Mongolia continues to experience fuel shortages www.xinhuanet.com

Mongolia continues to face fuel shortages amid the peak summer vacation and tourism season, with the back-to-school period also approaching.

Starting Aug. 4, all fuel stations across Mongolia began alternating the days on which they sell gasoline based on whether vehicles have even- or odd-numbered license plates, in accordance with a government decision. Gasoline purchases have also been limited to 50,000 Mongolian tugriks (about 13.8 U.S. dollars) per transaction.

The average retail price of AI-92, the most widely used type of gasoline in Mongolia, is now 2,840 Mongolian tugriks per liter.

The fuel shortage has led to long lines at fuel stations across the country, with drivers often waiting for hours and sometimes being unable to purchase gasoline that day. The situation has sparked growing public criticism and frustration.

According to Gongor Damdinnyam, Mongolia's minister of industry and mineral resources, the ongoing fuel shortage is linked to the Russia-Ukraine crisis and conflicts in the Middle East, which have contributed to instability in global energy markets and could affect fuel supplies.

The Mineral Resources and Petroleum Authority of Mongolia has said that fuel supplies are expected to increase from mid-August, with the situation likely to stabilize.

Mongolia currently has no oil refinery and is entirely dependent on imported fuel, with more than 95 percent of its fuel imports coming from Russia, according to official data.

World’s biggest mining companies now worth $2.17 trillion www.mining.com

At the end of July the MINING.COM TOP 50* ranking of the world’s most valuable miners had a combined market capitalization of $2.17 trillion, up $18 billion for the month and holding a gain of $26 billion so far in 2026.

The Top 50 now runs on a monthly clock, and on a new basis: mined metals and minerals only, with coal-heavy counters excluded and every ranking back to the start of the decade recalculated to match (the notes at the bottom set out the rules of the game).

The $545 billion swing
July was a good deal livelier than the 0.8% headline move suggests.

When mining stocks were riding high on gold and copper prices at the end of March, the Top 50 was worth $2.33 trillion. By the end of June, with gold well off its record, that had shrunk to $2.15 trillion.

Stock by stock, the swings are wilder still: valued at each company’s best month-end of the year, the Top 50 would be worth $2.44 trillion. At each one’s worst, just $1.9 trillion. That $545 billion spread is the truer measure of 2026 (and most every other year on commodities markets) so far, in a ranking that never itself strayed far from $2.2 trillion.

The biggest winner and the biggest loser in July were both gold diggers, and neither had much to do with bullion, which waited until August to stage a comeback.

Zijin’s third engine
Zijin Mining added $24 billion of market value in July, up 23.8%, vaulting past Newmont into fourth place at $125 billion. No company gained more dollars, and nothing in the company’s bracket came close on percentage either.

The trigger was a first-half profit alert lodged in early July: net profit guided at roughly RMB 39.1 billion, up 68%, with gold output up 15% to just over 1.5 million ounces and silver edging up to 7.4 million ounces. The number that stands out, though, is lithium: 43,000 tonnes of lithium carbonate equivalent against 7,000 tonnes a year earlier, a sixfold ramp pulled off just as the market for the battery metal emerged from a brutal slump.

Xiamen calls lithium the group’s third growth engine, and for once the investor-day language matches the production tables. Anyone reading Zijin’s surge as a copper story should note that consolidated copper output actually fell 6%. Less than a year after becoming only the fourth mining company in history to top $100 billion, Zijin is aiming for the podium.

Polyus pulls the rip cord
At the other end, Polyus surrendered $13.2 billion (down 37.6%) and fell eight places to number 28.

On 8 July the Russian gold miner told shareholders it would suspend dividends until 2030 to fund a wave of investment projects. The stock dropped 26% in a single session, the second-worst day in its history, beaten only by the 27.4% shellacking of 16 September 2008, when Lehman Brothers was setting the mood. It kept sliding for the rest of the month.

The decision baffled a market that watched Polyus mint record earnings and some $2 billion of free cash flow last year, and Sberbank promptly struck the stock from its top picks. One theory doing the rounds in Moscow: the company is bracing for a windfall tax on gold profits, and has budgeted for bullion at a deeply unfashionable $3,100 an ounce. Polyus and Norilsk Nickel, it should be said, keep their standing in this ranking thanks to captive investors on the Moscow Exchange where sanctions have made sellers of many, but exits are few.

Middle Kingdom kings
The rest of July’s winners column reads like a Shanghai gold board: Zhongjin Gold up 21.4%, Shandong Gold up 16.9%, and outside the ranking Chifeng Jilong up more than 50%. It looks like a surge. It is closer to a bounce. Gold spent the first half of 2026 falling roughly 30% from January’s record above $5,590 an ounce, and China’s gold stocks fell considerably harder. Shandong Gold’s peak-to-trough drawdown passed 60% before bargain hunters found a sector trading at around ten times earnings.

Western precious metals went the other way: Fresnillo gave back 10% of its value, Coeur 12.9% and Agnico Eagle 5%, while Newmont slipped just enough for Zijin to relieve Denver of fourth place.

Since this snapshot was taken, gold has bounced again, surging to a seven-week high above $4,400 on Friday after the US economy shed 23,000 jobs in July, the first payrolls contraction since February. Gold bugs will take the help.

Revolving door
The price of admission rose to $13.56 billion, from $13.1 billion at the end of June, not far off the record $14.5 billion set at the end of March and more than four times the $3.2 billion that got a company through the door in 2020.

Western Mining takes the fiftieth spot after a 41.5% July, the biggest percentage move anywhere in the ranking. Casablanca’s Managem, up 106% this year on its gold and cobalt mines across Africa, debuts at 39. Lundin Gold misses by a whisker and is likely back in by the time you read this, joining Tianqi Lithium, which dropped by a quarter, and Alamos Gold.

MMG returns at 49 after a 28.6% month, and South32 re-enters at 45, up 12.2% since agreeing to sell nearly all its aluminium business to Alcoa for up to $5.6 billion. The Perth miner also broke mining’s decade-long US permitting curse in early July, bagging the final federal approval for its $2 billion-plus Hermosa zinc-silver-manganese project in Arizona, with first production pencilled in for early 2028.

The metal that matters for the slimmed-down miner may turn out to be silver: once the Alcoa sale closes, Cannington’s silver-lead-zinc output becomes more than a tenth of revenue, and with silver near $60 an ounce (against under $40 a year ago) and zinc up 26% in 2026, the market is paying up for what South32 is keeping, not just what it sold.

Then there is Amman Mineral, the ranking’s resident rollercoaster. The Indonesian copper-gold miner stormed into the Top 50 after its blockbuster 2023 debut, ran up nearly 600% to pierce the top 10 (minting half a dozen billionaires along the way), then surrendered roughly three quarters of its peak value as smelter commissioning and concentrate headaches set in, bottoming out dead last at number 50 in the Q2 count. In July it rose 25.7% to reclaim 42nd.

Baar sets a higher bar
Two days ago Glencore reported the kind of first half that headline writers call blowout: adjusted EBITDA of $10.1 billion, up 86%, a fresh $500 million buyback, and confirmation of a secondary Sydney listing for October. Copper output rose 15% just as the metal hit records, and the trading desks feasted on a volatile oil market.

The July snapshot caught the run-up: up 7.6% for the month and 34% for the year at $86 billion, Baar is firmly ensconced at number 7. It is easy to forget Glencore spent stretches of 2020 and 2021 outside the top 10 altogether and traded below its 2011 London IPO price for the better part of fifteen years.

There is a wrinkle in the timing. The six-month standstill Rio Tinto accepted when it walked away from their $260 billion mega-merger in February lapsed this week, and Melbourne promptly signalled it is in no rush to come back to the table. On numbers like these, Baar can afford to play hard to get.

Rio arrives at the standstill’s end in decent shape of its own, having just posted its highest first-half earnings in four years as the data centre boom feeds copper demand. Though on this ranking’s own 1.5 times revenue test (see the notes below) Rio is, strictly speaking, an iron ore company enjoying editorial clemency. 

Vale gets no such pass. Filed under iron ore while the long-promised Toronto listing of its base metals unit waits, the Brazilian miner posted a 35% fall in second-quarter profit and narrowed its nickel and copper output outlook. 

The air up there
BHP has added $62 billion of market value in 2026, a 41% gain no other big cap approaches in dollar terms, reaching $216 billion and sitting comfortably above the double-century mark Melbourne was first to breach. July’s production report showed record iron ore output from the Pilbara, with full-year results due mid-month. 

The $50 billion of air between the world’s biggest miner and Rio Tinto (the unbroken pair at the top) is now the widest gap between first and second in the history of this ranking. It is a remarkable turn from 2024, when the lead had thinned to $15 billion. One stock accounts for a tenth of the Top 50’s entire value.

Club rules
Melbourne is where the money lives: BHP, Rio Tinto and MMG make the Victorian capital a $395 billion head-office town, nearly a fifth of the entire ranking. Toronto’s four entries are worth $204 billion, Mexico City’s two $177 billion, Denver’s three $156 billion and Vancouver’s five $141 billion.

The gap to Toronto vanishes the day Anglo Teck books its head office in British Columbia, and that day is drawing closer. The $53 billion merger has cleared its shareholder votes and every regulator bar one, waiting only on Beijing, with completion expected by early 2027. 

The corner offices are already settling: Anglo executives take three of the four top jobs, with Duncan Wanblad leading the combined group from Vancouver. Anglo shareholders will own 62.4% of the company after banking a $4.5 billion special dividend, and Teck investors 37.6%, with each Teck share exchanged for 1.3301 Anglo shares. For now, Anglo American and Teck ride at 13 and 21.

When the deal closes, the combined company also changes columns. Under the ranking’s rules Anglo Teck lands under copper, which is exactly how the pair are selling it: about 1.2 million tonnes of output a year, rising to 1.35 million tonnes in 2027 from six large operations across Chile, Peru and Canada, with $800 million in annual pre-tax savings pencilled in by year four. 

After a divestment program that has spun off its platinum arm, sold coal and nickel, and set De Beers on its way out the door, the reclassification makes it official: Anglo’s century-plus run as a diversified mining giant ends here.

The next count lands at the end of August. On July’s evidence, a month is plenty.

World Bank Country Manager presents credentials www.ubpost.mn

Victoria Delmon, World Bank Group Country Manager for Mongolia, presented her Letter of Credence to Battsetseg Batmunkh, Minister of Foreign Affairs. Following the credential presentation, Minister B.Battsetseg held a meeting with Delmon to discuss the current status of cooperation between Mongolia and the World Bank Group, as well as priorities for future collaboration.

During the meeting, Delmon reaffirmed the World Bank Group’s commitment to working closely with the Mongolian government to support the country’s sustainable development, economic diversification, private sector growth, and efforts to improve the investment environment. Mongolia joined the World Bank as its 155th member in 1991. Since then, the country has implemented more than 100 projects and programs with the institution across a wide range of socio-economic sectors, including energy, infrastructure, agriculture, and healthcare. Through this partnership, Mongolia has received more than 1.2 billion USD in concessional financing and over 170 million USD in grant funding to support its development priorities.

70 MW Thermal Power Plant Fired Up Ahead of Winter Peak www.montsame.mn

Initial testing has begun at a new 70-megawatt thermal power plant in Sukhbaatar soum, Selenge aimag, following the successful ignition of its first boiler on Saturday. The facility is being constructed by Raid Mongolia LLC.

​“This plant, which will be commissioned soon, will help address electricity and heating shortages while reducing energy dependency,” said Minister of Energy Naidalaa Badrakh. “Congratulations to everyone involved in making this project a reality.”

Situated 311 km from Ulaanbaatar, the plant features two boiler blocks, each equipped with a 35 MW turbine generator. It is projected to generate 489.2 million kWh of electricity annually, supplying 440.2 million kWh of electricity and 373,000 Gcal of thermal energy to the grid.

According to the Ministry of Energy, construction work that began on May 1, 2024, is scheduled for commissioning within October, prior to the winter peak load period.

The plant, designed to meet the energy consumption of Selenge aimag, is being constructed on a turnkey basis by Cambodia's MITIME Group. Aiming to integrate advanced technology, the project introduces a modular, environmentally friendly carbon chimney—a first for Mongolia.

Mongolia’s next president? Race to succeed Khurelsukh reshapes political landscape www.intellinews.com

Mongolia's next election cycle begins in less than a year with the presidential poll. The parliamentary elections will follow in 2028.

Even before campaigning has officially begun, politicians are already jockeying for position in the race to succeed President Ukhnaa Khurelsukh. 

The growing field of potential candidates reflects widening divisions within the ruling Mongolian People's Party (MPP), with rival factions backing different contenders. Opposition party candidates are also beginning to emerge.

Divisions in the MPP are partly due to a turbulent period of leadership changes, including the resignation of two prime ministers in less than a year. Analysts say the current manoeuvring reflects competition for influence, which tends to spark populist decisions. 

Frequent leadership changes have complicated efforts to pursue long-term economic reforms and have contributed to investor concerns about policy uncertainty. 

However, the race to succeed Khurelsukh unfolds, it begins with the familiar framework, with the MPP in control of the government and the party organisation deeply rooted across the country. This time, however, divisions in the party have become more apparent. 

"Power within the MPP is becoming more diffuse as attention shifts toward the post-Khurelsukh era," said Amar Adiya, editor of Mongolia Weekly, a business intelligence newsletter. "Political actors are positioning themselves for the next transfer of power."

The MPP has undergone repeated leadership changes over the past year following the resignations of prime ministers Oyun-Erdene Luvsannamsrai and Zandanshatar Gombojav. Thirty-nine year old Uchral Nyam-Osor took over as PM earlier this year.

Amar said the changes reflected an internal realignment within the ruling party rather than instability in Mongolia's political system.

Attention is now turning to who the MPP will nominate for president. A recent analysis by Odriin Sonin newspaper identified several possible contenders from the ruling party.

Former PM Zandanshatar is widely viewed as the leading contender. He is followed by Deputy Prime Minister Enkhbayar Jadamba, Foreign Minister Battsetseg Batmunkh and Defence Minister Byambatsogt Sukhbaatar. 

An April poll by Ulaanbaatar-based research firm MEC showed Zandanshatar with the strongest voter support among potential MPP candidates.

Although Uchral has quickly become one of Mongolia's most influential politicians, he is constitutionally ineligible because presidential candidates must be at least 50 years old. Amar said he could nevertheless play an important role in shaping the party's eventual nominee.

Khurelsukh is widely expected to leave office at the end of his term. Constitutional amendments approved in 2019 limit Mongolia's president to a single six-year term, making another candidacy unlikely without significant constitutional changes.

"The more important question is how Khurelsukh manages his political influence after leaving office," Amar said. "His role in shaping the MPP's candidate selection process and the broader balance of power within the ruling party will probably matter more than speculation about a second term."

Julian Dierkes, a Mongolia expert and professor at the University of Mannheim in Germany, also expects a contested election rather than a constitutional change allowing Khurelsukh to seek another term.

"The MPP remains in factional turmoil," he said.

Looking back over Mongolia's recent presidents, Dierkes said the office can matter depending on who occupies it.

Former president Elbegdorj Tsakhia “had an agenda where he did add some strategic directions that I don't see in the other three [former] presidents, perhaps most notably democratisation efforts and a more active foreign policy," he said. "So my answer is, it depends on the candidates. I see one example of a president who made a difference and three where I don't see much of an impact."

The opposition Democratic Party (DP) is also preparing for the race, though analysts differ on whether it can capitalise on public frustration over inflation, rising living costs and economic concerns.

Mongolian daily Odriin Sonin identified party chairman Tsogtgerel Odon, former DP leader Gantumur Luvsannyam and former Prime Minister Altankhuyag Norov as possible contenders.

Amar said the Democrats' chances will depend less on personalities than on whether economic dissatisfaction grows over the coming months.

"The Democratic Party's greatest opportunity lies in public dissatisfaction over living costs and economic management rather than in any single candidate," Amar said.

Dierkes was less optimistic, saying he is not convinced the party currently has a candidate capable of mounting a serious challenge.

The smaller HUN Party could also influence the race, particularly among younger urban voters seeking an alternative to Mongolia's two largest parties.

Technology entrepreneur Enkhbat Dangaasuren, who finished second to Khurelsukh in the 2021 presidential election with about 20% of the vote, is among the party's potential candidates.

Amar said HUN is unlikely to seriously contend for the presidency but could influence the outcome by drawing support from reform-minded voters.

Dierkes said Enkhbat's strong showing in 2021 demonstrated demand for an alternative to the two traditional parties and said HUN could remain competitive if it again nominated a credible outsider.

A head-to-head poll conducted by MEC last month showed Khurelsukh remained Mongolia's most popular politician, followed by Tsogtgerel (DP) and Zandanshatar (MPP). Although relatively new on the political scene, Tsogtgerel’s popularity has grown quickly thanks to a pro-business agenda and an ability to unite factions in his party.

Despite strong copper and coal exports and healthy foreign exchange reserves, inflation, infrastructure bottlenecks, energy shortages and periodic fuel disruptions remain key voter concerns.

With nearly a year to go before the election, the campaign has already begun — not yet on the public stage, analysts say, but largely inside the ruling party, where the contest to succeed Khurelsukh is reshaping Mongolia's political landscape.

By Michael Kohn 

Request Submitted to Supply 12,000–15,000 Tonnes of AI-92 Gasoline Monthly from China www.montsame.mn

Prime Minister Uchral Nyam-Osor received Zhang Guangyan, General Manager of "PetroChina Dachin Tamsag" LLC, a subsidiary of China's state-owned China National Petroleum Corporation (CNPC).

At the start of the meeting, the Prime Minister expressed gratitude for the China's agreement to supply 6,000 tonnes of AI-92 gasoline to Mongolia in August this year. He also requested that the supply volume be increased and stabilized at 12,000–15,000 tonnes per month going forward.

Furthermore, noting that the price of gasoline scheduled for delivery this month is higher than international market rates, he requested that the company explore possibilities for a price reduction. Prime Minister Uchral expressed confidence that PetroChina Dachin Tamsag LLC would step up its involvement, as support from China—a Comprehensive Strategic Partner—in resolving Mongolia's current fuel situation was discussed during his meetings with Zhao Leji, Chairman of the Standing Committee of the National People's Congress of China, Li Qiang, Premier of the State Council, and Wang Yi, Minister of Foreign Affairs.

Specifically, he asked for concrete progress in supplying products refined from crude oil exported from Mongolia back to Mongolia at competitive prices, as well as increasing production and supply volumes.

He also announced during the meeting that Minister of Industry and Mineral Resources  Damdinnyam Gongor will be dispatched on an official working visit to China next week to intensify cooperation on this matter.

Zhang Guangyan, General Manager of PetroChina Dachin Tamsag LLC, expressed gratitude to Prime Minister Uchral and the Government for resolving a tax dispute that had remained unsettled since 2012. He stated that the company would focus on expanding cooperation with Mongolia at a time when global petroleum product supplies are tightening and prices continue to rise. He added that the company would fully support making the Minister of Industry and Mineral Resources' upcoming official visit to China effective.

PetroChina Dachin Tamsag LLC has been operating in Mongolia’s petroleum sector for 20 years. During the meeting, the company also expressed its interest in expanding its ongoing operations in Mongolia and elevating cooperation to a new level.

Directive Issued to Exchange 80 Percent of Government Data Digitally by Next Year www.montsame.mn

The Government is focusing on digitizing public operations and delivering services promptly by launching the "Chuluulye" national initiative.

The Secretariat of the Cabinet held a consultative discussion with administrative and IT unit leadership from various ministries and agencies to address pressing challenges in boosting national productivity and to outline future actions. As a result of the discussion, directives were issued to transition at least 80 percent of government data exchanges to digital format in 2027, and to take all necessary steps to fully enforce the "Once-only" principle - ensuring that government entities do not request information from citizens or legal entities that the state already possesses.

Currently, approximately 70 percent of the 311 laws, regulations, and resolutions enacted regarding the digital transition are being implemented. However, the fact that stationery expenses in the state budget have not decreased indicates that paper-based information exchange persists, according to the Press and Public Relations Department of the Cabinet Secretariat.

The legal framework for the national digital transition has been established through amendments to the Law on Public Information Transparency, the General Law on State Registration, and the Law on Procurement of Goods, Works, and Services with State and Local Property, following the Law on Economic Freedom enacted this year. Presenters during the discussion also noted that conditions have been created to utilize artificial intelligence and secure registration technologies.

Kazakhstan, Mongolia Strengthen Water Cooperation www.kt.kz

Kazakhstan’s Ambassador to Mongolia Almas Seitakynov, met with Zeneemyadaryn Batbayar Director of Mongolia’s Water Agency.

The two sides discussed prospects for expanding Kazakh-Mongolian cooperation in water resource management, the introduction of water-saving technologies and the sustainable use of water resources.

Particular attention was given to the exchange of expertise in water monitoring and protection, access to safe drinking water, drought and flood prevention, and efforts to address the consequences of climate change.

Ambassador Seitakynov briefed Mr Batbayar on President Kassym-Jomart Tokayev’s initiative to establish an International Water Organisation under the auspices of the United Nations. It was noted that such a body would help strengthen international coordination on water-related issues, promote the sustainable use of water resources and develop lasting solutions to global and regional water challenges.

Ahead of the 17th session of the Conference of the Parties to the United Nations Convention to Combat Desertification (UNCCD COP17), to be held in Ulaanbaatar from 17 to 28 August 2026, Ambassador Seitakynov invited Mr Batbayar to attend a thematic side event organised by Kazakhstan as part of the conference.

The two sides emphasised the importance of closer cooperation between the relevant government agencies and research institutions of Kazakhstan and Mongolia.

The meeting concluded with an agreement to maintain working-level contacts and further develop bilateral cooperation in the water sector.
 
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Bridge to the Persian Gulf: What the Agreement Between Golomt Bank and Mashreq Bank Means for the Citizens of Mongolia www.open.kg

Golomt Bank has opened a direct correspondent account in UAE dirhams (AED) at Mashreq Bank, one of the leading financial institutions in the Emirates. This innovation eliminates the need to use Western intermediary banks for international transfers between Mongolia and the UAE.

Now transactions can be conducted directly in the national currency of the UAE, significantly simplifying the process and increasing its efficiency. This means that conversions to US dollars or euros are no longer required, facilitating financial operations related to the Emirates.

Benefits for Citizens of Mongolia

Cost reduction: Eliminating intermediaries and currency conversions significantly reduces fees for transfers.

Faster operations: Direct settlements between Golomt Bank and Mashreq Bank facilitate quick payment processing — within hours.

Benefits for tourists: Mongolian citizens in Dubai or Abu Dhabi can easily transfer funds to local accounts without significant losses.

Support for businesses: Companies engaged in import and export with the UAE gain effective tools for settlements with partners.

Access to investments: The UAE is an important financial center, opening new opportunities for business and investment for Mongolian citizens.

Popularity and Rating of Mashreq Bank

Mashreq Bank, one of the oldest and most reliable banks in the UAE, is among the top five largest financial institutions in Dubai.

Credit Ratings (High Reliability)

Global rating agencies assign the bank high investment ratings of class "A":

Fitch: A (Stable)

S&P Global: A (Stable)

Moody's: A3 (Stable)

Popularity and Status

Top 5 in the UAE: The bank's assets exceed 335 billion dirhams, making it a significant player in the region's financial market.

Leader in digital technology: Recognized as the fastest-growing banking brand in the Middle East and the best digital bank thanks to the Mashreq Neo platform.

Choice of businesses and consumers: Successfully meets the needs of both business clients and private customers with advantageous programs.

MIAT to Expand Cooperation with Boeing www.montsame.mn

MIAT State-Owned Joint Stock Company and Boeing are set to expand their cooperation by flexibly addressing aircraft market pricing and payments and establishing a mutually beneficial financing structure.

Delgersaikhan Borkhuu, Minister of Roads and Transport, emphasized this commitment during a meeting with a delegation led by Jeff Edwards, Vice President of Commercial Sales and Marketing for North Asia at Boeing. During the meeting, the two sides exchanged views on the development of Mongolia's aviation market, the economic efficiency of aircraft, and financial terms, the Ministry of Roads and Transport reported.

Minister Delgersaikhan noted that Mongolia is developing its air transport sector as a leading economic priority, aiming to become a regional aviation hub by leveraging its advantageous geographic location connecting Asia and Europe. The parties discussed expanding relations between MIAT and Boeing, securing favorable financial terms for aircraft purchases, and strengthening technical collaboration. Specifically, the Mongolian side expressed interest in acquiring next-generation Boeing aircraft that feature low operational costs, eco-friendly designs, and high fuel efficiency.

MIAT has been operating Boeing aircraft for its international flights since 1992, maintaining a steadily developing partnership with the company.