Indian External Affairs Minister Jaishankar to visit Mongolia www.gogo.mn

At the invitation of Foreign Minister B.Battsetseg, India's External Affairs Minister, Dr. Subrahmanyam Jaishankar, will pay an official visit to Mongolia on June 22–23.

During the visit, Foreign Minister B.Battsetseg and Dr. Jaishankar will hold official talks and exchange views on expanding and strengthening the strategic partnership between Mongolia and India, as well as on a broad range of regional and international issues of mutual interest.

Mongolia and India established diplomatic relations on December 24, 1955, and exchanged ambassadors in 1956. Mongolia opened its embassy in New Delhi in 1956, while India established its embassy in Ulaanbaatar in 1971.

Record Currency Management participates in an innovative transaction for the acquisition of Mongolian tugrik by EBRD www.open.kg

Record Currency Management Ltd (RCM), a subsidiary of Record plc, has announced its participation in a new bond deal issued by the European Bank for Reconstruction and Development (EBRD). This event aims to develop the capital markets of Mongolia and provides institutional investors with access to attractive opportunities in emerging markets.

RCM is a specialized currency management division within Record Financial Group, which manages assets worth $115 billion on behalf of institutional clients worldwide. Record's clients include pension funds, government institutions, and other asset managers, with whom the company builds long-term partnerships based on tailored investment solutions and risk management. Record is headquartered in London, with offices in Hamburg, Zurich, Zug, New York, and Hong Kong.

These investments are part of a broader strategy by Record Financial Group to expand opportunities in emerging and frontier markets, leveraging years of experience in currency risk management and institutional investments. The deal also coincides with the fifth anniversary of the flagship Record EM Sustainable Finance Fund, which was launched in 2021 and currently manages assets of around one billion dollars.

The deal includes the issuance of four-year EBRD bonds with a fixed interest rate linked to Mongolian tugriks (₮), and the proceeds will be directed towards supporting local currency financing initiatives that promote sustainable economic development and strengthen Mongolia's financial markets. The European Social Development Fund invested $20 million as part of the EBRD's Global Medium-Term Fixed Rate Bond Program with a rate of 9.75%.

The EBRD has actively supported Mongolia's development since 2006, helping the country transition to a more diversified and sustainable economy. The bank's activities cover areas such as infrastructure, renewable energy, agribusiness, finance, and corporate development, with a particular focus on strengthening local capital markets and expanding access to financing.

For institutional investors, financing in tugriks becomes an important tool for supporting sustainable economic growth, reducing currency risks for borrowers, and fostering the development of domestic financial markets. This helps to mitigate currency risks for companies and financial institutions, as well as improve financial stability.

Record's participation in this deal confirms the company's intention to develop specialized investment solutions in emerging and frontier markets, where deep market expertise and investment discipline can create attractive opportunities for clients.

“Emerging and frontier markets remain our strategic priorities. Our experience in currency and sovereign markets enables us to identify innovative investment opportunities that provide both attractive institutional characteristics and positive economic outcomes. We are pleased to participate in the EBRD deal, which contributes to the development of investments in Mongolia,” said Dr. Othman Boukrim, CEO of Record Currency Management.

“We value our collaboration with Record, which began with the establishment of the fund, and understand the importance of local currency lending for the sustainability of projects, especially for those not engaged in exports. Over the past five years, we have conducted operations in various currencies, including for key projects in Mongolia,” added Isabelle Laurent, Deputy Treasurer and Head of Financing at EBRD.

These investments complement Record's growing opportunities in private markets and emerging markets, including specialized currency strategies, debt instruments, real asset investments, private equity, and lending. All these activities align with the Group's strategy to provide institutional investors with unique opportunities in markets where specialized expertise and long-term partnerships can create sustainable value.

By Виктор Сизов

Land Behind the Zhukov monument to be revoked and converted into park www.gogo.mn

Governor of the capital and Mayor of Ulaanbaatar B.Purevdagva and relevant officials worked in the 4th khoroo of Bayanzurkh District, north of the Zhukov Monument, to resolve land issues in the area. Because the area is heavily built up and densely occupied, the permit for 6,000 square meters of land that had been allocated for construction has been canceled. The land will now be turned into a public space and park.

The land had originally been granted to Newtour Safaris LLC, Merge Van LLC, Khuree-Invest LLC, and Alkhanatreid LLC under Bayanzurkh District Governor’s Order No. 42 of 2006, which concerned granting land ownership rights and revoking land use rights. However, since the land had not been used for its intended purpose for two years without a valid reason, the decision was made to revoke the land ownership certificate and terminate the ownership rights in accordance with the law.

Mayor B.Purevdagva said the area had once been public land but had been fenced off for the past 10 years. “We are taking this land back as public space within the policy of building a city for people, not cars. We will create green space and carry out landscaping work so that citizens can spend their leisure time comfortably. We have instructed the relevant authorities to begin the landscaping work. We are following a policy of not allowing residential construction in densely populated areas. In the future, we will gradually implement green spaces and children’s playgrounds in ger areas as well,” he said.

Prime Minister Heads to China for Summer Davos Forum www.montsame.mn

Ulaanbaatar, June 22, 2026 /MONTSAME/. Prime Minister Uchral Nyam-Osor departed today for Dalian, China, at the invitation of the Chinese government to participate in the Summer Davos Forum.

This year's Summer Davos Forum is being held under the theme “Innovating at Scale," bringing together more than 1,500 participants, including government leaders, business executives, and representatives of leading research institutions and innovation organizations from over 30 countries.

During the forum, Prime Minister Uchral will take part in both plenary and thematic sessions.

He is also scheduled to hold bilateral meetings with Chinese Premier Li Qiang, the Prime Minister of Kazakhstan, Olzhas Bektenov, and the Prime Minister of the Republic of Korea, Kim Min-seok. In addition, he is expected to meet with international business leaders attending the forum.

Initiated by the World Economic Forum, a Swiss non-governmental organization, the Annual Meeting of the New Champions—widely known as the Summer Davos Forum—has been held alternately in the Chinese cities of Dalian and Tianjin since 2007.

The forum has developed into one of Asia’s leading international platforms for discussions on the global economy, innovation, advanced technologies, and sustainable development.

By Ooluun.B

In the Gobi, the development of the largest coal deposit in recent years, Borteg, has begun. www.open.kg

The Bortegg deposit, part of the Tavan Tolgoi group of deposits, has officially commenced operations in Mongolia. The opening ceremony took place on June 20, 2026, with the participation of the country's Prime Minister, Ukhnaa Niam-Osor. This event marks an important step in the implementation of state policy aimed at developing Mongolia's strategic natural resources.

The Prime Minister emphasized that on June 3, the government made a historic decision allowing citizens to engage in the development of their own deposits. The project management for "Bortegg" will be carried out by Erdenes Tavan Tolgoi JSC in collaboration with local companies.

The government does not intend to abandon foreign investments; however, each of them must comply with the principles of transparency and consider national interests. The Prime Minister noted that work is beginning on creating effective governance in the mining sector, which will enhance the value of resources and bring greater benefits to citizens.

The Prime Minister also added that at the moment the first scoop of earth was taken at the Bortegg deposit, Erdenes Tavan Tolgoi JSC signed a memorandum with the international auditing company BDO and the Mongolian Stock Exchange. This signifies the beginning of the implementation of the government program "Chölöölö" (Let's Free) and the transformation of Erdenes Tavan Tolgoi into a public joint-stock company. The introduction of international standards and environmental responsibility will become the foundation for the industry's development.

The "Bortegg" project will bring the following benefits to the economy of Mongolia:

• Resources: The deposit contains 424.2 million tons of coal and is capable of producing up to 15 million tons of coal per year.

• Tax revenues: Over the first 10 years, approximately ₮4.4 trillion will be contributed to the budget, accounting for about 13% of Mongolia's consolidated budget revenues.

• Investments: Together with national companies, approximately ₮10.2 trillion will remain in the economy over 10 years.

• Job creation: More than 1500 new jobs will be created in the Gobi region.

The implementation of the principle that natural resources belong to the people will enhance the value of the Bortegg deposit and improve the quality of life for citizens. The opening of this deposit continues the state policy aimed at redistributing the benefits from natural resources in favor of the population, which was initiated in 2012 when 2.5 million citizens received shares. Bortegg represents a strategically important project that combines economic benefits with new standards of responsible mineral extraction.

Mongolian Coking Coal Imports Surge as China Tightens Domestic Supply in 2026 www.indexbox.io

Mongolian Coking Coal Imports Expected to Climb

According to industry analysts, China's purchases of Mongolian coking coal are projected to increase further in 2026, fueled by persistent cost benefits, structural blending needs, and a tightening of domestic supply following safety inspections. JinSong Tang, head of coking coal at JSL Global Commodities, stated in an interview that Mongolian material has become a key element in China's coking coal mix, especially for inland steel centers, with volumes anticipated to rise from the already high levels recorded in 2025.

Data from the China Iron & Steel Association shows that China imported 60.07 million metric tons of Mongolian coking coal in 2025, representing 51% of its total annual metallurgical coal imports. JinSong noted that import volumes could potentially reach 80 million metric tons or more in 2026, driven by attractive pricing and suitability for domestic blending requirements. 

Blending Demand and Supply Constraints

The demand for Mongolian coal is largely linked to its function as a cost-effective blending component rather than a direct replacement for domestic or seaborne coal. Typically low in ash and sulfur, Mongolian coking coal is frequently blended with higher-sulfur domestic coal, especially in Shanxi and Hebei, enabling coke producers to lower costs while preserving quality. JinSong described Mongolian coal as a Tier-2 hard coking coal that integrates well into Chinese blending strategies, complementing rather than competing with domestic supply.

Meanwhile, Russia, China's second-largest coking coal exporter, continues to encounter difficulties, including a 3% import tariff imposed on Russian coal in 2024. Analysts at the China Coal Transportation & Distribution Association (CCTD) indicated that China and Russia are currently in talks about removing the tax. The Russian coal sector is also grappling with rising costs, mining bankruptcies, and international sanctions. As a result, Russian coal's price advantage is diminishing due to higher costs and logistical challenges during winter, prompting Chinese buyers to shift toward Mongolian coal, according to CCTD analysts.

A cross-border railway connecting Mongolia to China's Ganqimaodu land port, scheduled for completion by 2027, is expected to shorten shipping times. Analysts at consultancy Galaxy Futures said that once finished, delivery times from Mongolian mines to Chinese mills could decrease to about 20 hours from three days, potentially boosting exports to 100 million metric tons by 2027. 

Imports Surge in Early 2026

China's imports of Mongolian coal have already demonstrated robust growth in 2026. Customs data reveals that from January to April, China imported 26.42 million metric tons of Mongolian coal, a 68% increase year over year, with both March and April exceeding 7 million metric tons. Chinese mills' daily metallurgical coal consumption averaged roughly 1.56 million metric tons in the week ending May 23, staying close to the supply of about 1.64 million metric tons, which kept inventories under strain. 

Market participants reported that domestic output covers only about 75% of demand, reinforcing the need for imports. According to China-based consultancy GF Futures, Mongolian coal mining costs are approximately Yuan 50-150 per metric ton lower than Shanxi's main coking coal average costs and about Yuan 150-200 per metric ton lower than China's main metallurgical coal average costs. Competitive pricing and enhanced logistics are facilitating greater inflows of Mongolian coal into China. Analysts at China-based consultancy Tongguan Jinyuan stated that the daily average of Mongolian coal transported by trucks to China via the Ganqimaodu land port is expected to surpass 1,400 trucks.

Limited Competition with Seaborne Supply

Mongolian coal primarily serves northern inland markets, whereas seaborne shipments, especially Australian premium hard coking coal, are more commonly used by southern coastal mills, restricting direct competition. Australian supply continues to underpin high-quality blends where coke strength is essential, though higher prices confine its use to performance-driven demand. Analysts expect Chinese buyers to sustain a dual sourcing strategy, balancing inland Mongolian supply with seaborne imports based on price differentials, logistics, and quality.

Safety Inspections Tighten Domestic Supply

Domestic supply disruptions following mining accidents have bolstered near-term prices, leading to stricter safety inspections across key producing regions in China. A fatal gas explosion at the Liushenyu mine in Changzhi, Shanxi, on May 22 halted operations at the site, which has an annual capacity of 1.2 million metric tons. Analysts at S&P Global Energy CERA noted in their latest outlook report that while the mine's capacity is limited, the incident is expected to trigger more rigorous inspections, potentially tightening supply in the short term and supporting CFR prices.

After the accident, China's domestic metallurgical coal stocks have tightened, according to analysts at Tongguan Jinyuan. Upstream producers are reducing inventories, while midstream and downstream operators have started stockpiling. JinSong indicated that production controls are likely to remain in effect for at least two to three months, limiting domestic output and constraining availability. This has supported prices for both domestic and imported coal, with Mongolian cargoes experiencing increased demand at the border.

U.S. Pacific Command Deputy Commander Visits Mongolia, Reaffirms Strategic ‘Third Neighbor’ Partnership www.dvidshub.net

ULAANBAATAR, Mongolia–Lt. Gen. George Rowell, Deputy Commander of U.S. Pacific Command, concluded a multi-day visit to Ulaanbaatar, Mongolia this week, reaffirming the growing security cooperation between the two nations. The visit marked the most senior U.S. PACOMvisit to the country since 2019, underscoring the strength and importance of the U.S.-Mongoliastrategicthird neighbor partnership.

During his visit, Lt. Gen. Rowell met with key Mongolian defense leaders, including Minister of DefenseBatlutDambu, State Secretary of the Ministry of Defense Maj. Gen.GankhuyangDavagdorj, and Chief of the General Staff of the Mongolian Armed Forces, Lt. Gen.GanbyambaSunrev.

"The friendship between our nations demonstrates that geography does not define partnership; shared values and mutual commitment do," said Rowell. "The United States deeply values this partnership, not simply because of what our militaries do together, but because of the trust and mutual respect that underpin everything we accomplish." The visit coincided with the opening of Exercise Khaan Quest 2026, the premier multinational peacekeeping operations exercise in the Indo-Pacific.

Highlighting the exercise and the enduring military ties,Ganbyambastated,"The strategicpartnership between the United States and Mongolia is critically important to our shared goals of peace and stability. This enduring bond is deeply reflected within our ranks, as many of the leaders on my staff are graduates of U.S. military schools. We also see the continued strength of this partnership in Exercise Khaan Quest, which is not only growing in the number of participating nations but is continually improving in the high quality of the training it provides."

In his opening ceremony address, Rowell praised Mongolia’s contributions to global security and the legacy of the ongoing exercise.

"This is not just another ceremony, this is a celebration of twenty years of multilateral partnership, progress, and purpose," said Rowell. "The true heart of Khaan Quest is not found in equipment or tactics, it is found in the people and the partnerships we forge."

While in Ulaanbaatar, Rowell also met with the leadership of the Mongolian Special Forces Command and visited the Special Operations Training Center where Mongolian specialforces conducted pre-deployment training ahead of an upcoming UN peacekeeping mission.

He concluded his visit by touring the Peace Support Operations Training Center alongside Lt. Gen. Hiroki Kobayashi, Commanding General of Japan’s Ground Component Command, and Maj. General Giles Cornelia, Deputy Commanding General of U.S. Army Pacific.

The visit reinforces the strong momentum in the U.S.-Mongolia security relationship and sets a positive course for future partnership.

ULAANBAATAR, MONGOLIA
06.21.2026
Courtesy Story
U.S. Pacific Command

Mongolia tenders 110 MW of solar www.pv-magazine.com

Mongolia’s Ministry of Energy has kicked off a tender for five solar-plus-storage projects.

The independent power producer (IPP) projects are set to have a combined solar capacity of 110 MW connected to 52 MW/188 MWh of battery energy storage systems (BESS).

The invite to tender splits the procurement exercise into five sites, three of which are located in Mongolia’s western region, with the remaining two situated in the country’s eastern region.

The government has identified and secured land for each auction site. The first site will encompass 10 MW of solar alongside a 10 MW/20 MWh BESS in the Bayankhongor province, while the second covers a 20 MW solar plus 10 MW/40 MWh BESS in the Bayan-Ulgii province, both to be built on 60 hectares of land. The third site encompasses a 40 MW solar plus 20 MW/80 MWh project in the Uvs province to be developed on 100 hectares of land.

The fourth site, located in the Sukhbaatar province, will host a 10 MW solar plus 2 MW/8 MWh BESS on 35 hectares of land while the fifth site, in the Dornod province, will be home to a 30 MW solar plus 10 MW/40 MWh BESS on 90 hectares of land.

Chosen developers will be responsible for the design, finance, construction, operation and maintenance of the solar-plus-storage facilities under an IPP structure. Each of the sites will be connected to existing grid substations.

The tender starts with an expression of interest stage, with developers eligible to apply for both the western and eastern lots. The ministry has said it reserves the right to procure through a single competitive auction covering all sites, or through separate competitive auctions for individual sites or groups of sites.

The deadline to submit expressions of interest is August 16, with a request for proposals currently scheduled during the second half of the year.

Mongolia’s cumulative solar capacity stood at 129 MW by the end of 2025, according to figures published by the International Renewable Energy Agency (IRENA), a decrease on the 143 MW reported at the end of 2024. 

By Patrick Jowett

Bank of Mongolia, Kakao Bank Discuss Digital Banking Cooperation www.montsame.mn

Governor of the Bank of Mongolia Narantsogt Sanjaa held an official meeting with Daniel Yun, founder and CEO of South Korea’s leading digital bank, KakaoBank, and the bank’s senior management at their request.

Representatives of KakaoBank presented their plans to invest in and cooperate with M Bank, Mongolia’s first digital bank. They also shared that they are exploring opportunities to introduce digital banking solutions currently used in South Korea to the Mongolian market.

During the meeting, Governor Narantsogt emphasized that the Bank of Mongolia actively supports the introduction of advanced banking and financial services offered by foreign financial institutions into the domestic market, to expand opportunities and improve services for consumers.

In this context, he noted that the central bank is working to improve the necessary legal and regulatory environment and to provide other forms of support required to facilitate such initiatives.

According to the Bank of Mongolia, the two sides also exchanged views on the current economic conditions in their respective countries, the digital transformation of the financial sector, developments in payment systems, and emerging trends in artificial intelligence and financial technology.

Rio Tinto resumes copper exports from massive Mongolian mine www.bloomberg.com

Rio Tinto Group has resumed exports of copper concentrate from its vast Oyu Tolgoi copper mine in Mongolia following a short protest.

The protesters began a blockade of a key road on Wednesday morning local time, preventing trucks from hauling mined copper to the border with China. The reason for the action wasn’t immediately clear, but the mine is controversial in Mongolia, where the government has demanded a bigger share of revenue from operations.

“Concentrate export shipments have resumed normal operations,” the mining giant said through its local subsidiary in a statement on social media.

Oyu Tolgoi is one of the world’s biggest copper mines and is being expanded as part of Rio’s strategy to expand sales of the metal underpinning electrification, the global energy transition and increasing demand from data centers.

Rio operates the mine with 66% ownership. The Mongolian government holds the rest.

© 2026 Bloomberg

By Paul-Alain Hunt, Bloomberg · 18 Jun 2026, 09:00