Rio Tinto to sell US boron assets www.mining.com

Rio Tinto (ASX, LSE: RIO) is looking to sell its boron assets in California as part of the group’s ongoing efforts to simplify its operating model, according to Bloomberg.
On Wednesday, the media outlet reported that the Australian mining major will sell all its US boron assets, which include a mine and processing operations in the Mojave Desert town named after the element. Also being sold are Rio’s refinery and shipping facility in Los Angeles port and its Owens Lake mining operation near Sierra Nevada.
Together, these California assets meet about 30% of global demand for boron, according to the company’s website.
Boron is currently used in a variety of industrial applications, including in fertilizer, glass and ceramics manufacturing, fiberglass insulation and for strengthening metal alloys. The United States, despite already establishing itself as a leading producer, recently included boron on its latest critical minerals list, citing its key role in economic and national security-related products such as permanent rare earth magnets.
$2 billion in value
Rio’s California boron mine has been active well before its acquisition in 1967. Now in its 100th year of operation, it has become a world-leading producer of borates and boron chemicals. The deposit’s reserves are sufficient to support production through the early 2040s.
A sale of the boron mine reflects Rio’s strategy to simplify its operations structure under new chief executive Simon Trott. Since taking the helm three months ago, Trott has reorganized the group into three divisions and ordered a review of the minerals unit, which includes borates. The company currently makes nearly all its earnings from iron ore, copper and aluminum.
Rio has engaged two major banks — UBS Group AG and JPMorgan Chase — to advise on the sales process, which is expected to start in the next fortnight, Bloomberg said. According to its sources. Rio’s boron assets could fetch as much as $2 billion, with private equity firms or chemical producers the likely bidders.
(With files from Bloomberg)

Mongolia may join CIS Railway Transport Council www.report.az

Mongolian solar plant: Unique 2024 project unveiled www.pvknowhow.com

TML Group’s Pivot: Investing in a Mongolian solar plant
In a strategic move that underscores a growing regional trend, Mongolian plastic producer TML Group is set to construct an 80 MW solar plant and a 100 MWh battery energy storage system in Dundgovi Province. According to reports from IJGlobal, the project, which aims to supply power to the central grid, marks a significant and ambitious shift from the company’s traditional focus on plastic packaging.
TML Group’s Renewable Energy Vision and the Mongolian solar plant
TML Group is poised to broaden its operational scope by developing an 80 MW solar power plant coupled with a 100 MWh battery energy storage system (BESS) in Dundgovi Province. This project will feed clean power into the central grid, representing a major diversification from the company’s core business. TML Group’s expansion into renewable energy reflects a broader movement among industrial firms to invest in sustainable practices, enhance energy security, and contribute to national climate goals. This initiative is particularly notable as it represents a major step forward in Mongolia’s renewable energy sector, which has traditionally been dominated by coal-fired power.
The company has already secured the necessary permits from the Ministry of Energy of Mongolia to develop this ambitious project. By integrating the solar plant with a powerful battery storage system, TML Group aims to ensure a stable and reliable supply of renewable energy, tackling the issue of intermittency and helping reduce the country’s reliance on fossil fuels.
Dundgovi’s Potential for a Large-Scale Mongolian solar plant
Dundgovi Province, located in central Mongolia, is a prime location for solar energy development. The province boasts abundant sunshine, with an average of 270 to 300 sunny days per year, making it ideal for large-scale solar projects. The geographical and climatic conditions of Dundgovi provide a significant advantage, as the region’s high solar irradiance levels ensure optimal energy production throughout the year.
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The solar plant’s 80 MW capacity will make it one of the largest solar facilities in the country. Such a large-scale project depends on a sophisticated solar panel manufacturing process to produce the thousands of modules required. The addition of a 100 MWh battery energy storage system is a critical component, helping to balance the grid by storing excess energy generated during peak sunlight hours and releasing it during periods of high demand or low solar generation. This synergy between generation and storage is key to making renewable energy a dependable power source.
Impacts of the Mongolian solar plant Project
The project is expected to bring significant benefits to the local community and the broader Mongolian economy. The construction phase will require a substantial workforce and specialized equipment, including advanced solar panel manufacturing machines, stimulating economic activity in Dundgovi Province. A look at a typical solar panel manufacturing plant cost breakdown reveals the scale of investment involved in such ventures. By exporting renewable energy to the central grid, the project will help Mongolia reduce its carbon footprint and align with global efforts to combat climate change.
This solar and battery storage initiative is a cornerstone of Mongolia’s broader strategy to diversify its energy mix. The nation aims to leverage its vast solar and wind resources to become a regional leader in clean energy. Understanding the basics of solar panel manufacturing and the complex supply chain for solar panel raw materials highlights the project’s complexity and its potential to build new industrial capabilities within the country.
TML Group’s investment demonstrates a powerful commitment to sustainability and a forward-thinking vision. By pivoting from plastic production to renewable energy generation, the company is setting an inspiring example for other businesses in Mongolia and beyond.
If you are interested in learning more about the intricacies of solar energy production, consider enrolling in our free e-course to deepen your knowledge.

Factors shaping India's renewed interest in Mongolia And why China is sure to notice www.caliber.az

The recent four-day state visit of Mongolia’s President Khurelsukh Ukhnaa to India signaled a deeper phase of cooperation between India’s expanding energy ambitions and Mongolia’s growing resource potential, hinting at the emergence of a new strategic axis in Asia.
For India, Mongolia has become a natural strategic partner—its “Third-Neighbor” foreign-policy doctrine aligns seamlessly with New Delhi’s efforts to build new bridges across Eurasia. For Mongolia, India offers not only technological and financial support but also a crucial means of diversifying away from longstanding dependencies, as reported by The Diplomat publication.
At the center of this evolving partnership is India’s largest foreign-development commitment to date: a $1.7 billion line of credit extended to Mongolia in 2018 to build the country’s first oil refinery.
Designed to process 1.5 million tons of crude annually—about 30,000 barrels per day—the refinery is expected to meet between 50 and 66 percent of Mongolia’s demand for refined petroleum products. For a nation heavily reliant on Russian fuel imports, the project is widely viewed as transformative.
Yet beyond the refinery lies a far broader agenda encompassing resource diversification, critical-minerals supply chains, energy-transition cooperation, and new regional connectivity routes—areas that hold both significant opportunity and inherent risk.
During the October visit, the two governments signed 10 memoranda of understanding spanning digital collaboration, cultural exchange, geology, and minerals cooperation. A standout agreement was the MoU on geology and mineral resources, which positions Mongolia as a future export hub for India’s needs in coking coal, copper, and other critical inputs essential to its steel and technology industries.
India’s interest in Mongolian coking coal is unsurprising: as one of the world’s largest steel producers, it depends heavily on imported metallurgical coal. Reducing reliance on Australia and lowering supply-chain vulnerability has become strategically important. Mongolia, whose coal accounts for more than half its exports by volume, is eager to diversify its markets beyond China. The alignment is clear—but the land-locked geography remains a major hurdle, with routes passing through either Russia or China, both of which introduce cost, regulatory complications, and geopolitical sensitivities.
The refinery represents only the first stage of possible cooperation. Future steps could include downstream integration—supplying refined products to Mongolia’s market, exporting surplus fuels to Central Asia or northern China, and eventually expanding to petrochemical manufacturing. For India, exporting engineering expertise, project-execution capabilities, and technical training to Mongolia strengthens its long-term strategic foothold in Eurasia.
As India seeks to secure stable supplies of coal, metals, and rare-earth minerals amid global uncertainty, Mongolia offers a significant—though logistically challenging—alternative. Should India and Mongolia, working with Russia as a transit partner, establish cost-effective transport corridors, analysts suggest the possibility of a “Mongolia-India Raw Materials Bridge.”
Energy transition is another emerging front. Mongolia possesses vast solar and wind potential and recently joined the International Solar Alliance. India brings advanced technical capabilities, strong manufacturing capacity, and an increasingly influential role in global green-energy diplomacy. A partnership in renewables could eventually position Mongolia not only as a domestic clean-energy producer but also as an exporter of green electricity or hydrogen derivatives, with India acting as investor, technology partner, or buyer.
Still, major constraints temper expectations. Mongolia’s challenging geography, severe climate, and dependence on transit through larger powers raise both logistical costs and political risks.
The refinery, while important domestically, is modest in global terms and unlikely to transform the regional energy map alone. Economic data also highlight the scale of the challenge: Mongolia’s trade with India remains minimal—less than 0.5 percent of its total turnover in 2024—while China accounts for 69.7 percent, underscoring just how much ground New Delhi must still cover.
By Nazrin Sadigova

Mongolia Observes Republic Proclamation and First Constitution Anniversary www.montsame.mn

Mongolia commemorated the 101st anniversary of the Proclamation of the Mongolian People’s Republic and the Adoption of the First Constitution on November 26, 2025.
On November 26, 1924, Mongolia became one of the first Asian countries to abolish the monarchical regime and transition into the republican system, a progressive political form of government in the 20th century. With the adoption of its First Constitution, Mongolia replaced the monarchical government with a new system that allowed citizens to establish the government electively and introduced legal provisions based on democratic ideals. Specifically, the country abolished feudal serfdom, declared the natural resources to be the property of the people, and guaranteed the rights of citizens to vote and be elected. Moreover, it laid the foundation for modern parliamentary governance, legislating equal rights for women and men.
The First Constitution of Mongolia consists of six chapters and 50 articles. Article 1 of the First Constitution stipulates, “From now on, the State of Mongolia shall be known as the Mongolian People’s Republic, a fully sovereign and independent state, wherein the supreme power of the state shall be vested in the people, and all the state affairs shall be carried out and decided by the State Great Khural and the Government formed by the Khural, and the people shall reverently comply with and follow the arrangement.”
In accordance with Article 7.3 of the State Ceremonial Procedures, the national flag is traditionally raised at Sukhbaatar Square on public holidays celebrated nationwide. Following this tradition, a flag-raising ceremony was held at the central square today.
The national flag is lowered before sunset. If a nationwide public holiday lasts for more than one day, the flag is lowered on the final day of observance.

Over 200 international ships now sail with Mongolian flag www.gogo.mn

Mongolian officials told the opening of the 34th session of the International Maritime Organization (IMO) Assembly in London that more than 200 ships owned by companies in 25 countries now sail under the Mongolian flag. 
Ambassador B.Enkhsukh led Mongolia’s delegation to the Assembly, which opened November 24 and runs through December 3, and the delegation includes M.Ulzii, Director of Maritime Administration under the Ministry of Road and Transport.  
The IMO is the UN’s specialized agency responsible for maritime safety and preventing ship-sourced pollution; the Assembly, held every two years, approves the organization’s work programm, budget and elects Council members.
Mongolia joined the IMO in 1996 and has since acceded to dozens of maritime treaties, and it operates an open ship registry that enables ships owned or managed in other countries to register under the Mongolian flag.

Government Allocates MNT 1 Billion for Overtime Incentives of Medical Staff www.montsame.mn

Prime Minister of Mongolia Zandanshatar Gombojav visited the Chingeltei District General Hospital on November 25, 2025.
Premier announced that the Government will allocate MNT 1 billion from the Government’s reserve fund for overtime incentives for doctors and medical workers, and MNT 400 million for purchasing reagents and diagnostic test kits.
According to hospital officials, the Emergency Department currently receives 80-140 children per day, indicating that the workload has tripled. In response, the hospital deployed 20 additional beds, increasing total capacity to 100 beds.
As of today, 98 children are hospitalized. Last week, the hospital conducted 839 examinations, 60 percent of which were for children aged 5-14. Meanwhile, 75 percent of inpatients are children under five years old. Doctors highlighted that young children are more susceptible to severe forms of influenza and influenza-like illnesses, showing symptoms such as high fever, chest congestion, hoarseness, and respiratory distress. They emphasized the need for Family Health Centers to regularize home-visit examinations.
Hospitals at all levels are operating overtime. The Chingeltei District General Hospital reported that extending service hours from 17:00 to 20:00 has reduced waiting times from 2-3 hours to about one hour.

Munkhsukh Sukhbaatar appointed as Oyu Tolgoi Chief Executive Officer www.en.mininginsight.mn

The Board of Directors of Oyu Tolgoi has unanimously approved the appointment of Munkhsukh Sukhbaatar as Chief Executive Officer following a rigorous international selection process. He will begin his new role from 1 February 2026. 
Munkhsukh brings over 25 years of leadership experience across mining, aviation, investment, and financial services in diverse geographies. Munkhsukh began his career at Oyu Tolgoi in 2012, playing an active role in range of strategically significant projects. In 2015, he transitioned to the Rio Tinto Group, expanding his expertise in stakeholder relations, partnerships, and collaborative efforts. 
In his current role as Managing Director, Growth and Development Asia Pacific, Munkhsukh has overseen Rio Tinto’s regional copper portfolio, driving strategic partnerships, project development, and climate initiatives, including accelerating development of the Winu copper-gold project in Australia. 
Sean Hinton, Chairman of Oyu Tolgoi’s Board of Directors, said “After 15 years of development and firmly established sustainable production, Oyu Tolgoi now stands on the threshold of its next phase of growth. At this crucial juncture - alongside efforts to further strengthen shareholder trust and collaboration - the responsibility to drive Oyu Tolgoi’s advancement is placed with Munkhsukh. His deep understanding of Oyu Tolgoi, combined with global experience and proven leadership, places him in an exceptional position to secure Oyu Tolgoi’s continued success and guide the company toward achieving its long-term goals.” 
Munkhsukh Sukhbaatar, incoming Chief Executive Officer of Oyu Tolgoi, said “I am grateful for the trust placed in me and proud of the team whose dedication has brought Oyu Tolgoi to where it is today. With the continued support and collaboration of our partners and communities, my focus is to build on this strong foundation - further increasing our contribution to Mongolia’s sustainable development and creating value for everyone who has a stake in Oyu Tolgoi’s success.”

Mongolia embraces foreign capital www.ifre.com

Mongolian bonds have bounced back from turbulence this year, and a broader range of issuance is on the way, according to speakers at the Mongolia Investment Forum in Singapore on Thursday, arranged by Capital Markets Mongolia.
Mongolian bonds have seen two downturns this year. The first was in April, when US president Donald Trump announced global trade tariffs, hurting commodities companies in particular.
Hong Kong-listed Mongolian Mining Corp, which produces coal, copper and gold, priced US$350m of bonds in late March, but they fell around 20 points in the secondary market following Trump’s “liberation day” announcement before rallying strongly.
Ulemj Baskhuu, group chief financial officer of MMC, said some bondholders asked her to buy back some of their notes at a discount.
“It was the first time our bonds performed so badly,” she said. “But now they’re above par investors don’t remember they had that discussion with me.”
The second disruption came on the domestic political front.
In June, youth protests led to the resignation of prime minister Oyun-Erdene Luvsannamsrai. Then in October, Mongolia’s parliament voted to oust his replacement, Zandanshatar Gombojav, a move that the constitutional court later blocked, saying it had no legal basis.
“I think we’ve seen worse,” said Linlin Ma, co-chief investment officer at Prudence Asset Management, which invests in Mongolian assets. “The message on the macro and fiscal policy front is quite consistent, and I think that gives investors great comfort when investing in Mongolia.”
Mongolian sovereign bonds are now trading around 220bp over Treasuries, a record tight spread. This has been helped by liability management exercises, meaning that the most recent US dollar issues have been either debt-neutral or debt-negative.
Go on Golomt
Meanwhile, Single B rated Golomt Bank's US dollar bonds sold in May 2024 at a yield of 12% have tightened to around 8.50% in the secondary market.
On Thursday, the bank made its debut in the Japanese bond market with a privately placed ¥15bn (US$95m) 1.85% three-year Samurai bond guaranteed by the Seoul branch of Sumitomo Mitsui Banking Corp.
“Mongolia has absolutely become a mainstream investment,” said Florian Schmidt, founder and director of capital markets advisory firm Frontier Strategies, pointing to orders of US$4bn or more for recent sovereign deals.
“The government has resumed issuance of tugrik bonds, which is a good idea,” he said. “It reduces the risk of external shocks if you have more debt in your home currency than foreign currency.”
Banks are the main investors in the onshore bond market, with pension funds and life insurers yet to play a significant role, but speakers at the conference were hopeful this could change. They also urged banks to develop the currency swap market to make life easier for issuers of foreign currency bonds.
One offshore issuer is Mongolian Mortgage Corp (MIK), which raises funds to buy and securitise mortgages from commercial banks. CEO Gantulga Badamkhatan said US investors typically have an easier time understanding the credit, as they are familiar with the US state-owned mortgage giants Freddie Mac and Fannie Mae.
However, he said many investors in MIK’s US dollar bonds wrongly perceive its credit risk to be on a par with commercial banks, something he hopes will change as a wider variety of Mongolian issuers go offshore and investors differentiate between them.
He also said government support of its role in freeing up bank liquidity onshore would result in cost savings.
“If the government provided a guarantee we could bring down the coupon by at least 200bp,” said Badamkhatan.
He said MIK aims to issue green or sustainability-linked bonds, which will likely be part of a wave of ESG-related bonds from Mongolia.
“A significant amount of investment is needed in the next five years and we believe infrastructure bonds will be coming to market, including for green energy,” he said.
Equity prospects
In the equity space, ICFG, the Guernsey-incorporated holding company of microfinance institution InvesCore Financial Group, in February became the first financial institution from Mongolia to list on the London Stock Exchange, through a reverse takeover.
It is looking to raise equity as it grows in Kazakhstan, Kyrgyzstan and Uzbekistan and is considering expanding to the Philippines, Laos and Cambodia, said its interim CEO Enkhmaral Batkhuyag.
Mongolia-listed InvesCore has issued public and private bonds in the local market, as well as asset-backed securities and loan notes.
Non-resident foreign investors are not allowed to buy Mongolia-listed bank stocks. Speakers at the conference said that after the country's five biggest banks listed to comply with local regulations, easing the rules would help them access institutional capital.
Companies in general have become more willing to embrace public markets, said Zolbayar Enkhbaatar, founder and CEO of Capital Markets Mongolia.
“I’m seeing a big shift in mindset,” he said. “Companies are more open to IPOs and foreign investors.”

Thermal Power Plant 5 Targets Cleaner Air, Reliable Energy for Ulaanbaatar www.montsame.mn

Ulaanbaatar has launched its first strategic energy project under a public-private partnership, the Thermal Power Plant No.5, designed to deliver 300 megawatts (MW) of electricity and 340 gigacalories (Gcal) of heat.
According to the Office of the Governor of Ulaanbaatar City, the plant will operate with two 150 MW units and employ modern circulating fluidized bed (CFB) combustion technology. Once commissioned, it is expected to generate 2.2 billion kilowatt-hours (kWh) of electricity and 4.8 million gigajoules (GJ) of heat annually, significantly boosting the capital’s energy supply.
Equipped with advanced flue gas filtration, the plant is engineered to reduce fly ash emissions by up to 99.9 percent, positioning it among the most environmentally compliant projects in Mongolia’s energy sector. The use of low-sulfur, high-quality brown coal from Shivee-Ovoo, Baganuur, and Buuruljuut will further enhance combustion efficiency and lower pollutant emissions compared to existing facilities.
By adopting rotary fluidized combustion furnaces, emissions of sulfur oxides (SOx) and nitrogen oxides (NOx) will meet regulatory standards and align with international benchmarks. Beyond strengthening Ulaanbaatar’s energy security, the project will expand central heating coverage, ease the exhaust burden of ger districts, and reduce reliance on raw coal. This transition is expected to cut seasonal smoke pollution, one of Ulaanbaatar’s most pressing public health concerns.
The CHP-5 project reached a major milestone this November with the signing of its implementation agreement. Construction is scheduled to begin in spring 2026, marking the start of Mongolia’s first strategic energy project under a public-private partnership. Once underway, the plant is expected to advance on a fast-track basis, with completion targeted for 2028 within the planned timeframe. By integrating eco-efficient technologies, CHP-5 is positioned as a long-term solution to improve air quality while reinforcing Ulaanbaatar’s energy infrastructure and supply reliability.