1 MONGOLIAN PRIME MINISTER STEPS DOWN AFTER FOUR MONTHS WWW.REUTERS.COM PUBLISHED:2025/10/17      2 MONGOLIA’S RATING UPGRADED TO B1 BY MOODY’S ON STABLE GROWTH WWW.INVESTING.COM PUBLISHED:2025/10/17      3 QATAR AND MONGOLIA TALK ENVIRONMENTAL CO-OPERATION AHEAD OF UN DESERTIFICATION SUMMIT WWW.GULF-TIMES.COM PUBLISHED:2025/10/17      4 MAYOR OF ULAANBAATAR AUTHORIZED TO CONCLUDE PARTNERSHIP AGREEMENT FOR CHP-5 PROJECT WWW.MONTSAME.MN PUBLISHED:2025/10/17      5 WITH PRESIDENTIAL VISIT, MONGOLIA AND INDIA ENVISAGE STRONGER ECONOMIC LINKS WWW.THEDIPLOMAT.COM PUBLISHED:2025/10/17      6 THE DEBATE AROUND GOVERNMENT RESOLUTION NO.55: WHY IT MATTERS FOR MONGOLIA’S ECONOMIC STABILITY WWW.ARCTUSANALYTICS.COM PUBLISHED:2025/10/17      7 MONGOLIA URGES INDIAN COMPANIES TO EXPLORE INVESTMENT OPPORTUNITIES IN MINING AND OIL EXPLORATION WWW.CHEMINDIGEST.COM PUBLISHED:2025/10/16      8 US JUDGE SET TO APPROVE RIO TINTO'S $138.75 MILLION MONGOLIA MINE SETTLEMENT WWW.REUTERS.COM PUBLISHED:2025/10/16      9 AI ADDED TO 2026-2030 DEVELOPMENT PLAN WWW.UBPOST.MN PUBLISHED:2025/10/16      10 ANOTHER ‘SCAM’ CALLED NEW COOPERATIVE 2 WWW.UBPOST.MN PUBLISHED:2025/10/16      МОНГОЛ УЛСЫН ЗЭЭЛЖИХ ЗЭРЭГЛЭЛ ШАТ АХИЖ “B1, ТОГТВОРТОЙ" БОЛСНЫГ МҮҮДИЗ ЗАРЛАЛАА WWW.NEWS.MN НИЙТЭЛСЭН:2025/10/17     ГАДААДЫН 23.8 МЯНГАН ИРГЭН МОНГОЛД ХӨДӨЛМӨР ЭРХЭЛЖ БАЙНА WWW.NEWS.MN НИЙТЭЛСЭН:2025/10/17     ХОТ БАЙГУУЛАЛТЫН КАДАСТРЫН ЦАХИМ СИСТЕМИЙГ ШИНЭЧИЛЖ, ХЭРЭГЛЭЭНД НЭВТРҮҮЛЭХЭЭР БЭЛТГЭЖ БАЙНА WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/10/17     УИХ-ЫН ДАРГА Д.АМАРБАЯСГАЛАНГИЙН ҮҮРЭГТ АЖЛААСАА ЧӨЛӨӨЛӨГДӨХ ХҮСЭЛТИЙГ ДЭМЖЛЭЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/10/16     800 АЙЛЫН "НОГООН ОРОН СУУЦ" ТӨСЛИЙН МЕТР.КВ-ЫН ҮНИЙГ БАТАЛЛАА WWW.NEWS.MN НИЙТЭЛСЭН:2025/10/16     ДЦС-5 ТӨСЛИЙН ТҮНШЛЭЛИЙН ГЭРЭЭ БАЙГУУЛАХ ЭРХИЙГ НИТХ-ААР БАТЛУУЛЛАА WWW.ITOIM.MN НИЙТЭЛСЭН:2025/10/16     "МОНГОЛ ШУУДАН" ХК TAOBAO ПЛАТФОРМООС ЗАХИАЛСАН БАРААГ АЛБАН ЁСООР ХҮРГЭЖ ЭХЭЛЛЭЭ WWW.EAGLE.MN НИЙТЭЛСЭН:2025/10/16     ЕРӨНХИЙ БОЛОВСРОЛЫН ЦАХИМ СУРГУУЛЬ БАЙГУУЛЛАА WWW.GOGO.MN НИЙТЭЛСЭН:2025/10/16     “ШИНЭ ТОЙРОГ ЗАМ” ТӨСЛИЙН ЭХНИЙ ШАТ ХЭРЭГЖСЭНЭЭР ХОТЫН ТҮГЖРЭЛ 20 ХУВИАР БУУРНА WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/10/16     ХАГАС КОКСОН ШАХМАЛ ТҮЛШНИЙ БОРЛУУЛАЛТ ЭХЭЛСЭН Ч ХҮРЭЛЦЭЭ МУУ БАЙНА WWW.ITOIM.MN НИЙТЭЛСЭН:2025/10/16    

Category

Events

Events

Name organizer Where
MBCC “Doing Business with Mongolia seminar and Christmas Receptiom” Dec 10. 2024 London UK MBCCI London UK Goodman LLC

NEWS

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Deputy Secretary Landau’s Meeting with Mongolian Foreign Minister Battsetseg www.mn.usembassy.gov

Deputy Secretary of State Christopher Landau met with Mongolian Foreign Minister Batmunkh Battsetseg on the margins of the United Nations General Assembly in New York yesterday. The two leaders reaffirmed their countries’ mutual interests and shared democratic values that underpin the U.S.-Mongolia Strategic Third Neighbor Partnership. They also discussed opportunities to expand economic ties between the United States and Mongolia.

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EBRD forecasts Mongolia's economy to grow by 5.8 pct in 2025 www.xinhuanet.com

Mongolia's economic activity remained robust in the first half of 2025, despite weaker mining-sector activity and a deteriorating macroeconomic environment, local media reported on Sunday, citing the European Bank for Reconstruction and Development (EBRD).
In its Outlook for Central Asian economies in 2025 and 2026, the EBRD forecasts growth of 5.8 percent for Mongolia's economy in 2025 and 5.5 percent in 2026, the Eagle News TV channel reported.
Mongolia's real gross domestic product (GDP) expanded by 5.6 percent in the first half of 2025, driven primarily by a strong rebound in the agriculture sector and continued expansion of the services sector, according to the EBRD.
Currently, Mongolia's economy depends heavily on the mining sector and on the export of mineral resources. Mining commodities, such as copper, iron ore and unprocessed or semi-processed gold, constituted 93 percent of Mongolia's total exports during the first eight months of 2025.

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D.Amarbayasgalan elected chairman of the MPP www.gogo.mn

The VIII session of the Mongolian People’s Party (MPP) Conference concluded at 8 AM on September 28. 
At the start of the session, the Counting Commission approved the voting procedure, stipulating that if no candidate secured two-thirds of the votes, the top contender would advance to a second round.
In the first round, candidate D.Amarbayasgalan received 58% of the votes, while G.Zandanshatar secured 14.3%. However, ahead of the second round, G.Zandanshatar boycotted the session and instructed his supporters not to participate.
During the re-registration, 321 members cast their votes, and D.Amarbayasgalan was elected chairman with 85.67% support. The meeting was chaired by MP J.Bat-Erdene, head of the MPP parliamentary group, with G.Gangamurun, a member of the conference, serving as deputy chair.
The MPP’s General convention is scheduled to be held on November 15.

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The Economist Spotlights Mongolia’s World Horse Day Initiative www.montsame.mn

The Economist magazine highlighted the remarks made by the President of Mongolia during the General Debate of the 80th Session of the United Nations General Assembly (UNGA)  in its weekly review, in connection with Mongolia’s initiative to establish World Horse Day and to promote equine heritage and culture.
At Mongolia’s initiative, beginning in 2025, July 11 has been designated and observed annually as World Horse Day.
In his address to the General Debate of the 80th Session of the UNGA on September 23, 2025, President of Mongolia Khurelsukh Ukhnaa spoke about the inseparable bond between the Mongolian people and their horses, and the crucial role horses have played throughout human history.
President Khurelsukh emphasized, “From the moment of birth, Mongolians grow up on horseback, and together with our trusted steeds, we have earned global renown and helped inscribe a remarkable chapter in the history of humankind. For this reason, the Mongolian people have placed the horse at the heart of our State Emblem, woven our State Flag from the mane and tail of our swiftest steeds, and created the haunting melodies of the morin khuur to stir the hearts of the world. We are a nation blessed with this unique heritage.
Throughout history, horses have made immense contributions to human livelihood, culture, civilization, and progress. To safeguard this heritage, to raise awareness of its significance, and to promote its continued appreciation worldwide, Mongolia initiated a resolution to designate July 11 of each year as World Horse Day. This resolution was adopted at the plenary meeting of the 79th Session of the UN General Assembly on June 3, 2024.”
Expressing gratitude on behalf of the horse-loving Mongolian people, President Khurelsukh stated from the UN rostrum that Mongolia deeply appreciates the support of all UN Member States for this resolution, which aligns World Horse Day with the date of Mongolia’s National Naadam Festival, inscribed on UNESCO’s Representative List of the Intangible Cultural Heritage of Humanity.
In connection with this initiative, The Economist, a globally respected publication, noted in its weekly review, “Amid all the high-minded speechifying at the UN assembly, Mongolia’s president used part of his address to praise the historical contribution of the world’s 60m horses. Khurelsukh Ukhnaa lauded our trusty steeds for being “integral to human livelihoods, culture and civilisations”, as he promoted his initiative for a UN World Horse Day. There are more horses than people in Mongolia, which is renowned for its equine culture.”
According to the National Statistics Office of Mongolia, as of 2024, the country’s human population stood at 3.5 million, while its horse population reached 4.6 million, confirming The Economist’s observation that “horses outnumber people in Mongolia.”
The draft resolution proclaiming World Horse Day was introduced by Mongolia and adopted at the plenary meeting of the 79th Session of the UNGA on June 3, 2024, with 56 co-sponsoring Member States, including: the Republic of Austria, the Kingdom of Bahrain, the Federative Republic of Brazil, the Republic of Korea, the People’s Republic of China, the Bolivarian Republic of Venezuela, the State of Qatar, the Kingdom of Lesotho, the Kingdom of Morocco, the Russian Federation, the Portuguese Republic, the Federal Republic of Germany, the Kingdom of Thailand, the Republic of Türkiye, Japan, the Kyrgyz Republic, the Republic of Kazakhstan, Turkmenistan, the Republic of Uzbekistan, and the Republic of Tajikistan.

 

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Foreign visitors to Mongolia reach 678,850 in first 9 months www.xinhuanet.com

Mongolia recorded a total of 678,850 inbound tourist visits by foreign passport holders in the first nine months of 2025, according to official data released by the Mongolian Tourism Organization on Saturday.
During the period, China has become one of the biggest sources of foreign tourists to Mongolia, followed by Russia and South Korea.
Currently, Mongolia's economy continues to rely most heavily on the export of mineral resources. Tourism promotion is considered one of the priorities for diversifying the country's economy and increasing the competitiveness of its tourism in the context of global competition.
According to the Ministry of Culture, Sport, Tourism and Youth, the Mongolian government has decided to continue the "Years to Visit Mongolia" tourism program until 2028 to promote the development of four-season tourism in the country.
The landlocked Asian country attracted a total of 727,400 foreign tourists in 2024, earning 1.6 billion U.S. dollars from the tourism sector.

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New Air Services Agreement Paves Way for Direct Flights Between Mongolia and Australia www.montsame.mn

At the Cabinet Session on September 24, 2025, the Government of Mongolia approved the draft Air Services Agreement between the Government of Mongolia and the Government of Australia and authorized the signing of the agreement.
Last October, representatives of the civil aviation authorities of Mongolia and Australia held bilateral talks, during which they initialed the draft agreement and signed a memorandum of understanding. The establishment of this agreement will provide the legal framework necessary to launch direct flights between the two countries. This is expected to enable domestic airlines to open new routes, expand their market reach, and connect to international transport and logistics networks, thereby extending Mongolia’s aviation network.
The agreement is also expected to bring significant benefits for Mongolian citizens currently studying, working, or residing in Australia, as well as for business travelers and tourists through reducing travel costs. More broadly, the deal is seen as an important step in enhancing bilateral relations, trade, investment, economic cooperation, and people-to-people exchanges between Mongolia and Australia.
Mongolia and Australia established diplomatic relations in 1972 and have since expanded their cooperation in politics, education, mining, trade, economics, culture, and civil aviation.

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CIDCA and UNDP Partner to Bring Solar Energy to Ulaanbaatar’s Ger Districts www.undp.org

The China International Development Cooperation Agency (CIDCA), the United Nations Development Programme (UNDP), and the Chingeltei District of Ulaanbaatar launched the “Upgrading Ger Districts in Ulaanbaatar Through Solar Photovoltaic System Implementation” project to tackle air pollution and accelerate Mongolia’s just energy transition.
Air pollution remains one of Mongolia’s most pressing challenges. In Ulaanbaatar, coal burning in ger districts contributes to nearly 60% of PM2.5 emissions. Consequently, indoor and outdoor pollution combined causes over 7,100 premature deaths annually and economic losses amounting to 10% of the nation’s GDP. By replacing coal-based heating with solar-powered systems equipped with heat storage technology and smart meters, the project aims to improve public health, cut greenhouse gas emissions, and serve as a model for clean energy expansion across the country.
Funded by the Global Development and South-South Cooperation Fund of China International Development Cooperation Agency (CIDCA), the project will support 450 households in Chingeltei District over the next two years. It builds on UNDP’s successful 2023–2024 pilot and represents a shift from one-time grants toward a sustainable, market-based approach for renewable energy deployment.
Among the key outputs are the installation of mini photovoltaic (PV) grids with battery storage and smart meters, household-level solar heating systems, and real-time monitoring for carbon credit verification. The project will also deliver community training programmes and awareness campaigns on renewable energy benefits. Public engagement will also focus on gender-responsive capacity-building and women’s leadership in renewable energy, with an aim that the transition to renewable energy creates opportunities for all and leaves no one behind.
Mr. Amartuvshin Amgalanbayar, Deputy Governor of the Capital City in charge of the Social Sector, Green Development, and Air and Environmental Pollution Affairs, stated "Renewable energy offers one of the most practical and effective solutions for tackling the severe air pollution challenges in Ulaanbaatar’s ger districts. I am confident that this project will help us bring cleaner air, healthier living conditions, and a more sustainable future for our people."
Mr. Manduul Nyamandeleg, Governor of Chingeltei District, emphasized the urgency of the transition and stated, “Our residents deserve clean air and affordable energy, and this initiative provides a practical, long-term solution to improve health, reduce costs, and support clean energy transition. With its success, we hope to see this model scaled up to benefit many more households in our district."
H.E. Shen Minjuan, Ambassador Extraordinary and Plenipotentiary of the People' s Republic of China to Mongolia, stated, that "The Government and people of China are pleased to support Mongolia in bringing clean, affordable energy to its citizens through CIDCA. This project reflects China’s commitment to green development and building a community with a shared future for humanity."
UNDP Resident Representative Ms. Matilda Dimovska highlighted the initiative’s role in driving systemic change and stated, "A just energy transition requires cooperation at all levels. With innovation, investment, and commitment, Mongolia has the potential to move away from coal dependency while ensuring that no one is left behind. We are thankful to CIDCA’s leadership and support in making it a reality.”
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.

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Marriott International Debuts in Mongolia www.breakingtravelnews.com

Marriott International, Inc. today announced a signed agreement with HTL Gateway LLC to open AC Hotels by Marriott Ulaanbaatar. This strategic move is set to mark Marriott’s entry in Mongolia, underscoring the company’s vision to strategically grow its presence across Asia Pacific. Expected to open in 2027, AC Hotel by Marriott Ulaanbaatar will reflect the brand’s signature design philosophy that harmonizes form and function, offering purposeful design, flexible spaces, and signature moments for a new generation of discerning business and leisure travelers.
The property is planned as part of a mixed-use development in the rapidly expanding Khan Uul District of Ulaanbaatar, strategically located along Buyant-Ukhaa Road with convenient access to the Central Business District, Sukhbaatar Square, and Chinggis Khaan International Airport. Surrounded by key demand drivers such as the Buyant Ukhaa Sport Palace, AIC Steppe Arena, and Yaarmag’s new commercial and residential hub, the hotel will be well-positioned to cater to both business and leisure travelers.
The hotel is slated to feature 190 thoughtfully designed guestrooms and suites, an all-day dining restaurant, a specialty restaurant, a grab-and-go AC Store, and a lounge and bar. Plans also include to feature a range of amenities including a heated indoor swimming pool, fitness center, spa, and dedicated spaces such as an AC Library. For meetings and events, the property anticipates featuring flexible facilities including a junior ballroom, function rooms, and breakout spaces.
“We are excited to expand Marriott International’s portfolio into Mongolia, a country that is emerging as both a dynamic business hub and a distinctive leisure destination,” said Duke Nam, Regional Vice President for Korea, Vietnam & Philippines, Marriott International. “This signed agreement reflects our confidence in Mongolia’s long-tern tourism potential and underscores our commitment to bringing diverse hospitality experiences to this growing market.”
“We are pleased to collaborate with Marriott International in Mongolia, a milestone that reflects the tireless dedication and many years of hard work by our team,” said Erkhes Battuul, Founder and Project Leader of HTL Gateway LLC. “The Mongolian government has placed strong emphasis on the tourism sector and is undertaking many initiatives to expand the country’s presence in international markets. Together with Marriott, we are confident that this signing will set new standards and open exciting new chapter in Mongolia’s hospitality industry.”
Mongolia welcomed more than 800,000 international visitors in 2024, a record high for the country, according to recent reports. The new hotel is expected to play an integral role in shaping the modern hospitality landscape of Ulaanbaatar, offering globally inspired design, intuitive service, and thoughtfully curated experiences for today’s travelers.

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Mongolia Gold Producer Erdene Resource Development Delivers First Gold Pour With District-Scale Expansion Pipeline www.

The gold mining sector has experienced renewed investor interest as global economic uncertainties and monetary policies continue to support precious metals demand. Erdene Resource Development (TSX:ERD) recently transitioned from developer to producer while maintaining significant growth potential across multiple projects in Mongolia's prolific mineral districts. The company's recent achievement of first gold pour, combined with its strategic positioning in one of the world's premier mining jurisdictions, offers investors exposure to both immediate cash flow generation and substantial exploration upside.
First Gold and Production Ramp-Up
Erdene Resource Development achieved a significant milestone with first gold production from its Bayan Khundii mine in September 2025. President and CEO Peter Akerley outlined the company's systematic approach to reaching full production capacity:
"We've always laid out a plan where we'll get to name plate over the next few months. So, by year end we'll be producing an average 7,000 ounces of gold per month at a head grade of about 4 g/t."
The technical characteristics of the Bayan Khundii deposit position it favourably within the industry cost curve. Akerley emphasised the deposit's exceptional metallurgical properties:
"Bayan Khundii is spectacular really. It's almost devoid of sulfides. It's a gold with a little bit of silver mineralization and the recoveries are in the 93-95% range using a standard conventional crushed grind leach facility. Low retention times, low cyanide consumption."
The operation demonstrates strong fundamentals with manageable technical risks. The company employs conventional processing technology, reducing operational complexity and capital requirements compared to more exotic metallurgical processes. The high recovery rates and low reagent consumption contribute to strong operating margins, particularly important in the current inflationary environment affecting mining operations globally.
Strategic Partnership and Capital Structure
Erdene operates through a 50-50 joint venture structure with Mongolian Mining Corporation, providing both operational synergies and risk mitigation. This partnership arrangement ensures local expertise and government relations while maintaining strategic control through unanimous decision-making processes. The joint venture structure has proven effective in Mongolia's regulatory environment, where local partnerships often facilitate project advancement and operational success.
The company's capital structure positions it well for growth financing. With total project investment of approximately $115 million in capital expenditure and $60 million in debt financing, the operation maintains reasonable leverage levels. Akerley noted the debt repayment strategy:
"The debt portion of that which is $60 million to MMC and $50 million for the development bank will be paid off as rapidly as possible. The only exclusion to that will be the money we invest in exploration."
At current gold prices, the company projects debt retirement by mid-2026, providing increased financial flexibility for expansion initiatives. The 13.8% interest rate on development financing, while elevated, reflects the project finance nature of the facility and decreases in significance with accelerated repayment schedules enabled by strong cash generation.
Interview with President & CEO Peter Akerley
Exploration Portfolio and Resource Expansion
The company's exploration strategy focuses on near-term, high-probability targets that can leverage existing infrastructure and processing capacity. The immediate priority involves expanding the Bayan Khundii pit through systematic drilling programs targeting extensions to the west and south of current reserves.
"We've identified expansion opportunities to the west and south regardless of the gold price increase. Those areas we will begin drilling on as soon as a few weeks from now and begin to look at what potentially is another 150,000 ounces of gold as we move south and west of that pit which contains about half a million ounces."
The Dark Horse deposit represents a particularly compelling near-term development opportunity. Located 2.5 kilometers north of the main operation, this supergene oxide zone contains high-grade mineralization at surface. The oxide nature of Dark Horse mineralization creates potential for alternative processing routes, including heap leach operations that could complement the existing CIP plant. This optionality provides operational flexibility and potentially lower-cost production streams for future development scenarios.
District-Scale Development Potential
Beyond immediate expansion opportunities, Erdene controls a district-scale land position with multiple development scenarios. The Altan Nar project, located 16 kilometers north of Bayan Khundii, contains approximately 500,000 ounces of gold equivalent in a polymetallic system including gold, silver, lead, and zinc mineralization.
The polymetallic nature of Altan Nar presents both opportunities and challenges. While requiring additional metallurgical testing and potentially different processing routes, successful development could significantly enhance the company's production profile. Akerley noted the scale potential:
"With some expansion at Bayan Khundii and Altan Nar coming on, we could start to envision a 200,000-250,000 ounce per year production profile from the two."
The company has allocated substantial resources to systematic exploration across its portfolio. For 2026, exploration expenditures are budgeted at $7 million, representing significant investment in resource definition and expansion activities. This exploration focus on the top 200 meters of potential deposits aligns with the company's strategy of developing near-surface, lower-risk opportunities that can utilise existing infrastructure.
Strategic Asset Diversification
Erdene's portfolio extends beyond gold production through its Zuun Mod molybdenum project and Ulaan copper-gold exploration license. The molybdenum asset provides exposure to industrial metals markets, particularly serving Chinese demand where significant deficits exist.
Akerley highlighted the molybdenum opportunity:
"There's no question today that there is a deficit. China's importing a significant amount of molybdenum today and that's pushed the price up, which had been hovering around $20 as stable in that last four years or so, into that $25 price range."
The Ulaan license represents a high-risk, high-reward exploration play positioned within 5 kilometers of the world-class Oyu Tolgoi copper-gold project. While early-stage, this asset provides exposure to potential district-scale copper-gold discovery in one of the world's premier porphyry belts.
Market Position and Institutional Appeal
The company recently completed a 6-for-1 share consolidation to attract institutional investment and improve trading liquidity. This corporate action reflects management's recognition of their evolving investor base as the company transitions from exploration to production. Akerley explained regarding the consolidation's impact on institutional accessibility,
"We felt that we needed to have that higher share price that gets you above certain thresholds amongst various groups indices exchanges and I believe that's worked."
The producer re-rating potential remains significant as the company demonstrates consistent operational performance and cash flow generation. Gold producers typically command premium valuations compared to development-stage companies, particularly those with growth potential and operational excellence.
The Investment Thesis for Erdene Resource Development
Immediate Cash Flow Generation: Invest in a newly producing gold mine with 93-95% recoveries and low technical risk, providing immediate exposure to gold price appreciation through operational cash flows.
Expansion Optionality: Target companies with near-term resource expansion potential, as Erdene's pit extensions could increase reserves by 30-40% with minimal additional permitting or infrastructure requirements.
District Consolidation Strategy: Consider the portfolio approach to gold investing, where multiple deposits within trucking distance can leverage shared infrastructure and reduce per-ounce development costs.
Jurisdictional Diversification: Evaluate Mongolia as an alternative to traditional gold mining regions, offering stable mining laws, experienced local partnerships, and proximity to Asian gold markets.
Producer Re-rating Potential: Focus on companies transitioning from developer to producer status, as institutional recognition and valuation multiples typically expand following successful production commencement.
Debt Reduction Timeline: Monitor the company's debt repayment schedule through 2026, as reduced leverage should improve financial flexibility and potentially lower cost of capital for growth initiatives.
Exploration Leverage: Assess the exploration spend relative to potential resource additions, as Erdene's $7 million annual budget targets high-probability extensions rather than grassroots discovery programs.
Erdene Resource Development represents a compelling investment opportunity within the gold mining sector, combining immediate production cash flows with substantial growth potential across multiple deposits. The company's successful transition to producer status, coupled with its systematic approach to resource expansion and operational excellence, positions it favourably for continued value creation. The 50-50 joint venture structure provides both operational stability and local expertise while maintaining strategic flexibility.
With debt reduction projected by mid-2026 and aggressive exploration programs targeting near-surface extensions, the company offers investors exposure to both current gold production and future growth potential within Mongolia's established mining jurisdiction. The district-scale land position, combined with management's proven execution capabilities, suggests significant potential for continued resource expansion and production growth over the coming years.
Gold Market Fundamentals Support Producer Investment Strategy
The current gold market environment reflects a complex interplay of monetary policy uncertainty, geopolitical tensions, and evolving central bank strategies that collectively support sustained precious metals demand. Global central banks have maintained accommodative monetary policies despite inflationary pressures, creating conditions where gold serves as both an inflation hedge and currency debasement protection. Institutional investors increasingly recognise gold's portfolio diversification benefits, particularly as traditional asset correlations break down during periods of market stress.
Central bank gold purchases have reached multi-decade highs as monetary authorities seek alternatives to dollar-denominated reserves, creating sustained physical demand that supports price floors. Asian markets, particularly China and India, continue demonstrating strong retail and investment demand growth, providing geographic diversification for gold consumption patterns. The mining industry's capital discipline following previous cycles has resulted in limited new supply additions, creating favourable supply-demand dynamics for existing producers.
Erdene Resource's positioning within this macro environment appears particularly advantageous given its low-cost production profile and expansion optionality. As Akerley noted regarding their operational advantages using a standard conventional crushed grind leach facility, low retention times, and low cyanide consumption. This operational efficiency positions the company favourably within the industry cost curve, enabling sustained profitability across various gold price scenarios while providing leveraged exposure to price appreciation.
TL;DR Summary
Erdene Resource Development successfully transitioned to gold production in September 2025 with exceptional 93-95% recovery rates and projects 7,000 ounces monthly by year-end. The company plans debt-free status by mid-2026 through strong cash flows while investing $7 million in exploration targeting 650,000+ total ounces across three Mongolian projects. Near-term expansion could increase production to 200,000-250,000 ounces annually, supported by district-scale infrastructure and high-grade surface deposits requiring minimal additional development capital.

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Mongolia's shifting tourism industry – and what it means for the country's nomads www.cntraveller.com

“Chuu!” I called – the Mongolian version of “giddy up,” but the half-wild horse I sat upon either didn’t understand or didn’t like my American accent.
I was with horse wrangler Bundhorol Dolgor and his ten-year-old daughter, Urantuya, on an endless, windswept steppe in Mongolia, some 45 miles from the nearest paved road. On my third chuu, some inflexion in my voice clearly resonated, and suddenly we were off, moving at a fast, short-stepping gait that nearly unseated me. Urantuya, wearing a clay-red deel tunic and a wind-battered cap, was giggling at me as she rode her own horse. In her hand was a whip with a handle that looked like bone, though she had no need to use it. These horses liked to move.
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I travelled to Mongolia in August 2025 to see some of the country’s most beautiful, wild spaces – land where many of the country’s nomadic herders, like Bundhorol and his daughter, still roam. Roughly one-third of the country’s entire population, which in itself is sparse, since Mongolia is twice the size of Texas with a population of just 3.5 million, is nomadic. These communities move at least two to three times per year, corralling sheep, goats, horses, camels, and occasionally, yaks.
Nomadism is an integral part of Mongolia’s ancestral identity, but as weather and international markets fluctuate, so does the appeal of this challenging lifestyle. When prices for meat, wool, and cashmere are high, nomads with hundreds of livestock can reap significant profit. It’s not uncommon for nomadic families to own apartments in the capital of Ulaanbaatar and send their children to universities. But harsh environmental realities can flip a nomadic family’s fortunes overnight, from severe drought to the dreaded dzud winters, in which temperatures can drop to -50 degrees Fahrenheit. And when the prices for animal products dip, things become even harder.
Meanwhile, Mongolia’s tourism industry has offered a strong source of economic growth. This year marked a turning point in the already rapt attention of international travellers keen to visit Mongolia. In May, United Airlines launched a new flight route to Chinggis Khaan International Airport via Tokyo, making it the first US airline to operate regular flights to Mongolia; the year prior, in October, the Eagle Hunter Cultural Center opened as a permanent space where traditional heritage, wildlife conservation, and tourism could overlap. Due to the increasing number of visitors, many tour operators are now considering expanding their operations during the shoulder season. During a moment of change like this, there’s a potentially valuable opportunity for the tourism industry to help to preserve nomadic traditions and the natural environment – if the players involved are respectful of community values and wishes.
Nomadic Expeditions, one of the longest-running tour operators in Mongolia, with accommodations in the Bayan-Ölgii province and the Gobi Desert, maintains ongoing relationships with some 15 nomadic families to foster respectful exchanges with visitors to the region. In activities ranging from eagle hunting and felt-making to camel riding, travellers can learn about traditional nomadic life, and the partners are paid fairly for their time and expertise. But founder and CEO Jalsa Urubshurow makes it clear that nomads are not overly reliant on tourism.
“I don’t think it’s accurate to say that tourism helps support the survival of Mongolia’s nomadism,” he tells me one evening in Ulaanbaatar. “Nomads are extremely resilient. This culture has survived thousands of years. We’re lucky enough to witness and learn from it.”
Changing times are an inarguable fact, though, especially as younger generations of nomads find themselves reluctant to commit to this harsh way of life, with many opting to pursue a university-level education. A half-hour’s drive from Nomadic Expedition’s Three Eagle Camp, over bites of dried aaruul cheese curds and sips of milk tea, I met 17-year-old Myagmarsuren Batmunkh, who, when she’s not milking goats and watching sheep, plans to study forensic science in college.
Some nomads have found a middle ground by working in tourism, such as Bundhorol, the horse wrangler. He previously owned large herds of livestock, including hundreds of horses – short, bright-eyed creatures with coats as varied and tempers as flighty as mustangs. But with his children either headed to university or still relatively young, he pivoted to working part-time with Nomadic Expeditions, which has allowed him to manage a smaller number of animals.
Along with the lifestyle itself, specific regional aspects of nomadic culture have become at risk, such as eagle hunting in the western reaches of Mongolia. The tradition is threatened by climate change, mining, and the shift to modern, more sedentary lifestyles. Meanwhile, wild golden eagles must navigate dangers from growing human infrastructure and shrinking habitats.
After 35 years of working in a theatre production company, Turginbek Ajken forewent a typical retirement route and instead took up traditional eagle hunting. He now works part-time at the new Eagle Hunter Cultural Center, in the western Bayan-Ölgii province.
Turginbek is a member of the Kazakh community, a traditionally nomadic ethnic group that has been, along with other nomadic peoples, hunting with golden eagles for more than 3,500 years. In his work with the centre, he shares the processes and intricacies of eagle-hunting to visitors, along with its cultural – and, at times deeply personal – roots.
“When I was a little boy, I would go eagle hunting with my father—this coat and all the equipment I’m wearing right now is from him,” Turginbek told me outside the centre, which is built as a rounded ger, or yurt. In the distance, the golden Altai Mountains stood more than 13,000 feet into the air, as surreally steep as CGI imaginings. As he spoke, Ajken stroked the shining brown feathers of his golden eagle, Tirnek. “It gives me such a feeling of pride that I’m keeping the old tradition. Our ancestors used to live this way – and we’re still doing it today.”
While the Golden Eagle Festival, which takes place over two weeks in the same region each fall, has garnered much coverage for its celebration of this UNESCO-recognised heritage, the new centre is a year-round establishment where travellers can participate in eagle hunting workshops, learn about Mongolian horsemanship, shop for regional arts and textiles, and arrange overnight homestays in the area. In addition to hosting visitors, the centre also serves as a community gathering space and the headquarters of the Kazakh Falconry Association, which supports traditional falconry in Mongolia along with healthy populations of wild eagles. One of the association’s current efforts, for example, is to create a modern database of registered, licensed eagle hunters.
“Our responsibility is to keep the balance,” the centre’s director, Atai Ayatkhan, told me as we stood next to a case exhibiting hand-hewn biyalai, thick falconry gloves made from deerskin. “Future generations of eagle hunters are decreasing. We want to train and educate them. We want to build research and data about Mongolia’s eagle populations, and welcome young wildlife researchers. And we want to show this traditional sport to locals and foreigners alike.”
Balance is a key concept as the lives of Mongolia’s nomads and travellers continue to intersect. An hour’s drive outside Ulaanbaatar, Hustai National Park is the home of 311 Przewalski's horses, an animal that went extinct in the wild but was reintroduced to this land in 1992. Park manager Batzaya Batchuluun, who grew up in a nomadic family not far from the capital, told me about the careful negotiation of maintaining a healthy park, which also hosts species such as Pallas cats and grey wolves, while collaborating with the nomadic families that graze their livestock nearby.
Occasionally, as the weather dictates, these families will move their animals through the park’s fenceless boundaries. But rather than reprimanding them, Batzaya and his team prioritise educating the young children of nomadic families about the value of the ecosystem, the incredible animals that live there, and the importance of maintaining a thriving place for travellers to visit.
“Working with the nomadic families around us is key,” Batzaya tells me after I’d spent a morning peering through my binoculars at Przewalski's horses and dramatically plumed bearded vultures. “We want to foster future biologists and guides amongst the nomads who were born and raised here.”
Many travellers, including myself, visit Mongolia specifically in order to experience these uniquely wild places. As tourism to the country continues to grow in importance, operators have the opportunity – and the responsibility – to help maintain this delicate balance between the new and the old, between sharing beauty and preserving it. It is because of these authentic, collaborative efforts playing out quietly in the background that I was able to spend an afternoon with Bundhorol and Urantuya not thinking about any of these things, the ceaseless flow of travel and change. Instead, I focused on my own balance as the horse’s strong legs moved smartly beneath me. Taking in the endless steppe, I felt that singular combination of adrenaline and awe wash over me, the jingle of tack mingling with the whip of the wind.
Moments later, a light, spitting rain started to fall. I looked at Bundhorol and Urantuya, who were both grinning at me – neither spoke a word of English. Bundhorol motioned to the direction of the camp questioningly, then in the opposite direction, out into the empty grass. I paused, then jerked my head to the latter. We turned and kept riding, horses snorting, into the Land of the Blue Sky.

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