Mongolia’s “TOP-100” Businesses of 2024 Recognized www.montsame.mn

Mongolia’s WWII Legacy: Asset or Liability in 2025? www.thediplomat.com

The stories of Mongolia’s WWII heroes are deeply ingrained in the nation’s cultural fabric. But in an age of great power competition, remembrance is increasingly seen as a geopolitical signal.
As Mongolia commemorates the 80th anniversary of the end of World War II this year, the nation finds itself at a crossroads, where its historical legacy from that global conflict intersects with contemporary geopolitical realities. This creates a complex tapestry, woven with threads of military contributions, strategic alliances, and national identity. In the current geopolitical landscape, is Mongolia’s WWII heritage an asset or a liability?
Mongolia’s Indelible Mark on World War II – and Vice Versa
During WWII, Mongolia played a role that, while often overshadowed by the actions of larger powers, was significant in the context of the Asian theater. In 1939, the Battles of Khalkhin Gol (also known as the Nomonhan Incident) saw Mongolian cavalry units fight alongside Soviet forces. Their coordinated efforts disrupted Japanese supply lines, effectively halting Tokyo’s ambitious northward expansion. This victory not only safeguarded Mongolia’s borders but also had far-reaching implications for the broader war effort. It forced Japan to divert resources from its campaigns in China, thus altering the strategic balance in East Asia.
In 1945, Mongolia’s military prowess was again on display during the Zhangbei Offensive (also called the Langwogou campaign). Mongolian armored units, in cooperation with Soviet troops, broke through Japanese defenses in northern China. Their actions hastened the collapse of Japan’s Northern Defense Line, contributing to the overall weakening of the Japanese Empire in the final stages of the war.
Beyond direct combat, Mongolia provided substantial logistical support. A few million head of livestock and essential supplies were sent to the Soviet Union, serving as a crucial lifeline for the Allied war machinery. This assistance was not only a testament to Mongolia’s commitment but also a practical demonstration of its value as an ally.
The stories of Mongolia’s WWII heroes, from the fearless cavalrymen at Khalkhin Gol to the strategic minds behind battles, have been deeply ingrained in the nation’s cultural fabric. This history is recounted in schools, celebrated in state ceremonies, and forms an integral part of Mongolia’s national narrative. These tales reinforce a sense of resilience and sovereignty, portraying Mongolia as a nation that could stand its ground and make sacrifices in the face of global conflict.
This narrative unity serves as a powerful internal cohesive force. It binds the Mongolian people together, fostering a shared sense of purpose and pride. At the same time, it is a strategic asset in the international arena. In diplomatic discourse, Mongolia can draw on this legacy to assert its independent identity and historical significance, positioning itself as a nation with a rich and storied past that has actively shaped the course of history.
Yet when it comes to WWII, historical memory increasingly has to navigate geopolitical tensions.
Russia: Honoring the Past, Planning for the Future
Mongolia’s relationship with Russia has deep historical roots, and this is nowhere more evident than in their shared WWII history. Mongolia’s participation in Moscow’s May 9, 2025 Victory Day parade was a poignant reminder of their long-standing military bond. President Khurelsukh Ukhnaa’s emphasis on the logistical cooperation during WWII, including a visit to the War Horses memorial, further solidified this connection.
Their shared history has led to increased joint military exercises and enhanced intelligence sharing in the post-war era. Russia and Mongolia’s annual military exercise, Selenge, has been held since 2008, including the latest edition in June 2025. As Russia’s Security Council Secretary Sergei Shoigu put it in a meeting with his Mongolian counterpart, “the Russian and Mongolian people still inherit and carry forward the tradition of combat friendship formed during World War II.”
Amid the Ukraine conflict, Russia is in search of reliable partners, and Mongolia’s willingness to engage is seen as a positive sign. However, Mongolia is also acutely aware of the need for strategic diversification. Its “third neighbor” policy reflects Ulaanbaatar’s understanding that over-reliance on any single power can be a double-edged sword. By maintaining strong ties with Russia while simultaneously seeking other partnerships, Mongolia aims to protect its sovereignty and security interests in an ever-changing geopolitical landscape.
China: Substantial Engagement Without Presidential Summits
Despite the prominence of Russia in Mongolia’s WWII commemorations, Mongolia’s relationship with China has been steadily advancing. From 2023 to 2025 a series of high-level interactions took place – even in the absence of presidential summits. Then-Prime Minister Oyun-Erdene Luvsannamsrai’s visits to China for events like the Summer Davos Forum and his meetings with Chinese Premier Li Qiang at the Shanghai Cooperation Organization (SCO) summits in 2023 and 2024 were significant steps in maintaining diplomatic momentum.
In 2024, Chinese Vice President Han Zheng’s visit to Mongolia was quickly follow by Oyun-Erdene’s attendance at the China International Import Expo. These exchanges were not just diplomatic niceties; they were part of a larger strategy to align Mongolia’s economic interests with China’s Belt and Road Initiative. In 2025, Oyun-Erdene’s participation in the Asian Winter Games in Harbin and Parliament Speaker Amarbayasgalan Dashzevge’s talks with Chinese legislative leaders further underscored Mongolia’s “balanced diplomacy” approach.
Exchanges surged in the first half of 2025, fueled by the SCO Summit in Tianjin, WWII commemorations, and trilateral plans involving Russia. Consensus on issue like Tibet and Buddhism has helped strengthen ties. Interactions between political parties and government officials, as well as people-to-people- exchanges, flourished, highlighted by a visit to Mongolia by Liu Jianchao, the minister of the International Department of the Central Committee of the Chinese Communist Party. Potential visits by Wang Yi and senior officials later in the year would continue to boost relations.
In June, Mongolia’s new prime minister, Zandanshatar Gombojav, stepped up cooperation. Chinese Premier Li Qiang sent a congratulatory message to Zandanshatar on June 18, and on June 20, the prime minister met the Russian and Chinese ambassadors to discuss FTA talks with the Russia-led Eurasian Economic Union (EAEU), and mining cooperation with China, respectively.
As China approaches its September 3 commemoration of the 80th anniversary of the end of World War II, Mongolia could leverage shared history to advance the China-Mongolia-Russia Economic Corridor, push forward the Power of Siberia 2 (a proposed new gas pipeline linking China and Russia via Mongolia), and upgrade Central Railway Corridor(the Trans-Mongolian Railway) etc. Mongolia will seek to secure investment while maintaining strategic independence.
Third Neighbors: Expanding Horizons and Leveraging Resources
Mongolia’s engagement with third neighbors – countries beyond China and Russia – has taken on new significance in recent years, driven by both strategic and economic imperatives. India, for example, has shown a keen interest in Mongolia, particularly in relation to the latter’s vast rare earth reserves, which account for approximately 10 percent of the global total. The Nomadic Elephant 2025 joint military exercises, which focused on urban warfare and cyber operations, were not just a display of military cooperation but also a means for India to gain access to Mongolia’s valuable resources.
Multilateral engagements have also become a cornerstone of Mongolia’s foreign policy. The Khaan Quest 2025 peacekeeping drills, which invited participation from China, the United States, South Korea, and others, are a prime example. By hosting such events, Mongolia can balance its military trust with Beijing while simultaneously strengthening partnerships with other nations. 
The United States, through initiatives like the Indo-Pacific Economic Framework talks in 2024, and South Korea, with its pledge of smart city investments in 2025, are both vying for influence in Mongolia, seeking to counterbalance Sino-Russian dominance. Mongolia, in turn, deftly uses these overtures to enhance its bargaining power on the global stage, using its WWII legacy as a unifying narrative to engage with diverse partners.
Japan’s Forthcoming Visit: A Diplomatic Tightrope
The planned state visit by Japanese Emperor Naruhito and Empress Masako in July 2025 signals Japan’s bid to deepen its engagement with Central Asia, with Mongolia in its sights. Japan views Mongolia’s rich uranium, coal, and rare earth reserves as vital for its technological and industrial sectors. Additionally, infrastructure projects, such as the expansion of the Chinggis Khaan International Airport, are on Tokyo’s agenda. For Mongolia, this visit presents an economic opportunity, potentially bringing in much-needed investment and expertise.
However, the visit also comes with historical baggage. Mongolia’s official WWII narrative is centered around resisting Japanese expansionism, most notably at the Battles of Khalkhin Gol. Hosting the Japanese imperial family thus requires careful diplomatic choreography. Ulaanbaatar balance an emphasis on “economic reconciliation” with its own anti-fascist historical narrative. Geopolitically, the visit will be seen through the lens of Japan-U.S. efforts to counter China’s influence in Central Asia, and mismanaging historical issues could alienate Russia and China — both with their own wartime grievances against Japan.​
Economic Promise and Geopolitical Peril
Mongolia’s WWII heritage offers significant economic potential. Historical tourism, centered around battle sites like Khalkhin Gol, has the capacity to attract international visitors, injecting much-needed revenue into the economy. Cultural diplomacy, through the promotion of Mongolia’s WWII-era stories and artifacts, can enhance the nation’s soft power and open doors for further economic cooperation. Foreign investment in heritage-related projects, such as the development of museums or the restoration of historical sites, is another avenue for growth. Japan’s potential infrastructure funding, if managed strategically, could also complement ongoing projects like the China-Mongolia-Russia corridor.
However, the geopolitical landscape is fraught with risks. The ongoing China-U.S. rivalry, for instance, could potentially weaponize Mongolia’s historical narrative. Depending on how Mongolia navigates its relationships with these two superpowers, its WWII legacy could be used against it. Fluctuations in Russia’s global standing also pose a threat. If Russia’s influence wanes significantly, Mongolia may find itself in a more vulnerable position, especially if Ulaanbaatar has over-emphasized its historical alliance with Moscow.
Conversely, missteps in framing the engagement with Japan could erode Mongolia’s credibility as a custodian of anti-fascist history, affecting its relations with Russia and China. The delicate balance between economic pragmatism and historical integrity is a tightrope that Mongolia must walk carefully.
Conclusion
Mongolia’s WWII legacy is a double-edged sword. On one hand, it is a source of national pride, a unifying force, and a strategic asset that can be leveraged to enhance the nation’s standing in the international community. It provides a foundation for strong relationships with Russia and China, while also opening doors to partnerships with third neighbors. The upcoming visit from Japan, despite its complexities, also holds economic promise.
On the other hand, in an era of great power competition, this legacy exposes Mongolia to potential vulnerabilities. The risk of being caught in the crossfire of China-U.S. rivalry, the uncertainty of Russia’s future role, and the challenges of reconciling historical narratives with new diplomatic overtures are all significant hurdles.
The key for Mongolia lies in its ability to balance historical symbolism with pragmatic diplomacy. As it commemorates the 80th anniversary of the end of WWII in 2025, Mongolia must use this occasion to strengthen its alliances, promote economic development, and safeguard its sovereignty. The coming decade will be a test of Mongolia’s diplomatic acumen, as it determines whether its WWII legacy will be a catalyst for progress or a geopolitical liability. By carefully navigating the complex web of international relations, Mongolia can ensure that its past serves as a springboard for a prosperous and secure future.
By Sumiya Chuluunbaatar
Sumiya Chuluunbaatar is an economist and expert on international issues. Sumiya is currently working as a non-resident fellow at the Institute of International Studies, Mongolian Academy of Sciences.

UNDP Launches Grants To Strengthen Civic Participation and Public Service Integrity In Mongolia www.undp.org

United Nations Development Programme (UNDP) in Mongolia launched 24 new grant-supported projects under two projects: the “Integra Initiative: Integrity in Public Goods and Services in the Extractive Sector” and “3P4D:Promoting Participation Pathways for Human Development”. Supported by the Governments of the Republic of Korea, Denmark, and Luxembourg through UNDP’s Funding Window for Governance, Peacebuilding, Crisis and Resilience, these projects will strengthen public sector integrity and civic participation across Mongolia.
The selected projects under the Integra Initiative will pilot solutions that test and apply innovative ideas to enhance the efficacy and efficiency of public sector delivery, specifically within Mongolia’s extractive sector. Under 3P4D programme, grantees will pilot new mechanisms and tools to expand civic engagement and support reforms that empower communities to help shape the decisions that affect their lives.
The launch event brought together grantees which include representatives from the ministries, agencies, local administrations, NGOs, civil society organizations, research and academic institutes, media and development partners to discuss objectives and expected outcomes of the grant projects and outline next steps for their implementation. 
“Empowering communities to take part in shaping public services is fundamental for building trust in our institutions,” stated Honorable Baasanjargal Khurelbaatar, Member of Parliament of Mongolia. “These grants will help amplify local voices and ideas that can drive lasting improvements in governance and social justice.”
Through an open call for proposals among governmental and non-governmental organizations, over 90 submissions were received from across the country. Following a competitive evaluation process, 24 projects were selected to receive grants totaling up to USD 200,000, with implementation planned between July 2025 and February 2026.
Mr. Dashpurev N, Director of the Department of State Administration of the Ministry of Industry and Mineral Resources of Mongolia, “Investing in integrity-focused solutions for the extractive sector represents a concrete step toward more transparent, accountable, and sustainable resource management, which is crucial for strengthening Mongolia’s economic resilience and long-term prosperity.”
Both initiatives place strong emphasis on inclusive participation, gender equality, and women’s empowerment to ensure the meaningful and equal involvement of all members of society without discrimination.
A speaker stands at a podium, addressing an audience in a conference setting.
UNDP Mongolia
“Transformative change requires broad partnerships and shared ownership,” noted Mr. Firuz Saidkhadzhaev, Climate Finance and Development Economist at UNDP Mongolia. “These grants will empower locally driven solutions and enhance collaboration among government, civil society, academia, the private sector, and communities. By working together, we can build more inclusive, accountable, and resilient systems that serve everyone.”
Following the official launch, training sessions on grant reporting requirements and thematic workshops on participation, integrity, and gender were provided to grantees to build capacity for effective implementation.
About Integra Initiative
The Integra Initiative is an international cooperation programme implemented in four countries across Asia and Africa, supported through contributions from the Governments of Luxembourg, Denmark, and the Republic of Korea via UNDP’s Funding Windows. The initiative promotes integrity in public goods and services by strengthening fairness, transparency, and accountability in the management of public resources. It aims to enhance the efficiency and effectiveness of government institutions and to rebuild trust in public institutions. In Mongolia, the Integra Grant Programme has been launched to pilot and implement innovative solutions and tools that can strengthen integrity in mineral resource management and promote more sustainable and equitable governance in the extractive sector. As part of UNDP’s global Governance for People and Planet programme, the Integra Initiative in Mongolia contributes to achieving the Sustainable Development Goals by embedding governance at the core of environmental sustainability, gender equality, and inclusive growth.
About 3P4D Programme
The Participation Initiative is being implemented in five countries across Asia and Africa with support from the governments of Luxembourg, Denmark, and the Republic of Korea through UNDP’s Funding Windows. This initiative aims to support structural reforms that strengthen the enabling environment for civic space, expand opportunities for citizen participation, and build the capacity of civil society organizations.In Mongolia, the Participation Grant Programme has been launched within this framework to promote participation accelerators: innovative mechanisms and tools that can pilot and scale up new forms of civic engagement. All projects and activities implemented under the Integra and Participation programmes will ensure the participation of women and promote gender equality.
About UNDP
UNDP is the leading United Nations organization fighting to end the injustice of poverty, inequality, and climate change. Working with our broad network of experts and partners in 170 countries, we help nations to build integrated, lasting solutions for people and planet.

ION Announces Closing of Debt Settlement and Update on Joint Venture on Urgakh Naran Project www.stocktitan.net

 Lithium ION Energy Limited (TSXV: ION) (FSE: Z4A) ("ION" or the "Company") announces that it has closed its previously announced debt settlements with certain non-arm's length creditors (the "Debt Settlement"). Pursuant to the Debt Settlement, the Company has settled an aggregate amount of $120,000 in debt in consideration for which it issued an aggregate of 3,000,000 common shares of the Company at a deemed price of $0.04 per share.
All securities issued in relation to the Debt Settlement are subject to a hold period expiring four months and one day after the date of issuance in accordance with applicable securities laws and the policies of the TSX Venture Exchange (the "TSXV"). The Debt Settlement remains subject to the final approval of the TSXV.
The Company is pleased to provide an update regarding its strategic partnership for the advancement of the Urgakh Naran ("UN") project in Mongolia. The Company entered into a binding Joint Venture Agreement with SureFQ Ltd. effective March 26, 2025, under which ION will retain a 20% free carried interest in the project through commercial production in exchange for USD$5.5 million in cash consideration to ION over 4.5 years and $USD 8M in development expenditures on the UN project over 4 years. As the transaction constitutes more than 50% of the Company's assets the Company will be seeking shareholder approval at its Annual General Meeting to be held August 26, 2025, in accordance with TSX-V policy.
Related Party Transaction
In connection with the Debt Settlement, certain insiders of the Company were issued an aggregate of 3,000,000 shares. The acquisition of the shares by insiders in connection with the Debt Settlement is considered a "related party transaction" pursuant to Multilateral Instrument 61-101- Protection of Minority Security Holders in Special Transactions ("MI 61-101") requiring the Company, in the absence of exemptions, to obtain a formal valuation for, and minority shareholder approval of, the "related party transaction". The Company is relying on an exemption from the formal valuation requirements of MI 61-101 available because no securities of the Company are listed on specified markets, including the TSX, the New York Stock Exchange, the American Stock Exchange, the NASDAQ or any stock exchange outside of Canada and the United States other than the Alternative Investment Market of the London Stock Exchange or the PLUS markets operated by PLUS Markets Group plc. The Company is also relying on the exemption from minority shareholder approval requirements set out in MI 61-101 as the fair market value of the participation in the Debt Settlement by the insiders does not exceed 25% of the market capitalization of the Company, as determined in accordance with MI 61-101. The Company did not file a material change report in respect of the related party transaction at least 21 days before the closing of the Debt Settlement as the Company wished to close the Debt Settlement in an expeditious manner.
About Lithium ION Energy Ltd.
Lithium ION Energy Ltd. (TSXV: ION) (FSE: Z4A) is committed to exploring and developing high quality lithium resources in strategic jurisdictions. ION is focused on advancing the 29,000+ hectare Urgakh Naran highly prospective lithium brine licence in Dorngovi Province in Mongolia. ION is well-poised to be a key player in the clean energy revolution, positioned well to service the world's increased demand for lithium. Information about the Company is available on its website, www.ionenergy.ca, or under its profile on SEDAR+ at www.sedarplus.ca.
About SureFQ Ltd
SureFQ is dedicated to advancing innovative and sustainable solutions in the lithium and energy sectors. As a strategic investment and development firm, SureFQ focuses on fostering high-potential projects that drive the global energy transition. Leveraging SureFQ's extensive industry expertise and technological capabilities, SureFQ plays a pivotal role in accelerating lithium resource development and deploying cutting-edge extraction technologies. Through its partnerships and investments, SureFQ is committed to ensuring a stable and efficient supply of critical materials for the clean energy revolution.

Women’s 3x3 basketball team climbs to World No. 5 www.ubpost.mn

In a historic achievement that has filled the nation with pride, the Mongolian women’s national 3x3 basketball team captured the silver medal at the FIBA 3x3 World Cup 2025, hosted in Ulaanbaatar City. Over the course of seven thrilling days, the team delivered an exceptional performance, showcasing world-class skill, determination, and unity on home soil.
This marks a milestone moment not only for the team sport but also for Mongolian sports as a whole. It is the first time Mongolia has hosted a senior-level World Championship in an Olympic team sport, a significant step forward for the country’s sporting ambitions on the global stage.
The tournament brought together 160 athletes from 40 teams representing 27 countries, making it one of the most competitive events in recent FIBA 3x3 history. Amidst fierce international competition, the Mongolian team stood out for their resilience, tactical brilliance, and the unwavering support of a passionate home crowd.
Mongolia’s success extended beyond team performance to individual excellence on the global stage. In the latest FIBA 3x3 individual world rankings, O.Khulan proudly holds the seventh position, with B.Ariuntsetseg close behind at ninth—remarkable achievements that reflect their elite skill, consistency, and competitive edge among the world’s best. N.Nandinkhusel also earned a place in the top 100, ranking 85th, further underscoring the depth of talent and promise within Mongolia’s 3x3 basketball program. In addition, the Mongolian women’s national team now ranks fifth in the FIBA 3x3 world team rankings—a powerful affirmation of their collective performance, resilience, and growing stature on the international stage. These standings are a testament to the athletes’ dedication, discipline, and Mongolia’s rising influence in the global basketball arena. 
Further underscoring their impact, O.Khulan was named as a member to the FIBA 3x3 World Cup 2025’s Team of the Tournament, a prestigious honor reserved for the tournament’s standout players. Meanwhile, B.Ariuntsetseg emerged as the tournament’s top scorer, amassing an impressive 44 points across all games. She tallied 21 points from one-point shots, 18 from long-range two-point shots, and added five more from free throws—an all-around offensive showcase that captivated fans and analysts alike.
As the final whistle blew and the silver medals were awarded, the Mongolian squad etched their names into the annals of national sports history, inspiring a new generation of athletes and fans alike. Heartfelt congratulations to our players and coaching staff for this proud and powerful performance!

Mongolia Records 24 Moderate Earthquakes in First Half of 2025 www.montsame.mn

A total of 24 earthquakes with magnitudes ranging between 3.5 and 5.1 were recorded across Mongolia and its border regions from January 1 to June 1, 2025, according to the National Emergency Management Agency (NEMA). The recorded seismic events show an 11 percent increase compared to the same period last year.
Director of the NEMA Operations Management Department Colonel A. Dashnyam noted, " A 4.5-magnitude earthquake on July 2 in Bogd soum of Uvurkhangai aimag was felt by local residents. Additionally, a 5.0-magnitude earthquake registered on July 3 in Delgertsogt soum, Dundgobi aimag, was felt not only in the epicentral area but also in nearby soums—Saintsagaan, Adaatsag, and Deren—as well as in the capital city, Ulaanbaatar. Fortunately, no damages or injuries were reported."
Earthquakes in the 3.5 to 5.1 magnitude range usually do not cause structural damage; they are often felt indoors and can disturb unsecured items. Earthquakes above 5.0 magnitude, though still moderate, can cause more noticeable shaking, potentially affecting weak structures and causing concern among residents.

Flights between Moscow, Ulaanbaatar to be resumed by year-end www.tass.com

Direct flights between Moscow and Ulaanbaatar are planned to be resumed by the end of this year, according to a statement released by the Russian Ministry of Natural Resources and Environment following a meeting between Russian Minister of Natural Resources and Environment Alexander Kozlov and Mongolian Prime Minister Gombojav Zandanshatar.
Kozlov is co-chair of the Russian-Mongolian intergovernmental commission.
Trade turnover between Russia and Mongolia is on the rise, the ministry said. Moreover, Russia participates in the reconstruction of TPP-3 in Ulaanbaatar, the development of the joint venture Ulaanbaatar Railway and many other projects, the ministry added.
"Alexander Kozlov and Gombojav Zandanshatar also discussed the development of air service between the countries. The launch of a direct flight between Moscow and Ulaanbaatar is planned in the second half of the year," the statement reads.
Flights between the capitals of Russia and Mongolia were cancelled six years ago, the ministry noted.

Emperor meets reporters ahead of visit to Mongolia www.3.nhk.or.jp

Japan's Emperor Naruhito has expressed resolve to promote friendly relations with Mongolia and mourn Japanese people who died after being detained there following World War Two.
The Emperor and Empress Masako are to make an official visit to the East Asian country for eight days from Sunday.
They are scheduled to take part in a welcome ceremony as state guests.
Meeting reporters on Wednesday, the Emperor looked back on his previous visit to Mongolia in 2007, when he was Crown Prince.
He expressed hope that the upcoming trip will serve as an opportunity to reflect on the history of exchange between Japan and Mongolia.
He added that the Empress also wishes to reflect on this shared history and prays that friendship and exchange between the two nations will further deepen.
He said she is looking forward to experiencing firsthand the vast wilderness of Mongolia, its history and culture, while interacting with people in the country.
The Emperor also mentioned the roughly 14,000 Japanese captured by the former Soviet Union and sent to Mongolia in the aftermath of World War Two. Of them, some 1,700 died from hard labor and other causes.
He noted the internees worked as laborers and participated in construction projects, which included the Government Palace and the state opera and ballet theater.
He said he has been told that they won the respect of the Mongolian people for their dedication, despite working in harsh conditions.
The Emperor said he hopes to reflect on such history through the visit when he and the Empress offer flowers at a monument for the Japanese people who lost their lives during their internment.
He said he wants to pay tribute to the people who died far from their homeland and think about the hardships they endured.

Wood advances rare earth elements project in Mongolia www.miningweekly.com

Global consulting and engineering firm Wood has been selected by the Mongolian National Rare Earth Corporation (MNREC) to deliver a definitive feasibility study for its Khalzan Buregtei rare earth elements (REE) project, in Mongolia.
Following the successful completion of a prefeasibility study in 2024, Wood will now lead the next phase, covering the project concentrator and refinery process plants.
It will be the lead consultant for the delivery of the overall feasibility study on MNREC’s behalf.
Wood points out that the Khalzan Buregtei deposit is poised to become one of the world’s few active sources of heavy REEs, including dysprosium – critical for high-tech manufacturing and green energy technologies.
As global demand for these materials grows, it says the project represents a vital step toward securing sustainable supply chains.
“Rare earth elements are critical to sustaining modern technology and enabling the energy transition. Delivering the Khalzan Buregtei project will significantly contribute to global supplies of these critical materials.
“Mongolia has the potential to become a hub for mineral activity in the coming decades. This newest contract underpins Wood’s strategic growth in Mongolia and our commitment to developing its local workforce and economy,” says Wood minerals and metals senior VP Alan Langridge.
“Wood has been instrumental in assessing the economic and technical viability of Khalzan Buregtei thus far, focusing on resource evaluation, potential processing technologies and environmental impact. We look forward to continuing to strengthen our relationship as we enter the next phase of this groundbreaking project,” adds MNREC CEO Tsolmon Adiya. 
 By: Sabrina Jardim

The Bank of Mongolia Purchases 5.9 Tons of Precious Metals in First Half of 2025 www.montsame.mn

The Bank of Mongolia purchased 1,587.4 kilograms of precious metals in June 2025, an increase of 573.1 kg compared to the previous month.
However, since the beginning of 2025, a total of 5.9 tons of precious metals have been purchased, which represents a 24.3 percent decrease compared to the same period last year.
Since the beginning of the year, the Darkhan-Uul Branch of the Bank of Mongolia has purchased 287 kilograms of precious metals, while the Bayankhongor Branch bought 768 kilograms.
The average price for purchasing gold in the past month was MNT385,320.36 per gram.