits those in power, as it ensures that governors are chosen based on political loyalty rather than professional qualifications. The result is a system where uneducated, inexperienced and politically affiliated individuals hold key administrative positions, weakening governance, public trust and service delivery at the primary level.
The bag and khoroo governors play a crucial role in implementing laws and policies within their respective territories. As officials working in coordination with government offices, secretariats, and professional organizations, they are expected to have a strong legal foundation to effectively carry out their duties. However, it is concerning that no systematic evaluation or study has been conducted on the age, gender, education and skills of nearly 2,000 primary-level government officials. To date, only one targeted study has been conducted at the provincial and soum level, leaving a significant knowledge gap in assessing the overall qualifications of these officials.
For example, a 2023 study in Khuvsgul Province revealed that out of 128 bagh governors, only three had legal qualifications, and 57 percent were newly appointed. The Bag Governor’s Office employees also face instability in their positions, with a shortage of qualified personnel and inadequate human resources. As a result, many of these offices struggle to address local issues within a legal framework, conduct project planning and monitoring with proper legal grounds, or provide informed recommendations to higher authorities.
The Law on Administration, Territorial Units and Their Management of Mongolia emphasizes empowering primary-level governors and enhancing their education and skills. To achieve this, the government organizes regular meetings, conferences, and annual online training programs covering professional, methodological, ethical and legal aspects of governance. However, despite these efforts, public criticism persists. Many argue that these governors lack the minimum qualifications and skills, make highly politicized decisions, and fail to uphold the ethical standards expected of state officials. This concern highlights the urgent need for better selection processes, stricter competency requirements, and continuous professional development for primary-level government officials.

 
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Study underway to ban children under 16 from accessing social networks, says Mongolia education minister www.gogo.mn

P.Naranbayar, Minister of Education, made a statement on February 14, 2025, announcing that a Working Group has been established to explore a potential law prohibiting children under 16 from accessing social networks in Mongolia. The group, led by Minister’s Advisor D.Gantulga, will study similar laws implemented in other countries, particularly focusing on Australia’s recent legislation.
Australia’s Law as a Reference
On November 29, 2024, Australia passed a law prohibiting children under 16 from using social networks such as Facebook, Twitter, Snapchat, and TikTok, which has since gained global attention. The Working Group in Mongolia is now reviewing the effectiveness of this legislation and working on a draft law that could introduce similar restrictions. The aim is to protect children from inappropriate content, cyberbullying, and potential mental health risks associated with excessive social media use.
Public Consultations and Data-Driven Approach
Minister Naranbayar emphasized the importance of reaching a social consensus on the issue through discussions and consultations with all affected groups. He cited a 2020 survey on “Children’s Safety in the Online Environment,” which revealed a concerning disparity: while 91% of parents believed their children had never been attacked online, 87% of children reported experiencing online abuse—60% of whom never told their parents.
“Protecting our children from inappropriate content and online risks is a responsibility we must take seriously,” said the minister. He noted that several European countries have introduced similar measures:
In France, users under 15 must have parental consent to access social media.
Germany allows children aged 13-16 to use social networks with parental supervision.
Norway is considering raising the minimum age for social media use to 15.
Countries like the United States, Canada, and the United Kingdom require parental consent to collect information from users under 13.
Balancing Protection and Access to Educational Content
Minister P.Naranbayar reassured the public that children’s right to access educational content on platforms such as YouTube and Medley will not be affected. He stressed that the use of school management systems (SMS) and learning management systems (LMS) will be improved to ensure effective teacher-student communication without relying on social media platforms like Facebook Messenger.
The Eduten program, in use from the second grade, allows children to engage in learning activities for around 20 minutes at a time without causing screen addiction. The program utilizes smartboards in classrooms and computer screens at home, promoting structured learning.
Screen Addiction: A Growing Concern
D. Gantulga, head of the Working Group, warned about the dangers of screen addiction, comparing it to other forms of dependency such as gambling, alcohol, and drug addiction. “When children are exposed to screens excessively, their brains release increased amounts of dopamine, similar to addiction patterns in other areas,” he said. “This can lead to long-term mental health issues.”
He emphasized that the working group is closely studying the Australian model to develop policies that protect Mongolian children from screen addiction while promoting safe and healthy digital engagement.

 
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InvesCore Financial Group Pte. Ltd. completed the acquisition of Fintech Asia Limited (LSE : FINA) in a reverse merger transaction www.marketscreener.com

InvesCore Financial Group Pte. Ltd. entered into non-binding heads of terms to acquire Fintech Asia Limited (LSE : FINA) in a reverse merger transaction on March 14, 2023. The consideration for the proposed acquisition shall be satisfied by the issue of ordinary shares in Fintech Asia equivalent to not less than 80% and not more than 90% of the total share capital of Fintech Asia. Upon the occurrence of a Break Fee Event, InvesCore and its vendors will be jointly and severally liable to pay Fintech Asia the actual costs it has incurred in relation to the proposed acquisition of up to £2 million in cash. As of January 23, 2025, ICFG Limited signed an acquisition agreement on January 23, 2025. EGM of ICFG Limited will be held on February 11, 2025. the Company is proposing to change its name to "ICFG Limited", subject to the passing of the requisite resolution at the Extraordinary General Meeting and Admission. At that time, the Company's stock ticker symbol will be changed to "ICFG".
Completion of the proposed acquisition is subject to various conditions, including the completion of appropriate due diligence, the entering into of a sale and purchase agreement, the approval of Fintech Asia shareholders at a general meeting to be convened in due course, the publication of a prospectus by Fintech and approval of FCA. The long stop date for the entering into a definitive sale and purchase agreement is December 31, 2023. As of September 8, 2023. intech Asia Ltd on Friday said it obtained an unsecured committed facility of GBP1 million via a convertible loan note instrument with the noteholder IVC Estonia OU. Rory Murphy of Strand Hanson Limited acted as financial advisor of Fintech Asia Limited.
InvesCore Financial Group Pte. Ltd. completed the acquisition of Fintech Asia Limited (LSE : FINA) in a reverse merger transaction on February 12, 2025. Fintech Asia's name will be legally changed to ICFG Limited and is expected to be effective on market on February 13, 2025 with the TIDM changing to 'ICFG'.
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Mongolia to Conduct Geological Mapping and Surveys of Critical Minerals in Cooperation with the British Geological Survey www.montsame.mn

On February 13, 2025, the Mongolian National Mining Association and the British Embassy jointly organized a discussion on “Mining Investment Opportunity in Mongolia” to exchange information and develop an action plan for further cooperation.
As raw material consumption increases due to the impact of the energy transition in the world, Mongolia focuses on geological surveys and exploration of critical minerals. Therefore, during the event exploration of critical minerals in Mongolia and cooperation with countries in geological surveys were discussed.
Mongolia will conduct geological mapping and surveys of critical minerals in cooperation with the British Geological Survey.
Advisor to the Minister of Industry and Mineral Resources of Mongolia J. Mendsaikhan, emphasized, “There is a high demand for critical minerals in many countries. If we properly take this advantage, it will positively impact on the economy. Therefore, it is necessary to properly direct the government policy for leveraging our resources and developing mutually beneficial cooperation.”
"The mining sector plays a significant role in social and economic growth. To achieve economic stability and growth, exploration and geological surveys must be intensified and all the stakeholders including government agencies, local communities, and the public should be responsible and work together. In addition, investors should be provided with favorable conditions to operate actively. If we want to increase foreign investment in Mongolia, it is time to focus on ensuring the sustainable operation of existing investors. In addition, the legal environment must also be stable. We need to intensify and support the currently stalled exploration research with policies. We have issued exploration permits in various ways, such as through applications, tenders, and selection. We need to study which of these was more effective and should increase the number of licenses issued,” noted Chief Executive Officer of the Mongolian National Mining Association Erdenetuya Ganbold.

 
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"Gashuunsukhait-Gantsmod" railway agreement signed www.gogo.mn

On February 14, 2025, L.Oyun-Erdene, Prime Minister of Mongolia, and Premier of the State Council of the People's Republic of China Li Qiang held a meeting.
During the meeting, the Government of Mongolia and the Government of the People's Republic of China signed and ratified an agreement to connect the Gashuunsukhait-Gantsmod port cross-border railway, the top priority among Mongolia’s 14 mega development projects.
Discussions on this project began in 2004. Over the past 17 years, the project went through more than 60 rounds of talks, three recommendations from the National Security Council, six parliament resolutions, and 45 government resolutions before reaching an agreement today.
The Gashuunsukhait-Gantsmod railway is the second railway link between Mongolia and China, following the Zamiin-Uud–Erlian railway, which was established under a 1955 agreement.
Once operational, the new railway is expected to double Mongolia’s port capacity. Coal exports will increase from 83 million tons to 165 million tons annually, boosting coal sales revenue by $1.5 billion per year.
The project will significantly contribute to the National Wealth Fund’s Accumulation Fund, laying the foundation for long-discussed tax reforms.
Additionally, the agreement opens the door for future railway connections at the Shiveekhuren-Sekhee, Bichigt-Zuun Khatavch, and Khangi-Mandal border ports, further enhancing Mongolia-China connectivity.
If the agreement had been finalized in 2004, it is estimated that Mongolia could have generated an additional $31.5 billion in revenue, avoiding long-standing disputes related to Tavan Tolgoi and addressing the country’s infrastructure needs much earlier.
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Mongolia Participates in the 61st Munich Security Conference www.montsame.mn

The Mongolian delegation led by Minister of Foreign Affairs of Mongolia Battsetseg Batmunkh participated at the 61st Munich Security Conference in Germany on February 14-16, 2025.
Besides taking part in the Conference, Foreign Minister Battsetseg met with foreign ministers of countries and representatives of international organizations to exchange views on bilateral relations and cooperation. The Foreign Minister of Mongolia also attended the ministerial-level meeting of the “Feminist Foreign Policy Network,” which is traditionally organized during international conferences.
The Munich Security Conference, which has been organized annually for over sixty years, is seeing increasing numbers of participants including Heads of State, and Government, military and defense leaders, heads of international organizations, academics, media and business representatives, expanding into a leading world conference discussing international security policy.
 
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Prime Minister of Mongolia on a Working Visit to the People’s Republic of China www.montsame.mn

Prime Minister of Mongolia Oyun-Erdene Luvsannamsrai is on a working visit to the People’s Republic of China.
As part of the working visit, Prime Minister of Mongolia Oyun-Erdene Luvsannamsrai will meet with Premier of the State Council of the People’s Republic of China Li Qiang on February 14, 2025. After the meeting, the two sides will sign the Agreement between Mongolia and the People's Republic of China on Cooperation in Increasing the Coal Trade and the Capacity of the Tavan Tolgoi Coal Mine and Establishing the Gashuunsukhait-Gantsmod Cross-Border Railway.
Furthermore, Prime Minister Oyun-Erdene will attend the Closing Ceremony of the 9th Asian Winter Games “Harbin 2025,” taking place in Harbin, the People’s Republic of China.
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Mongolia, China to sign Cross-Border Railway Agreement www.news.mn

The Mongolian government has initiated to establish a Cross-Border Railway Agreement for the Gashuunsukhait-Gantsmod railway, one of the 14 mega projects, and submitted a related bill to the Parliament. The Cabinet of Mongolia granted the authority to sign the agreement to Minister of Industry and Mineral Resources of Mongolia Ts.Tuvaan and Minister of Road and Transportation of Mongolia B.Delgersaikhan. They are going to sign Cross-Border Railway Agreement today /2025.02.14/.
In the context of this historic event, Mongolian Prime Minister L.Oyun-Erdene is paying a work visit to the People’s Republic of China. Mongolian Prime Minister L.Oyun-Erdene is going to meet Premier of the State Council of the People’s Republic of China Li Qiang.
The Prime Minister will also attend the closing ceremony of the 9th Asian Winter Games “Harbin-2025” being held in Harbin, China.
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Ukraine and US partner in critical minerals sector www.mining.com

Recently, President Donald Trump initiated access to Ukraine’s critical minerals in return for US military support in a war with Russia. The attraction of strategic investors in the development of critical minerals was also a measure of the Victory Plan, presented by President of Ukraine Volodymyr Zelensky.
Below, I will try to describe which minerals could be a part of a mutually beneficial agreement between Ukraine and the US.
The industry of critical raw materials for battery and modern technology manufacturing is one of the fast-growing sectors, where Ukraine can integrate with international and regional value chains, diversifying and de-risking global demand.
Ukraine holds 23 of the 50 strategic materials identified by the US as critical, and 26 out of the 34 recognized by the EU as critically important. Particularly, Ukraine holds very competitive positions in five key ones: titanium, graphite, lithium, beryllium, and REEs.
Today, this group of minerals in Ukraine is partially developed and almost not used for the production of metal alloys and finished goods. Currently, there are 30 licenses issued for their development.
Moreover, the Government holds more than 30 unlicensed deposits and about 400 promising occurrences, managing several important industrial assets, which are still capable of fabricating metal titanium, aluminum, silicon, germanium, and gallium.
Titanium and beryllium – for aerospace and defense
Titanium is a critical raw material for industries such as aerospace, defense, chemical, and pigment fabrication.
Ukraine holds the largest titanium reserves in Europe, ranking in the top-5 for titanium rutile reserves, capable of meeting US and EU metallic titanium demand for over 25 years.
The global titanium supply chain is heavily reliant on China and Russia, both controlling a significant portion of production and processing (especially in the metal value chain).
Should Russia impose an export ban on metallic titanium, it would significantly impact Boeing, Airbus, and the aerospace and defense sectors, which rely on this metal for high-strength, corrosion-resistant applications.
Ukraine has extensive experience in titanium mining and processing in slag and sponge, but it has no melting capacity. Ukraine holds several deposits with no operators, one of them is the largest hard-rock ilmenite globally – Stremyhorodske, similar to giants such as Norwegian Tellnes and Canadian Lac Tio.
Therefore, Ukraine proposes foreign investors to partner with and invest in its domestic titanium industry, encouraging the construction of new melting fabrication, as well as the production of non-metallic products (white pigment) based on existing industrial sites in the Zhytomyr and Dnipropetrovsk regions.
Only a few countries in the world are engaged in mining and processing of beryllium ores. There is one explored Perzhansk beryllium deposit in Ukraine, a license for the development of which was granted in 2019 to a private Ukrainian investor. Beryllium oxide reserves of this deposit amount to 13.9 Kt, capable of satisfying over 20 years of global production.
Lithium and graphite – for energy storage
Demand for batteries is expected to multiply in the next decade, but 90% of the battery supply chain, particularly lithium processing, is controlled by China.
Lithium reserves in Ukraine are insignificant on a global scale, while at the same time, they make up roughly a third of the proven deposits of European countries, which positions it as a potentially important supplier of carbonate or hydroxide to the European battery industry.
Currently, lithium is not mined in Ukraine. Three explored deposits are known, one of them is licensed, and one is a promising occurrence. Unfortunately, two of four lithium sites are currently in the temporarily occupied territory. The necessary investments at the first stage of mining and production of carbonate or hydroxide are from $150 to 350 million for one project.
Ukraine can supply battery factories with natural graphite concentrate, which can later be refined into active anode material for battery cells.
There are six known deposits, one of which is operated by Australian public company Volt Resources, whose products are supplied to many countries around the world, including the USA, and licenses were issued for three more deposits in 2019 and 2021 (Ukrainian BGV Group, Turkish Onur Group).
The total amount of necessary investments for the modernization and construction of fabrication facilities for the production of high-purity spherical graphite at the two deposits is estimated at $650 million.
Rare, rare earth metals – valuable components for semiconductors
Opportunity for the extraction of tantalum and niobium and REEs are largely related to the development of the Novopoltava phosphate deposit and the Azov deposit of rare earth metals (both are temporarily outside the control of Ukraine) and potentially several other occurrences, together with the establishment of technologies for their extraction from ilmenite ores, especially accumulated in wastes of the production of seven operating mining and beneficiation enterprises.
Ukraine has significant reserves of germanium, which is a co-product of several minerals and is found in gas and hard coal, brown coal, as well as in ash, which is formed as a result of burning coal for the generation of electricity. In addition, germanium is dispersed in lead-zinc production waste, metallurgical slags, and carbonaceous clays.
In Soviet time and at the beginning of the 2000s, coking coal served as a source of germanium in Ukraine, its extraction was carried out at the facilities of coke chemical plants, and processing took place at the hydrometallurgical facilities of the Zaporizhzhya Titanium Magnesium Plant, fabricating purified germanium tetrachloride and optical monocrystalline germanium lenses.
It is promising to restore gallium production at the Mykolaiv alumina plant as a processing of aluminum bauxite from Visokopil deposit in the Dnipropetrovsk region, as well as to establish the fabrication of crystalline silicon from high-quality quartz sands, in particular, of the Glukhiv quarry in the Sumy region.
During the times of the USSR, 80% of the production capacity of silicon was concentrated in Ukraine, which was manufactured in the city of Zaporizhzhia at the semiconductor factory and aluminum production plant.
Conclusion
Therefore, the available resources in Ukraine and global prospects for the development of critical minerals – particularly, titanium, graphite, rare earths, lithium, beryllium – allow Ukraine to become an element of joint supply chains with NATO states and OECD partner countries, contributing to the integration of Ukraine’s economy into modern high-tech production cycles.
Meanwhile, to explore those critical minerals, Ukraine needs large capital and modern technologies. Today, only private foreign companies can provide the necessary funds and expertise. To attract investment in the mining industry, the Ukrainian Government works to create the necessary regulatory environment.
Certain achievements can be considered the acquisition of several assets by venture investors from Australia (Volt Resources), Turkey (Onur Group), and Azerbaijan (NEQSOL Holding), as well as the conclusion of a number of important intergovernmental agreements, including the signing of Ukraine’s Facility program with the EU.
At the same time, the strategic partnership with the USA can be considered the most promising, it is a logical and necessary action to ensure the rapid development of new competencies of Ukraine in high-tech and innovative sectors of the economy.
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Frontclear arranges an ISDA-documented landmark local currency cross-border repo transaction with State Bank Mongolia www.cardanodevelopment.com

February 2025. Frontclear arranged, structured and executed a USD 31 million synthetic local currency cross-border repurchase transaction with State Bank JSC (State Bank) in Mongolia, hedged by The Currency Exchange Fund N.V. (TCX).
Credit risk, legal and operational risks plus wrong-way risk concerns continue to make it difficult for Mongolian banks to be connected to global money markets. The transaction made it possible for State Bank to competitively access local currency funding from global markets. It also once again underscored that Frontclear deal arranging and structuring can be tailored to overcome certain legal and operational issues related to Mongolia.
“Frontclear has closed more than 10 repo and swap transactions in Mongolia since 2018. We are proud of our catalytic role we have played in originating the first of its kind local currency repo where Frontclear directly provided synthetic MNT currency to State Bank against Eurobond collateral using offshore sources for both funding and hedging. The transaction provides a template to exercise cross-border repos between Mongolian banks and global banks and hedge providers using both local and offshore collateral. It sets a benchmark for the development of Mongolia’s money market going forward.” – Andrei Shinkevich, SVP Frontclear
“We are delighted to successfully execute this inaugural synthetic local currency cross-border repo transaction with Frontclear. Since our initial collaboration in 2018, our partnership has continued to strengthen, playing a key role in the growth of Mongolia’s financial market through the adoption of international best practices. This innovative transaction has enabled State Bank to access competitive local currency funding from global markets, greatly enhancing our liquidity management capabilities. We believe this mechanism creates opportunities to reach the international money market, contributing significantly to the development of the domestic capital market. – Gantur Ulzii, Chief Executive Officer, “State Bank” JSC of Mongolia
“This transaction showcases TCX’s contribution to market development in Mongolia and its additionality. The historically successful onshore hedging facility provided by Bank of Mongolia is downscaling, which allows other hedge providers to take up a more significant role in supporting the market. Consequently, TCX’s ability to facilitate hedging transactions for a range of use cases, tenors and currencies, combined with conducive pricing has resulted in a large pick up in the MNT business through its partners such as Frontclear and other impact investors. We are glad to see the increasing awareness of currency risk and to be part of this impact story.” – Xander Goudriaan, Head of Trading, TCX
In this transaction, Frontclear has sourced USD liquidity from the European Bank of Reconstruction and Development (EBRD) and simultaneously executed a MNT/USD hedge with TCX, therefore being able to provide synthetic MNT repo funding to State Bank. This repurchase transaction is documented under an International Swap and Derivatives Association (ISDA) agreement, whereby Frontclear customized the swap confirmation to account for legal issues in the Mongolian market. The transaction documentation introduced best practice operational and legal concepts including for local currency denominated repo. TCX and Frontclear are part of the Cardano Development group.
About Frontclear
Frontclear is a development finance institution that aims to support stable and inclusive money markets in emerging and developing countries. Frontclear provides credit guarantees and technical assistance to facilitate access and liquidity in the interbank markets, especially for local financial institutions. Frontclear’s global technical assistance program works in partnership with central banks to develop the financial infrastructure, legal environment and the skills and capacity of the domestic market participants. Frontclear is funded by European development finance institutions and global development agencies. Frontclear is rated A- by Fitch and Baa1 by Moody’s and is furthermore counter-guaranteed by KfW, a AAA- rated German development Bank. For more information, visit www.frontclear.com
For media inquiries, contact:
Andrei Shinkevich, Frontclear | ashinkevich@frontclear.com
About TCX
The Currency Exchange Fund (TCX) is a development finance initiative that offers currency derivatives in emerging and frontier markets where such hedging solutions are not provided by commercial banks or are hard to access for the parties who need them. TCX’s shareholders consist of development finance institutions and impact investors; therefore the Fund’s principle objective is to eliminate currency risk and contribute the development of capital markets by fostering local currency financing. TCX provides cross-currency swaps and FX forwards with no tenor limits, covering more than 100 currencies worldwide. The Fund is based in Amsterdam and rates A by S&P and A1 by Moody’s. For more information, please visit https://www.tcxfund.com/
About State Bank
The State Bank is a publicly listed joint-stock company with state ownership. Since its establishment in 2009, the Bank has been significantly contributing to the national banking system by meeting the financial needs of both retail and corporate customers through reliable and timely services, supported by its skilled workforce and advanced technology. As one of Mongolia’s five systematically important banks, the State Bank has the strongest retail banking presence in the country, with over 500 branches nationwide. The bank is rated B2 by Moody’s. For more information, visit our website at www.statebank.mn
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