Debt-to-Income Ratio for Consumer Loans Aligned with International Practices www.montsame.mn

During its 2025 regular session, the Monetary Policy Committee of the Bank of Mongolia made the decision to increase the policy interest rate by two percentage points to 12 percent, taking into account the current state of the economy, banking, and financial markets, the external and internal domestic risk factors. 
The Monetary Policy Committee revised the debt-to-income ratio (DTI) cap for newly issued and restructured consumer loans to 50 percent. For loans secured by pension and welfare benefits, a new regulation requires that borrowers retain an income level at or above the minimum standard of living after making their monthly loan payments. 
The Monetary Policy Committee highlighted that rising prices in state-regulated services and their cost pass-through effects are intensifying inflationary pressures and posing risks of further acceleration. Given these concerns, the Committee opted to tighten monetary policy by increasing the policy rate by two percentage points to stabilize inflation at its target level. The decision also reflects the impact of falling export commodity prices, rising external sector vulnerabilities, and inflationary pressures driven by demand cost factors. Raising the policy rate to 12 percent is expected to curb inflation expectations and stabilize financial markets. 
As of the end of 2024, the total outstanding balance of consumer loans in the banking system had reached MNT 11.4 trillion, reflecting a 35.5 percent increase compared to the same period in 2023. Of this growth, salary-backed loans accounted for 23.7 percentage points, while pension loans contributed 5.3 percentage points. On average, households allocate no less than 48 percent of their monthly income toward basic living expenses. However, many borrowers tend to take out loans at the maximum DTI cap of 55 percent.  
Data revealed that 53.2 percent of pension recipients currently have outstanding pension loans, with an average DTI ratio of 84 percent. Pension loan borrowers often struggle with high repayment burdens and tend to restructure their loans before fully repaying their existing obligations. This pattern indicates financial dependence and growing repayment challenges. In response, the new regulations ensure that pension and welfare loan borrowers retain an income level above the minimum living standard after making loan payments. 
Rising wages have expanded borrowers’ access to credit, leading to excessive consumer loan growth and, consequently, exerting pressure on the balance of payments and exchange rate stability. To mitigate these risks, the Committee emphasized the need to limit the rapid expansion of consumer lending. Setting the DTI cap at 50 percent aligns with international best practices while shifting bank credit toward business loans is expected to support employment and ensure sustainable economic growth.

Aspire Receives Global Tender Submissions for CHPP and Erdenet Rail Terminal Infrastructure www.aspirelimited.com

Aspire Limited (ASX: AKM) is pleased to advise that it has received multiple tender submissions for the design,
procurement, supply, construction management, and commissioning of its planned Coal Handling and
Preparation Plant (CHPP) and coal handling infrastructure at the Erdenet Rail Terminal (ERT). The development
of this infrastructure is a critical milestone in advancing the Ovoot Coking Coal Project, and the receipt of these
tenders marks significant progress.
To ensure a streamlined and competitive international tender process, Aspire partnered with Procurement Co.,
an Australian-based procurement specialist consultancy. Leveraging their expertise in contract management and
industry benchmarking, the Company conducted a global tender process to secure cutting-edge technologies and
cost-efficient construction solutions, facilitating rapid construction and seamless production ramp-up.
Participants were invited to tender based on their proven experience in designing, constructing, and
commissioning world-class coal processing and material handling infrastructure, particularly in extreme cold
climates such as northern Mongolia.
Aspire is now evaluating multiple submissions from companies headquartered in Mongolia, Australia, China, and
South Africa, all of which have extensive on-the-ground experience in Mongolia. This competitive selection
process ensures that global best practices in coal processing and infrastructure development are integrated. The
Company anticipates completing the evaluation and moving to contract negotiation and award within Q2 2025,
with project execution expected to commence shortly thereafter.
The Scope of Works for both the CHPP and ERT coal handling infrastructure included in the Request for Tender
package was aligned with the world-class concepts and designs resulting from the previously completed Front
End Engineering Design (FEED) studies. Concept and trade-off studies were undertaken as part of the FEED
studies to determine the best overall solutions, including in addressing community concerns about containing potential dust and minimising water use.
Construction and commissioning of the CHPP and ERT coal handling infrastructure is strategically important to
Aspire for several key reasons:
• It will facilitate the creation of a value-added product in Mongolia, that is deliverable directly to end-users
and ensure that margins remain within the Company and Mongolia.
• The processing of raw coal into a higher-value product will reduce transportation and logistics costs by
lowering overall shipment volumes. This will also decrease the number of trucks on the road and reduce
the required capacity on the Trans-Mongolian Railway.
• It will enhance the efficiency and cost competitiveness of truck transportation between Ovoot and the
ERT, with the semi-automated truck loading and unloading systems enabling rapid, dust-free loading and
unloading, whilst also ensuring that trucks will not need to depart from the paved road; and
• Rail wagon loading at the ERT will be enhanced with rapid, dust-free processes, improving the efficiency
of railing operations and ensuring timely delivery of washed coking coal to end-user customers.
Aspire remains committed to executing this project efficiently while adhering to world-class standards and best
practices, ensuring that the Ovoot Coking Coal Project continues to progress towards successful operation.
This announcement has been authorised for release by the Board of Aspire Limited.

Mongolia Introduces Its First 3D Virtual School www.montsame.mn

Steppe fire kills over 7,500 head of livestock in Mongolia www.xinhuanet.com

More than 7,500 head of livestock have been killed in a steppe fire in Mongolia, the country's National Emergency Management Agency (NEMA) said on Monday.
Meanwhile, a total of 39 families lost their homes in the steppe fire in eight provinces, the agency said in a statement.
The NEMA warned residents of Ulan Bator and other provinces not to make bonfires or throw cigarette butts on the ground in dry weather.
Mongolia remains one of the world's leading countries in terms of the number of livestock per capita. However, the country's livestock sector is highly dependent on various natural factors, including extreme weather conditions in the winter and dry and windy weather conditions in the spring.
The total number of forest and steppe fires across Mongolia at the end of 2024 reached 137. Most were recorded in the eastern Mongolian provinces of Sukhbaatar, Khentii, and Dornod, according to new data released by the agency.

Mongolia: RSF condemns arbitrary police operation against independent media outlet Noorog www.rsf.org

Reporters Without Borders (RSF) condemns the police’s raid on the newsroom of the independent digital outlet Noorog, overnight questioning of Noorog’s staff and confiscation of their professional equipment. This arbitrary operation was based on the bogus accusation that Noorog had "undermined national unity" and followed the outlet's announcement for their upcoming documentary on the country’s recent elections.
On 17 March 2025, Mongolian police raided the independent media Noorog’s newsroom in Ulaanbaatar, the capital of Mongolia. The police seized computers, hard drives as well as employee’s personal phones. Eight staff members — almost the entire team — were interrogated from 10 p.m. until 6 a.m., when they were released. 
The journalists were initially questioned under the pretext that they had "undermined national unity," an offence punishable by up to twelve years in prison under the Mongolian Criminal Code, yet officials changed the accusations multiple times, wavering from “illegal online gambling activities” to “spreading false information” to “causing the suicide of others.” The charges of national unity and false information were eventually dropped. 
Noorog’s journalists say they were only questioned about their professional activities, including content produced by the outlet. They suspect the case is linked to their recent announcement that they will be releasing a documentary on Mongolia’s elections in June. In the documentary, journalists follow six citizens during the country’s 2024 parliamentary election campaign, exposing the strategies used by political parties to influence voters.
“This search, carried out under an obviously false pretext, is intolerable and a serious attack on source confidentiality and press freedom. We call on the Mongolian authorities to abandon the abusive proceedings brought against Noorog's team, and on the country’s lawmakers to strengthen the right to protect the confidentiality of journalists’ sources within the framework of the press freedom law currently being debated in Parliament.
Cédric Alviani
Director, RSF Asia-Pacific
Founded in 2022, Noorog has built a strong presence on social media, producing video reports and investigative content often critical of the government. In a recent report, the outlet challenged the government’s claims of progress in fighting corruption, providing data to support its findings.
The ongoing deterioration of press freedom
The raid on Noorog is part of a worrying decline in press freedom in Mongolia, which has dropped 36 places in the RSF World Press Freedom Index since 2020. This repressive climate is further illustrated by the prosecution of Bayarmaa Ayurzana, editor-in-chief of the online media outlet Tac.mn, who faces up to eight years in prison for investigating a case of embezzlement of public funds linked to the Deputy Prime Minister. In a hearing held on 21 March, the judges postponed the trial to an unknown date.
The proceedings against journalist Unurtsetseg Naran also raised serious concerns about judicial fairness. Although she was pardoned on 8 March by Mongolian President Ukhnaagiin Khürelsükh, her case — from her sentencing in a closed-door trial to the conditions of her release — has been shrouded in complete secrecy.
In response to this worrying trend and the government’s planned reform of the press freedom law, RSF has submitted recommendations to Mongolian lawmakers on strengthening legal protections for journalists.
Mongolia ranks 109th out of 180 countries and territories in the RSF 2024 World Press Freedom Index. The press freedom situation is considered “difficult,” due to frequent abusive criminal proceedings against journalists under the pretext of defamation, as well as a high concentration of media ownership in the hands of the economic and political elites.

Mongolia to Perform Its 400th Kidney Transplant Surgery www.montsame.mn

Mongolia is set to perform its 400th kidney transplant surgery since its first successful transplant. 
Since its first attempted kidney transplant operation in 1996, Mongolia spent nearly a decade preparing by improving medical equipment, staffing, and laboratory facilities. Since 2006, kidney transplants have been successfully performed. Between 2008 and 2018, two patients underwent kidney transplants each year. In 2019, the number increased to 11, followed by 6 in 2020, 8 in 2021, 4 in 2022, 4 in 2023, and 10 in 2024. The transplants were performed using organs from donors who had been medically determined to have experienced irreversible cessation of brain function. Currently, 318 patients who have undergone kidney transplants in Mongolia and 184 who received transplants abroad regularly visit for medical check-ups and receive free medication.
The First Central Hospital of Mongolia has planned to perform kidney transplants for 60 patients this year. Of approximately 400 kidney transplant recipients, 57 received organs from donors who had been medically determined to have experienced irreversible cessation of brain function. Currently, around 700 patients are awaiting organ donors to undergo surgery.
As of 2024, 262 patients in Mongolia were undergoing dialysis as part of kidney replacement therapy, while 2,988 patients received hemodialysis treatment. Among them, 49 were children aged 0-19, 832 were aged 20-44, 1,481 were aged 45-64, 457 were aged 65-74, and 169 were aged 75 and older.
Regrettably, in 2024, the number of patients reaching the final stage of chronic kidney failure and requiring hemodialysis increased by 607 within a year. Over the same period, 167 patients diagnosed with kidney failure passed away, while 50 patients successfully underwent kidney transplants, eliminating the need for dialysis treatment.
The National Kidney Transplant Team at the First Central Hospital of Mongolia currently accommodates patients within its three beds, allowing for six surgeries per month.

‘Blue Gold’ program focuses on glacier and ice formation protection www.ubpost.mn

The second National "Blue Gold" Forum, held on March 21 brought together 1,200 representatives from government agencies, international organizations, and civil society working in the water sector. The forum, organized under the auspices of President of Mongolia U.Khurelsukh centered around the theme “Let’s Protect Our Glaciers and Ice Formations.”
During the event, President U.Khurelsukh highlighted the importance of safeguarding Mongolia’s water resources, underscoring that the country is currently pursuing several national initiatives, including the “Billions of Trees,” “Healthy Mongol,” “Food Revolution,” and “White Gold” programs. These programs aim to ensure a healthy and safe environment for Mongolian citizens. The president stated, “It is now time to implement the ‘Blue Gold’ Program in the water sector. Every project or initiative we undertake to protect Mongolia’s environment and water resources contributes meaningfully to global efforts to protect water resources.”
The president also emphasized that the success of Mongolia's projects and programs in the water sector would depend on active cooperation and mutual understanding among government bodies, the private sector, and international organizations. He called on both the government and the public to unite in the protection of the environment, preservation of ecological balance, and the achievement of Sustainable Development Goals. By doing so, Mongolia can strengthen national security, avoid water shortages, and effectively adapt to climate change.
Minister of Environment and Climate S.Odontuya remarked that the year 2025 has been designated as the "International Year for Glacier Preservation" by the United Nations. She highlighted key government projects in the water sector, such as the Eg River Hydropower Plant and the Orkhon–Ongi and Kherlen-Toonot Projects, as major historical undertakings. These projects are set to improve water supply reliability for the Gobi region and support the “Billions of Trees” initiative by supplying water to arid areas where tree planting is a challenge. To ensure effective implementation, a dedicated Water Project Unit will be created to enhance legal and regulatory frameworks, improve coordination across sectors, and foster partnerships with the private sector.
Z.Batbayar, Director of the Water Department of Mongolia, discussed the critical importance of water not just for health, but for the social and economic development of the country. He pointed out that Mongolia’s glaciers are shrinking annually due to climate change, with the amount of ice already melted exceeding the country's underground water reserves by four times. He emphasized the necessity of water storage to mitigate this issue, urging households to collect snowmelt and rainwater to help preserve water resources.
As a result of the forum, an integrated recommendation was established. The recommendation focuses on improving water-related legislation and governance, preventing the depletion and pollution of water resources, collecting surface water and precipitation, and creating favorable ecosystem conditions. The forum also called for nationwide implementation of initiatives such as "One-Lake," "One Soum-333 Lakes," and "Every Drop." The proposal includes defining financing mechanisms, expanding human resources, and promoting public collaboration and partnerships in the private sector.
March 22 is recognized as World Water Day in accordance with a 1992 UN General Assembly resolution. This year’s celebration focused on “Glacier Preservation” as part of global efforts to raise awareness of the importance of protecting water resources.

U.Khurelsukh: Proud of 20,000 Mongolians leading Oyu Tolgoi's growth www.gogo.mn

Oyu Tolgoi to become the World’s fourth largest copper mine www.montsame.mn

On March 20, 2025, President of Mongolia Khurelsukh Ukhnaa visited the Oyu Tolgoi underground mine in Umnugobi aimag, Mongolia.
Oyu Tolgoi LLC opened a deep mine in 2022 and conducted its 124th blasthole stoping in 2024. This year, ore extraction is expected to increase by 50 percent compared to 2024, leading to a rise in copper concentrate production. In 2028-2030, the mine is projected to produce an average of 500 thousand tons of copper annually from underground and open-pit operations. At its peak, the mine will become the world’s fourth-largest copper producer, supplying enough copper daily to manufacture approximately 17,000 electric vehicles. 
President of Mongolia Khurelsukh Ukhnaa expressed gratitude to the Mongolian workforce and international experts who successfully built and developed the world-class mining infrastructure at a depth of 1,300 meters. The President expressed confidence that this work will set a positive example for Mongolia’s mining industry. 
Oyu Tolgoi’s production and extraction have been increasing year by year, integrating cutting-edge technology while ensuring the highest safety standards. President Khurelsukh acknowledged the dedication and hard work of the entire mining team and affirmed commitment to collaborating with more businesses, individuals, and producers to support their enterprises. 
Chief Executive Officer of Rio Tinto Group Mr. Jakob Stausholm highlighted that the copper extracted from Oyu Tolgoi contributes to global green development. The CEO noted that the copper concentrate produced at Oyu Tolgoi is a crucial component for wind turbines, electric vehicles, and renewable energy infrastructure worldwide. 
As of 2023, Rio Tinto has invested approximately USD 17 billion in Oyu Tolgoi. Since 2010, the company has paid MNT 12 trillion in taxes. Moreover, in the fourth quarter of 2024, Oyu Tolgoi partnered with over 1,000 enterprises, making purchases worth MNT 1 trillion. 
In Umnugobi aimag, Oyu Tolgoi has purchased MNT 4.9 trillion worth of goods and services since 2010 and has provided MNT 187 billion in funding for 354 projects. Additionally, the company has established the Khanbogd Development Accelerator Fund, investing MNT 170 billion to support local development. Currently, more than 20,000 people are employed at Oyu Tolgoi, with 97 percent being Mongolian citizens. Of these, 25 percent are residents of Umnugobi aimag. Women make up 23 percent of the workforce, with plans to increase this figure to 50 percent over the next decade. 
Between 2024 and 2024, the Oyu Tolgoi Project accounted for approximately 17 percent of Mongolia’s total export revenue, 20 percent of its mineral exports, and 44 percent of the country’s foreign exchange reserves. By 2051, Mongolia’s total revenue from the Project is expected to reach USD 11.9 billion. 
To further support the development of a skilled workforce in Mongolia, Oyu Tolgoi has established the Umnugobi Underground Mining Institute, which will train professionals to compete in the global mining industry.

President of Mongolia Khurelsukh Ukhnaa Visits Oyu Tolgoi Underground Mine www.ot.mn

President of Mongolia Khurelsukh Ukhnaa, accompanied by government officials and members of Parliament were welcomed by Rio Tinto Group’s Chief Executive Jakob Stausholm and Oyu Tolgoi senior leaders to the Oyu Tolgoi underground mine.
As Oyu Tolgoi advances on its unwavering path to becoming a global leader in the copper industry, the visit of Mongolia’s President, Khurelsukh Ukhnaa, to the mine stands as a milestone of great importance. With production increase by 50% compared to 2024, the ramp-up will continue over the next four years to produce 500,000 tonnes of copper (100% pure metal) per year, on average, from both the open-pit and underground mines, positioning Oyu Tolgoi as it as the world’s fourth-largest copper mine by the end of this decade.
During his visit, President U.Khurelsukh emphasized, “I take great pride in the 20,000 Mongolian people who are tirelessly working to transform the natural resources of Oyu Tolgoi into national wealth and prosperity. I also want to express my heartfelt gratitude to the foreign specialists who are sharing their expertise and working shoulder to shoulder with Mongolians.”
Rio Tinto Group CEO Jakob Stausholm highlighted that, “It is Mongolia’s valuable contribution to the global green transition, and the green projects we implement here are tangible examples of support for many environmental initiatives launched under your leadership, Mr. President.”
Oyu Tolgoi supports national movements and programmes initiated by President U.Khurelsukh through its  “100 million trees for the Future”, “Care Deeply” water awareness campaign, and “Made in Mongolia”  programme.
For instance, in alignment with the goals of the “Blue Gold” water sector national forum, Oyu Tolgoi has been collaborating with the Government’s Implementing Agency, the Water Authoruty of Mongolia and other sectoral organizations on its “Care Deeply” water awareness campaign, promoting responsible water consumption, reuse, and the importance of groundwater conservation to safeguard water resources.
Furthermore, Oyu Tolgoi’s “Made in Mongolia” programme aimed at replacing imported goods with locally produced alternatives along with our commitment to supporting small and medium-sized enterprises, aligns with the President’s “White Gold” national programme. These initiatives focus on improving the safety, quality, and environmental standards of national suppliers while playing a major role in job creation, fostering value-added production, and introducing new technologies to Mongolia.
As part of the “One Billion Trees” national movement, Oyu Tolgoi launched the “100 million trees for the Future” program in 2022. This initiative goes beyond tree planting—it builds a foundation for long-term reforestation through workforce training, tree nursery development, and infrastructure enhancement.
Under its “Creating Prosperity. Together” strategy aligned with global megatrends, the changing world order, climate change and economic uncertainty, Oyu Tolgoi is building a world-class, safe, and sustainable copper business, generating value for its shareholders and stakeholders while making a long-term contribution to the social and economic development of our nation.
Notes for editors:
Production and Future Prospect:
With ongoing investment in essential infrastructure and mining development, production continues to accelerate: in 2024 our underground mine achieved all ramp-up milestones with construction of Panel 0 completed, including Shaft 3 and 4 ventilation, 124 drawbells blasted ahead of schedule, and first test ore on the new Conveyor to Surface achieved in October.
As the world transitions to green energy, Mongolia plays a vital role in supplying copper—an essential raw material for electric vehicles and renewable energy—supporting the global fight against climate change. At peak production, Oyu Tolgoi will produce enough copper each day to manufacture approximately 17,000 electric vehicles.
Oyu Tolgoi’s Environmental Programmes and Initiatives:
Oyu Tolgoi impacts beyond the mine, creating positive benefits across Mongolia.
To date, Oyu Tolgoi’s “100 Billion Trees for the Future” programme has already achieved over 20% of its target. Since 2022, Oyu Tolgoi has successfully planted and nurtured over 20.5 million trees or their equivalent. This includes 1.3 million trees planted for reforestation and investments equivalent to 19 million trees dedicated to developing forestry infrastructure.
Oyu Tolgoi is now in its fourth year of implementing the “Care Deeply” campaign in collaboration with The Water Authority, a government implementing agency of Mongolia, the Mongolian Hydrogeology and Geoecology Association, the Galba-Uush-Dolood Gobi River Basin Administration, and the School of Geology and Mining at the Mongolian University of Science and Technology. This initiative promotes responsible water consumption, recycling, and groundwater conservation while also raising awareness of hydrogeology as a profession and supporting the training of skilled professionals in this field.
At the “Blue Gold” 2025 National Forum, scheduled for March 21, the “Care Deeply 2025” Water Excellence Award will recognize the most impactful solutions for water conservation, sustainable use, and pollution prevention.
Oyu Tolgoi recycles an average of 87% of its industrial water usage and reuses 97% of domestic water for dust suppression and equipment washing at the mine site.
Oyu Tolgoi uses approximately three times less water per tonne of processed ore than the global average. In Q4 2024, the company used an average of 0.34 cubic meters of water per tonne of ore processed.
Since 2013, Oyu Tolgoi has paid a total of MNT193 billion in water usage fees as of the fourth quarter of 2024.
The groundwater used in the Oyu Tolgoi concentrator does not meet drinking water standards and has no negative impact on the local community’s drinking water sources.
Oyu Tolgoi remains committed to protecting and enhancing biodiversity.
As of 2024, 63% of total waste generated was recyclable or re-usable, and Oyu Tolgoi is collaborating with 17 national companies in this effort. A prime example of waste reuse is the compost production from food waste, which is used for land rehabilitation, landscaping, and tree planting at the mine site.
In line with global efforts to combat climate change, Oyu Tolgoi is actively reducing greenhouse gas emissions, aiming for net-zero emissions by 2050.
Oyu Tolgoi and Rio Tinto are developing a 180 MW renewable energy project, which will meet 30% of Oyu Tolgoi’s long-term energy demand (600,000 MWh). In the long run, the goal is to source 70% of the mine’s energy from renewable sources.
Economic and Social Impact (As of the End of 2024)
As of 2023, Rio Tinto has invested a total of USD16.8 billion in Oyu Tolgoi.
Since 2010, Oyu Tolgoi has contributed USD4.8 billion in taxes, fees and other payments to the state budget.
Since 2010, Oyu Tolgoi has spent US$18.9 billion in-country in the form of salaries, payments to Mongolian suppliers, taxes and other payments to the Government of Mongolia. In Q4 2024, over 1,044 suppliers provided products and services to Oyu Tolgoi.
30 of Mongolia’s Top 100 companies are Oyu Tolgoi’s suppliers, and the company has consistently ranked among the leading enterprises contributing to the country’s development.
Every USD1 invested in Oyu Tolgoi generate USD1.43 in Mongolia’s economy. (The National University of Mongolia, 2018)
One-third of Mongolia’s GDP growth driven by investment is attributed to Oyu Tolgoi. (The University of Finance and Economics, 2024)
Through Oyu Tolgoi, Rio Tinto’s block-caving technology and 150 years of management expertise have been introduced to Mongolia. This has not only advanced the mining sector but also enhanced the planning and management capabilities of many partnering companies.
97.5% of Oyu Tolgoi’s workforce consists of Mongolian nationals, with over 20,000 employees currently working at the company. Oyu Tolgoi is playing a key role in developing world-class professionals for Mongolia’s mining sector.