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

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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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Increased Vehicle Tax and Road Usage Fee www.gogo.mn

The City Council of the Capital City convened today (December 4, 2024) and approved the 2025 budget proposal. During the session, the council discussed and decided to revise and increase the taxes on vehicles and self-propelled machinery as well as the road usage fees. The updated regulations will come into effect on January 1, 2025.
The revised rates for vehicle tax based on engine capacity, as determined by the City Council, are as follows:
Above 4000 cc: 694 MNT per day, 250,000 MNT per year
2001–3000 cc: 416 MNT per day, 150,000 MNT per year
Up to 2000 cc: 275 MNT per day, 100,000 MNT per year
Under the new tariffs, drivers will pay taxes based on the engine capacity of their vehicles.
Translated by ChatGPT
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Rio Tinto lifts 2025 guidance for capex, copper output www.reuters.com

Anglo-Australian mining group Rio Tinto (RIO.AX), opens new tab, (RIO.L), opens new tab on Wednesday lifted its capital expenditure guidance for 2025 and forecast higher copper production, mostly on an anticipated 50% output surge from its Mongolian assets.
Across operations, it is projecting 3% compound annual growth from 2024 onward. While Rio Tinto's profits primarily stem from iron ore, it is increasing its focus on copper, demand for which is expected to benefit from the energy transition.
The miner aims to reach annual copper production of 1 million metric tons by 2030, evolving into a major player in the clean energy supply chain focusing on high-quality, low-emission raw materials.
"As we ramp up the Oyu Tolgoi underground copper mine (in Mongolia), deliver the Simandou high-grade iron ore project in Guinea, and build out our lithium business through the proposed acquisition of Arcadium, we are underwriting a decade of profitable growth," CEO Jakob Stausholm said.
The company expects overall capital expenditure to rise to $11.0 billion for fiscal 2025 - $1 billion above a previous forecast - from $9.5 billion in 2024.
The Simandou iron ore project in Guinea, set to be the world's largest new iron ore mine, will add around 5% to global seaborne supply when it comes on line at the end of 2025. Rio plans to spend about $6.2 billion on the development, with more than half on port and rail infrastructure.
While the Dow dipped almost two-tenths of a percent, the S&P ticked up slightly, and the NASDAQ added four-tenths of a percent.
Rio in October agreed to buy lithium producer Arcadium (ALTM.N), opens new tab for $6.7 billion, a strategic move set to make it the world's third-largest lithium miner, significantly boosting its presence in the electric vehicle battery supply chain.
Its Rincon starter project in Argentina achieved first lithium production last week, it said, but the huge Jadar project in Serbia, marred by environmental protests, could take at least two years to secure permits to go ahead.
The world's largest iron ore producer said it expects copper production in fiscal 2025 of 780,000-850,000 tons, against 660,000-720,000 tons a year earlier.
It maintained its projected capital expenditure for decarbonisation through 2030 at the lower end of the $5 billion-$6 billion range, having last year cut the budget from a previous estimate of $7.5 billion.
Rio is dual listed in Sydney and London, where its shares were down 12% and 14% respectively this year.
On Wednesday activist investor Palliser Capital demanded Rio Tinto scrap its primary listing in London and unify its corporate structure in Australia, saying about $50 billion in shareholder value has already been lost due to the dual listing.
"So far, we have not got anything that tells us that the structure we have is not the best structure," Stausholm told investors in London.
Reporting by Clara Denina, Roushni Nair; Editing by Eileen Soreng, Rashmi Aich and Jan Harvey
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Saudi Arabia Affirms Commitment to Cooperation with Mongolia in Renewable Energy, Mining, and Tourism www.montsame.mn

Prime Minister of Mongolia Oyun-Erdene Luvsannamsrai received Prince Turki bin Mohammed Al-Saud, Member of the Council of Ministers and Minister of State of the Kingdom of Saudi Arabia.
At the meeting, Prime Minister Oyun-Erdene noted that the State Minister’s visit to Mongolia last year was an important impetus for increasing relations and cooperation between the two countries and expressed satisfaction that the issues agreed during the visit started to be realized. Prime Minister Oyun-Erdene introduced Mongolia’s “Vision-2050,” the Government’s Action Program for 2024-2028, and mega projects, and the two sides exchanged views on the possibilities for cooperation with Saudi Arabia in implementing these projects and programs, attracting investment, and developing mutually beneficial cooperation.
Prince Turki bin Mohammed emphasized the great potential to expand relations and cooperation between the two countries and confirmed Saudi Arabia's commitment to developing mutually beneficial cooperation in sectors, including renewable energy, mining, and tourism. Moreover, the Prince reaffirmed to provide all-round support to Mongolia for organizing the 17th Conference of the Parties to the United Nations Convention to Combat Desertification.
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Two New Products Launched on Mongolian Stock Exchange www.montsame.mn

Two companies have launched new products on the Mongolian Stock Exchange. Specifically, “Shunkhlai” LLC started the primary market trading of “Shunkhlai” bonds, while a bell-ringing ceremony for the IPO of “Tenger Daatgal” LLC was held on November 28, 2024.
The IPO orders for “Tenger Daatgal” will be accepted through the MSE's IPO system until December 4, 4:00 PM.
• Name of the security: “Tenger Daatgal” LLC
• Total number of securities: 60,000,000 shares
• Number of shares to be offered to the public: 12,500,000
• Public offering price: MNT 800
• Total amount of funds to be raised: MNT 10,000,000,000
“Shunkhlai” LLC has issued open bonds with an annual interest rate of 17 percent. Trading orders are being accepted through the IPO system of the Mongolian Stock Exchange until December 9, 2024.
• Bond name: “Shunkhlai” bond
• Total number of bonds: 800,000
• Bond face value: MNT 100,000
• Total value of bonds: MNT 80,000,000,000
• Bond interest/yield rate: 17 percent
• Bond term: 12 months.
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Mongolia: RSF presents its recommendations to strengthen ambitious press freedom bill www.rsf.org

Reporters Without Borders (RSF) welcomes the Mongolian government’s draft law on press freedom. While some areas of the proposed legislation need further refinement, it is a positive step forward to ensure the freedom, independence, and plurality of Mongolian journalism is better guaranteed.
In October 2024, Mongolia’s Ministry of Justice introduced plans to reform the country’s Law on Freedom of The Press, originally passed in 1998. According to the government, the reform aims to foster the development of a diverse media landscape full of reliable journalism and tackle the country’s recent decline in press freedom, highlighted by Mongolia’s drop in the RSF World Press Freedom Index by 36 places since 2020. Mongolia currently ranks 109th out of 180 countries and territories in 2024.
“This is a welcome, ambitious piece of legislation that seeks to address critical issues for Mongolian journalists. In RSF’s view, while some improvements could be made, the draft law provides a good basis for upcoming Parliament discussions. By adopting this law, Mongolia would demonstrate its commitment to press freedom and the public’s right to reliable information despite the pressure of being a landlocked nation geographically surrounded by the authoritarian regimes of Russia and China.
Antoine Bernard
RSF’s Director of Advocacy and Assistance
RSF’s five main recommendations to strengthen Mongolia’s proposed press freedom law
Clarify the definition of journalism: Clearly distinguish journalists, who adhere to specific ethical codes as employees of a professional media organisation, from individuals who publish public-interest information without having to comply with the same level of professional ethics and self-regulatory scrutiny.
Guarantee media independence: Ensure that neither the state nor media regulatory authorities can interfere with editorial decisions or exert pressure on journalists and independent media.
Enhance source protection: Extend protections to all newsroom staff with access to any information that would allow for the identification of journalists’ sources. In particular, exceptions to these protections must be strictly limited so as to protect journalists from undue surveillance through spyware.
Promote self-regulation standards: Endorse both nationally and internationally recognised standards that strengthen the transparency and reliability of journalistic reporting, such as the Journalism Trust Initiative (JTI), and create legal and/or economic incentives for Mongolian media service providers to facilitate adherence to such self-assessment and certification programmes.
Increase transparency in media ownership and funding: Require the full disclosure of media ownership, including indirect state ownership, as well as details concerning public funding, particularly state advertising.
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ADB, Xacbank Sign $50 Million Deal to Boost Climate and MSME Financing in Mongolia www.adb.org

The Asian Development Bank (ADB) and XacBank Joint Stock Company (XacBank) have signed a $50 million financing package to enhance financing for climate action and to support micro, small, and medium-sized enterprises (MSME) in Mongolia.
The package includes $40 million from ADB and a $10 million concessional loan from the Canadian Climate and Nature Fund for the Private Sector in Asia (CANPA). At least 70% the financing package will be dedicated to climate mitigation and adaptation projects, with the remainder allocated to multisector MSME finance, including lending to women-owned and women-led businesses.
"A strong green finance market is essential to fostering a sustainable economy that supports Mongolia's net zero goals," said ADB Vice-President for Market Solutions Bhargav Dasgupta. "As Asia and the Pacific’s climate bank, ADB is partnering with XacBank to improve the livelihoods of people who run these crucial businesses and to support broad economic growth, while helping Mongolia to build resilience against climate impacts."
Green finance is increasingly important in Mongolia, which faces significant climate vulnerabilities and high greenhouse gas emissions. The local green loan market is still developing, with green loans representing only a small percentage of total bank loans. The Mongolian government aims to expand this market by 2030, highlighting the need for private sector involvement to meet these and other climate targets.
MSMEs are vital to the Mongolian economy, making up over 70% of registered businesses and employing a considerable share of the workforce. Even so, they often struggle to access credit, especially for investments that meet green standards. Expanding their access to climate-friendly and inclusive financing can help enhance the resilience of this key strategic sector and drive sustainable and inclusive growth in Mongolia. ADB will assist XacBank in promoting gender equality including by offering new banking products for women entrepreneurs.
“At XacBank, we are dedicated to advancing sustainable finance and supporting businesses that contribute to Mongolia’s climate resilience,” said XacBank’s Chief Executive Officer Tsevegjav Gumenjav. “This partnership with ADB allows us to offer long-term, affordable financing options that will empower more green businesses and MSMEs to thrive, contributing to a sustainable and inclusive economy for Mongolia.”
Established in 2024, CANPA is a trust fund managed by ADB, supported by a commitment of Can$360 million from the Government of Canada. The fund builds on the success of the two previous funds, namely the Canadian Climate Fund for the Private Sector in Asia II (CFPS II) and its predecessor CFPS. CANPA aims to support private-sector projects in Asia and the Pacific that focus on climate and nature-based solutions, while also promoting gender equality. This financing package marks the first commitment under CANPA.
Established in 2001, XacBank is one of Mongolia’s leading banks, with a strong commitment to sustainable finance and MSME development. XacBank operates across all 21 provinces, serving over 1 million customers through its 72 branches.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 69 members—49 from the region.
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Central Bank of Mongolia Purchased 1.6 Tons of Precious Metals in November www.montsame.mn

In November 2024, the Central Bank of Mongolia purchased 1,689.5 kg of precious metals, bringing the total amount to 15.8 tons since the beginning of the year.
This figure represents a 1.6 percent decrease compared to the same period last year.
Since the beginning of the year, the Darkhan-Uul branch of the Central Bank of Mongolia has purchased 753.4 kg of precious metals, whereas the Bayankhongor branch- 1,177.2 kg.
The Central Bank of Mongolia determines the purchase price of precious metals based on global market prices. In November 2024, the average price for purchasing gold was MNT 291,101.68.
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Mongolia Exports 74.2 Million Tons of Coal in 2024 www.montsame.mn

According to the Mongolian Customs General Administration, on December 1, 2024, Mongolia exported 18.2 thousand tons of coal.
The total amount of coal exported since the beginning of the year reached 74,250.2 thousand tons of coal, a 23.9 percent increase compared to the same period of the previous year.
Mongolia has set a target to export 78 million tons of coal in 2024 and plans to increase the export of coal to 83 million tons for the next year.
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IT, services lead Mongolia’s diversification away from mining www.emerging-europe.com

Mining-driven economic growth since 2023 has lifted Mongolia to upper-middle income status, but despite this strong growth, further diversification of the economy is necessary.
Stereotypes abound when discussing Mongolia, not least its nomadic herding culture and vast steppe landscapes.
However, this resource-rich nation is currently undergoing a significant transformation. Its journey toward diversification, technological advancement, and sustainable growth reflects the aspirations of a society balancing deep-rooted cultural identity with the pressures—and, indeed, ambitions—of globalisation.
Mining-driven economic growth since 2023 has lifted the country to upper-middle income status. Mongolia’s economy is further projected to grow by 5.3 per cent in 2024 and 6.5 per cent in 2025, amid ongoing robust mining production and domestic demand, according to the World Bank’s latest semi-annual Mongolia Economic Update.
Economic growth held steady at 5.7 per cent year-on-year in the first half of 2024, with recent high-frequency data indicating continued momentum into the third quarter.
The strong performance is attributed largely to a sustained surge in mining and transportation services, despite contraction in the agriculture sector caused by harsh climate conditions.
Domestic demand was a key driver of growth, but is putting pressure on the balance of payments as imports outpace revenues from commodity exports.
The medium-term growth outlook remains positive, at six per cent over 2026–27. After a surge in output from the Oyu Tolgoi gold and copper mine in 2025, mining output is projected to moderate, with growth increasingly driven by other sectors, including trade and other services, and agriculture. Nevertheless, the mining industry remains the cornerstone of Mongolia’s economy, contributing approximately 21.8 per cent to the GDP.
Increased public consumption and investments under the government’s four-year action plan are also expected to accelerate the growth.
Challenges
Mongolia’s transformation, however, is not without its complexities. As the country harnesses its natural wealth and embraces digitalisation, it faces the dual challenges of economic dependency and environmental vulnerability.
Geopolitically, Mongolia’s position as a relatively stable democracy wedged between two authoritarian giants—China and Russia—adds another layer of intricacy to its narrative.
Indeed, the economic outlook faces several downside risks. Greater-than-expected fiscal spending could elevate inflationary pressures and widen fiscal and current account deficits.
Climate change heightens the risk of more frequent and severe natural disasters, posing significant economic risks for Mongolia, especially for poor and vulnerable households. Harsh climatic conditions, such as the severe winter of 2023–24, known as ‘dzud’, led to the death of over 6.9 million livestock, severely affecting the agricultural sector and nomadic herders.
Slower-than-expected global growth meanwhile could weaken external demand and reduce prices for key export commodities. Escalating geopolitical tensions could drive up fuel prices, resulting in higher imported inflation, increased production costs, and a larger import bill.
“While Mongolia’s ongoing mineral export boom is delivering positive macro-fiscal outcomes for the second consecutive year, maintaining these gains will require prudent macroeconomic management,” says World Bank Country Manager for Mongolia Taehyun Lee.
“The continued reliance on mining leaves Mongolia vulnerable to external shocks and structural reforms to diversify the economy and increase its resilience remain important.”
In recent years, Mongolia has prioritised digital transformation to diversify its economy beyond mining. The establishment of the Ministry of Digital Development and Communications in 2022 marked a significant step towards building a ‘digital nation’.
The government has implemented laws on personal information protection, cybersecurity, and digital signatures, creating a robust legal framework for digital advancement. 
With some help from e-government pioneer Estonia, an ‘e-Mongolia’ initiative exemplifies this digital shift, offering over 800 public services online, thereby enhancing government transparency and efficiency.
By January 2024, internet penetration in Mongolia reached 83.9 per cent, with 2.91 million users, indicating a substantial digital user base.
The IT sector: Crucial for diversification
In 2024, the IT services market is projected to generate revenues of approximately 124.20 million US dollars, with an anticipated annual growth rate of 5.08 per cent from 2024 to 2029, reaching USD 159.20 million by 2029, according to Statista.
The software segment is also experiencing significant expansion, with revenues expected to hit 214.20 million US dollars in 2024. This sector is forecast to grow at an annual rate of 8.62 per cent between 2024 and 2029, culminating in a market volume of 323.80 million US dollars by 2029. 
A vibrant start-up ecosystem is at the heart of Mongolia’s IT sector, fostering innovation and technological advancement. Notable start-ups include Chimege, specialising in automatic speech recognition and natural voice synthesis for low-resource languages.
Chimege focuses on the Altaic language family, including Mongolian, Kazakh, and Kyrgyz. Their technology enhances communication and digital content accessibility for speakers of these languages. 
Then there’s World Plus, which offers an interactive global magazine experience across all devices. World Plus serves as a dynamic digital newsstand, providing a diverse range of publications to keep users informed about global news and trends.
Anduud Lab meanwhile is a software development company dedicated to creating AI-driven platforms that empower small and medium-sized enterprises (SMEs) in their digital transformation journeys, enhancing efficiency and operational effectiveness.
Bolstered by these innovative start-ups and supportive government policies, Mongolia’s IT sector is clearly on an upward, if gentle, curve.
Continued investment in talent development and infrastructure will be key to sustaining this growth and ensuring the sector’s long-term success, and to fully diversifying the economy away from mining and agriculture.
FDI
Foreign investment could also help. Currently, however, there are barriers to entry: notably foreign investors must invest a minimum of 100,000 US dollars—not an issue for large firms, but a huge amount for start-ups—to establish a venture. In contrast, Mongolian investors face no investment minimums, according to the US department of State.
Second, only Mongolian adult citizens may own real estate in the form of land. Additionally, while foreign investors may obtain use rights for the underlying land, these rights last for five years with a one-time, five-year renewal. The government imposes no such restriction on its nationals.
There is some positive development, however. Mongolia offers a ‘One-Stop-Shop’ for investors, which provides investors with services related to visas, taxation, notarisation, and business registration.
Mongolia’s Ministry of Economy and Development, responsible for FDI promotion, has also created a new foreign investment and foreign trade support entity, Invest Mongolia.
Mongolia foreign direct investment for 2023 was 2.25 billion US dollars, a 10.25 per cent decline from 2022, according to Macrotrends—around 11 per cent of total GDP.
BY Marek Grzegorczyk
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Japan expands Official Security Assistance scheme, flexes clout in more nations www.scmp.com

Japan has selected the Philippines, Indonesia, Mongolia and Djibouti as the next recipients of its Official Security Assistance (OSA) scheme, according to reports, with analysts saying the move reflects Tokyo’s aim to align its security objectives with partner countries while countering China’s growing influence.
The recipient nations are likely to receive non-lethal military equipment such as radar to improve their maritime surveillance and communications capabilities, the Yomiuri newspaper reported on Saturday.
Unveiled by the Japanese government in April last year, the OSA framework aims to address the growing security challenges faced by nations in the Indo-Pacific region.
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