During its regular session on February 19, 2025, the Cabinet of Mongolia decided to rename the state-owned enterprise “Mongolrostsvetmet” as “Erdenes Critical Minerals,” and approved its revised procedure as an annex.

To secure the financial resources required for the exploration, development, mining, and processing of critical minerals, and in connection with the newly approved procedure, relevant officials were instructed to set the organizational structure and maximum staffing limits for the state-owned enterprise “Erdenes Critical Minerals,” and to provide its leadership and organizational management.

Under the 2024–2028 Action Program of the Government of Mongolia, 14 “mega projects” will be implemented within four main policy areas. The Action Program also states that “Projects to develop plants for processing rare earth elements will be supported at the policy level.” Taking into account the infrastructure, experience, human resource capacity, and potential of the state-owned enterprise “Mongolrostsvetmet,” the Government decided to rename it to “Erdenes Critical Minerals,” expand its operational focus, and revise its procedure so that it assumes responsibility for the research, exploration, extraction, and utilization of rare earth elements.

With the recent amendments to the enterprise’s procedure to ensure implementation of the Law on Sovereign Wealth Fund, “Erdenes Mongol” LLC will oversee the group’s activities through a unified strategic plan, management, leadership, and organizational structure. The dividends from the Government’s equity share in these legal entities will be collected and distributed into the Savings Fund in accordance with the Law on Sovereign Wealth Fund. The remaining portion will be utilized to finance projects and programs that support future business development and generate income and value, increasing returns from Mongolia’s mineral resources and ensuring fair and equitable distribution of benefits to citizens.