1 D. DALAIJARGAL: URANIUM MINING PROJECT ADVANCES FAST WITH FRENCH FUNDING WWW.MONGOLIANMININGJOURNAL.COM  PUBLISHED:2025/12/05      2 MONGOLIA, INDIA TO ADVANCE STRATEGIC PARTNERSHIP IN DIGITAL DEVELOPMENT AND INNOVATION WWW.MONTSAME.MN PUBLISHED:2025/12/05      3 POPE LEO MEETS WITH THE PRESIDENT OF MONGOLIA WWW.VATICANNEWS.VA PUBLISHED:2025/12/05      4 NATIONAL PROTECTED AREA CONSULTATION TARGETS STRONGER RANGER SYSTEM WWW.MONTSAME.MN PUBLISHED:2025/12/05      5 RIO TINTO REVISES UP 2025 COPPER PRODUCTION FORECAST AS MONGOLIAN PROJECT ACCELERATES OPERATIONS WWW.NEWS.METAL.COM  PUBLISHED:2025/12/05      6 MONGOLIA CALLS PUBLIC HEARINGS AHEAD OF LIKELY PUSH TO RENEGOTIATE RIO TINTO TERMS ON GIANT COPPER MINE WWW.INTELLINEWS.COM PUBLISHED:2025/12/05      7 MONGOLIA RECEIVES HIGHEST NUMBER OF FOREIGN TOURISTS SINCE THE BEGINNING OF 2025 WWW.XINHUANET.COM PUBLISHED:2025/12/05      8 MONGOLIA SIGNALS READINESS TO CONTRIBUTE TO GLOBAL FIGHT AGAINST DESERTIFICATION WWW.QAZINFORM.COM PUBLISHED:2025/12/04      9 MONGOLIA’S FOREIGN EXCHANGE RESERVES REACH USD 6 BILLION WWW.MONTSAME.MN PUBLISHED:2025/12/04      10 FUEL SUPPLY STRENGTHENED AS DECEMBER PURCHASE ORDERS CONFIRMED WWW.MONTSAME.MN PUBLISHED:2025/12/04      МАЛ, ТЭЖЭЭВЭР АМЬТНЫ ТООЛЛОГО НЯМ ГАРАГТ ЭХЭЛНЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/12/05     Ш.РАДНААСЭД ЕРӨНХИЙ САЙДЫН АХЛАХ ЗӨВЛӨХ БОЛОВ WWW.NEWS.MN НИЙТЭЛСЭН:2025/12/05     АШИГТ МАЛТМАЛЫН 8 ЗӨВШӨӨРЛИЙН ХАРИУД ₮2.7 ТЭРБУМЫГ АВСАН Ш.ГАНХУЯГ, ӨГСӨН ЭДВАРД СҮРЭН НАРЫГ 1 САР ХОРИВ WWW.EGUUR.MN НИЙТЭЛСЭН:2025/12/05     ЕРӨНХИЙЛӨГЧ У.ХҮРЭЛСҮХ ГЭГЭЭН ШИРЭЭТ УЛСЫН ТӨРИЙН ТЭРГҮҮНТЭЙ УУЛЗЛАА WWW.EAGLE.MN НИЙТЭЛСЭН:2025/12/05     ТАВАНТОЛГОЙ-ГАШУУНСУХАЙТ ЧИГЛЭЛИЙН ТӨМӨР ЗАМААР ТАВАН САРД 3 САЯ ТОНН НҮҮРС ТЭЭВЭРЛЭВ WWW.EGUUR.MN  НИЙТЭЛСЭН:2025/12/05     MONGOLIA FOCUS: МОНГОЛД ӨӨРИЙГӨӨ ЦЕНЗУРДЭХ ҮЗЭГДЭЛ НЭМЭГДСЭН НЬ АРДЧИЛЛЫН ЧАНАР ДОРОЙТОЖ БУЙН ИЛРЭЛ WWW.EGUUR.MN НИЙТЭЛСЭН:2025/12/05     11575 АЙЛЫН ОРОН СУУЦ БАРИХ БОЛОМЖ БҮРДЭВ WWW.NEWS.MN  НИЙТЭЛСЭН:2025/12/05     Н.ЦЭРЭНСАМБУУ: ГАДААДЫН ХӨРӨНГӨ ОРУУЛАЛТААР БОР ТЭЭГИЙН ОРДЫГ ЭДИЙН ЗАСГИЙН ЭРГЭЛТЭД ОРУУЛНА WWW.EAGLE.MN НИЙТЭЛСЭН:2025/12/04     С.БЯМБАЦОГТ: ЗЭС ХАЙЛУУЛАХ ҮЙЛДВЭРИЙГ БАРИХ ХӨРӨНГӨ ОРУУЛАГЧИЙГ НЭЭЛТТЭЙ СОНГОН ШАЛГАРУУЛНА WWW.ITOIM.MN НИЙТЭЛСЭН:2025/12/04     NETFLIX-ИЙН МОНГОЛД ХИЙХ ШИНЭ НЭВТРҮҮЛГИЙН НӨЛӨӨ БА АЛГАН ДЭЭР ТАВЬСАН БОЛОМЖОО АШИГЛАХУЙ WWW.ITOIM.MN НИЙТЭЛСЭН:2025/12/04    

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MBCC “Doing Business with Mongolia seminar and Christmas Receptiom” Dec 10. 2025 London UK MBCCI London UK Goodman LLC

NEWS

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Troy Minerals Achieves Key Milestone Toward Operational Mining License for Its Tsagaan Zalaa Silica Project, Mongolia www.accessnewswire.com

VANCOUVER, BC / ACCESS Newswire / October 7, 2025 / Troy Minerals Inc. ("Troy" or the "Company") (CSE:TROY)(OTCQB:TROYF)(FSE:VJ3) is pleased to report that its subsidiary Grand Samsara Consulting LLC ("Grand Samsara") has successfully completed a key regulatory milestone in Mongolia - the official registration of its Tsagaan Zalaa Silica Project ("Tsagaan Zalaa" or the "Project") in Dornogovi Province with the Mineral Resources and Petroleum Authority of the Ministry of Industry and Natural Resources of Mongolia. This registration represents the most critical step in the multi-stage process leading to the issuance of an operational mining license.
The Tsagaan Zalaa project is located in Saikhandulaan soum, Dornogovi Province, in southeastern Mongolia (Figure 1). It is connected with a road to Sainshand, capital of the Dornogovi Province in the Eastern Gobi steppe, approximately 95 km to the east, located along the Trans-Mongolian Highway and Railway connecting Mongolia's capital city of Ulaanbaatar with China. Sainshand is 200 kilometres from the Chinese border and serves as the local depot for silica and other mineral exports to China. Tsagaan Zalaa (Figure 2) is also situated only 18 km from the local community of Saikhandulaan soum(Figure 3) and covers an area of 1,670.28 hectares. The Project is strategically positioned to serve the growing regional demand for high-purity quartz silica ("HPQ"). Massive high-purity quartz veins up to 5 metres in width (Figures 4 and 5) hosted by Upper-Middle Devonian sediments are exposed on surface across the Project. In February 2025, the Company announced the submission of the Mining License application, with today's achievement marking the decisive regulatory confirmation needed to advance the Project toward the final operating approval.
"To receive a Mine Operating License is a complex process, not only in Mongolia but all over the world, but the official approval of a Mining License application by the Mongolian ministerial authorities is the most important step in this. It represents a key milestone which underscores the Company's commitment to advancing Tsagaan Zalaa towards production and transforming Troy into a cash-flowing entity," commented Yannis Tsitos, President of Troy Minerals. "We expect to complete the subsequent administrative steps, as outlined below, in the coming weeks and we target a full Mine Operating License by the end of Q4 2025 to Q1 2026."
With its application referenced above, Grand Samsara provided to the authorities all historical and current technical, environmental, hydrogeological, community and archaeological data, studies and reports. Based on Mongolian authorities' appointed independent experts opinion regarding the geological resources and the opinions of the established 15 council members, the meeting of the Mineral Resources Professional Council of the Ministry of Industry and Mineral Resources and the Ministry of Mineral Resources and Petroleum Authority decided to grant to Grand Samsara a Mining License in regard to HPQ mining activities.
Next Steps
Grand Samsara is currently working in Mongolia on subsequent steps to conclude several administrative tasks and receive a Mine Operating License. Several steps already been completed, others to be concluded before December 2025. They include detailed technical and economic studies for the utilization and export of the mineral resources, a detailed Environmental Impact Assessment study, a local Government Agreement that includes an appropriate Corporate Social Responsibility ("CSR") plan, a Blasting Permit application, and land Quality Assurance plans. At the same time, Troy has commenced HPQ product offtake discussions that include metallurgical sampling by independent Chinese clients at their own laboratories. Following discussions with the relevant authorities, Troy is targeting a complete Mine Operating License before the end of 2025 or by early 2026 at the latest. *
* Any production decision in advance of obtaining a NI 43-101 compliant feasibility study of mineral reserves demonstrating economic and technical viability of the project is associated with increased uncertainty and risk of failure.
Qualified Person
Technical information in this news release has been reviewed and approved by Case Lewis, P.Geo., a "Qualified Person" as defined under NI 43-101 Standards of Disclosure for Mineral Projects and a director of the Table Mountain Project vendor.
About Troy Minerals
Troy Minerals is a Canadian based publicly listed mining company focused on building shareholder value through acquisition, exploration, and development of strategically located "critical" mineral assets. Troy is aggressively advancing its projects within the silica (silicon), scandium, vanadium, and rare earths industries within regions that exhibit high and growing demand for such commodities, in both North America (through the Table Mountain, the Lake Owen and the St. Jaques projects) and Central-East Asia (through the Tsagaan Zalaa project). The Company's primary objective is the near-term prospect of production with a vision of becoming a cash-flowing mining company to deliver tangible monetary value to shareholders, state, and local communities.
Statement Regarding Forward-Looking Information: This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that Troy Resources Inc. (the "Company") expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include results of exploration activities may not show quality and quantity necessary for further exploration or future exploitation of minerals deposits, volatility of commodity prices, and continued availability of capital and financing, permitting and other approvals, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
The Canadian Securities Exchange has not reviewed this press release and does not accept responsibility for the adequacy or accuracy of this news release.
SOURCE: Troy Minerals Inc.

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Mongolia records warmest September since 1940 www.xinhuanet.com

Mongolia reported its warmest September in 2025 since temperature records began, the National Agency for Meteorology and Environmental Monitoring said on Tuesday.
The country's average temperature last month was 0.6 degrees Celsius higher than a year earlier and 0.9 degrees above the long-term average, marking the highest September temperature since 1940, according to the agency.
Mongolia has an extreme continental climate characterized by long, cold winters and short, hot summers.

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Mongolia Projects Budget Surplus, Citing Strong Performance by "Erdenes Tavantolgoi" www.montsame.mn

On October 4, 2025, Prime Minister of Mongolia Zandanshatar Gombojav visited the "Erdenes Tavantolgoi” (ETT) company. A new mine has been commissioned at the Tsankhi section of the company, enabling the sale of high-quality coking coal at international market prices.
To revive the economy, increase coal transportation, exports, and sales, and ensure implementation of the Law on the National Wealth Fund, the Government of Mongolia imposed a three-month special regime at “Erdenes Tavantolgoi” JSC starting July 9, 2025. A team of Special Plenipotentiary Representatives was appointed to carry out this task, with the goals of improving governance, management, discipline, accountability, and eliminating conflicts of interest.
Byambasuren Urgamal, Head of the Government’s Special Representatives’ Team at Erdenes Tavantolgoi and Deputy Chief of the Cabinet Secretariat, presented the outcomes achieved during the special regime period. Key accomplishments include:
Resumption of previously suspended coal exchange trading, conducting 75 trades and selling 5.8 million tons of coal, generating USD 513.8 million in revenue;
Resolution of contract bottlenecks, increasing monthly coal transport from 1.7 million to 2.8 million tons — a 1.6-fold rise;
Improvement in equipment readiness from 56% to 81%;
Introduction of a Dashboard system enabling real-time monitoring of mining and transportation;
Development of a mid-term strategy (2026–2029) through government–company collaboration;
Commissioning of a new mine at the Tsankhi section, allowing a high-quality 1/3 coking coal to be sold at international prices,
A 40 percent increase in unit product economic efficiency.
Coal export of “Erdenes Tavantolgoi” this September marks the highest monthly export in the company’s history. The company exported 3.2 million tons of coal in September 2025, through Gashuunsukhait and Khangi border ports, while in August the company exported 2.7 million tons of coal.
During the special regime period, the team was tasked with accelerating national economic growth, increasing foreign exchange reserves, ensuring implementation of the National Wealth Fund Law, improving coordination across sectors, streamlining coal transportation, loading, and border-crossing processes, preventing potential risks, and strengthening the company’s management, control, discipline, and accountability. They were also instructed to address operational issues promptly.
Prime Minister Zandanshatar emphasized that the Special Plenipotentiary Representatives successfully fulfilled the Government’s directives and played a key role in stabilizing the economy, boosting foreign reserves, and restoring normal operations at “Erdenes Tavantolgoi.”  He expressed his gratitude to the team and the company’s staff for delivering tangible results. The continuation of the representatives’ mandate will be decided in a forthcoming Cabinet meeting.
The Prime Minister also noted that “Erdenes Tavantolgoi” played a vital role in contributing to Mongolia’s 5.7 percent economic growth. The Premier highlighted that coal trading and sales will increase further in October, November, and December, which will raise budget revenues and lead to a budget surplus.
Looking ahead, PM Zandanshatar stressed the need to reduce company expenditures, enhance efficiency and productivity, adopt technological solutions to ensure transparency in procurement and contracts, transform “Erdenes Tavantolgoi” into an open joint-stock company with public participation, and implement the National Wealth Fund Law by increasing company valuation and stock value.

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Five people sentenced to prison and 80 fined for “Coal” crimes www.gogo.mn

The Prosecutor’s Office has reported the outcomes of investigations into crimes related to coal mining, export, transportation, and procurement. A special working group was established to oversee these cases, and updates have been shared with the public 14 times through the media.
The working group investigated a total of 124 cases, involving 156 individuals and three legal entities. Of these, prosecutors filed charges against 108 individuals and three entities for offenses including abuse of power and official position, bribery, illicit enrichment, and money laundering.
Following court proceedings, 88 individuals were found guilty and held criminally liable. Among them:
5 people received prison sentences ranging from 2 years to 5 years and 9 months,
80 people were fined between MNT 3 million and 38 million,
63 people were prohibited from holding public office for 2 to 7 years.
The movable and immovable property valued at MNT 353 million, and MNT 14.9 billion obtained through the crime were confiscated from the defendants and turned into state revenue.
During the investigation process, financial movements totaling MNT 2.2 billion were restricted, and damages to the state were recovered in the amount of USD 194,384 and MNT 23.8 billion.
Of the cases submitted to court, trials for 20 defendants are still pending. Meanwhile, the working group continues to investigate 40 ongoing cases related to the “coal” offenses.

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Over 550,000 Trees Planted in Green Zone of Kharkhorum City www.montsame.mn

 As part of the development of Kharkhorum city, it is planned to plant and grow more than one million coniferous and deciduous trees and shrubs on 1,500 hectares of land.
According to the Ministry of Environment and Climate Change, more than 550,000 trees have already been planted by over 800 people from 40 organizations and enterprises, including those in the mining and forestry sectors, in collaboration between the public and private sectors.
The Forest Agency has introduced the Green Zone development project to the organizations, where participants have exchanged experiences and discussed both achievements and challenges.
From October 2 to 10, the Forest Restoration Department of the Forest Agency is conducting an official mission in Kharkhorum city to identify and register tree species, origins, and growth forms planted by contractors, as well as to monitor growth and calculate survival rates.

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FC Barcelona to Establish Youth Academy in Mongolia www.montsame.mn

Minister of Culture, Sports, Tourism, and Youth of Mongolia Undram Chinbat met with the President of the Kingdom of Spain’s renowned FC Barcelona, Joan Laporta, in Barcelona city.
During the meeting, President Joan Laporta expressed interest in supporting the development of Mongolian children and youth talents and announced the club’s decision to establish the “Barca Academy,” a youth football academy, in Mongolia in 2026.
The Ministry of Culture, Sports, Tourism, and Youth expressed policy-level support for this initiative and agreed to cooperate with the club. The two sides also reached a mutual understanding on potential areas and directions of cooperation.
Minister Undram Chinbat emphasized the significance of the decision in promoting sports development in Mongolia and nurturing the talents of children and youth in line with international standards, expressing appreciation for FC Barcelona’s partnership. The Minister also toured the new “Spotify Camp Nou” stadium construction site, as well as the club’s organizational structure and museum operations.
According to the Ministry, the meeting marks an important step for Mongolia’s sports development and the implementation of international-standard youth development programs.

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Singapore seals carbon credit deal with Mongolia www.straitstimes.com

The home to some of the world’s largest temperate grasslands has become the latest country to seal a carbon trading deal with Singapore.
This pact with Mongolia marks the 10th such agreement that the Republic has finalised since end-2023.
The bilateral agreement allows the Singapore Government and carbon tax-liable firms here to buy eligible carbon credits from Mongolia to offset a fraction of their planet-warming emissions.
The deal, dubbed an implementation agreement, was signed on Oct 6 by Minister for Sustainability and the Environment Grace Fu and Mongolian Minister of Environment and Climate Change Batbaatar Bat.
Ms Fu, who is also Minister-in-charge of Trade Relations, said the signing of the agreement marked the 55th anniversary of the establishment of diplomatic relations between Singapore and Mongolia.
“It reflects our shared ambition to build a sustainable, low-carbon future, and signals our commitment to work together to drive meaningful climate action and open up pathways towards sustainable development,” she added.
Mr Batbaatar said the endeavour will pave the way for a new model of international cooperation that benefits both people and the planet.

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Mongolia may turn to China for gasoline after Russian import ban www.azernews.az

The governments of Mongolia and China are currently in talks regarding the potential launch of trade in petroleum products, particularly gasoline, Azernews reports.
According to Mongolian media, the discussions were confirmed by the Minister of Industry and Natural Resources, Gongoryn Damdinnyam. He noted that the ongoing instability in Russia’s fuel market is prompting Mongolia to explore alternative sources to ensure uninterrupted fuel imports.
“Russia has pledged to continue fuel deliveries without disruption. However, China has expressed interest in holding regular procurement negotiations and appears ready to supply petroleum products in sufficient volumes,” Damdinnyam stated.
Concrete steps toward this cooperation are expected to be outlined during the next government meeting.
The minister also emphasized the strategic importance of energy security for Mongolia: “The government’s action plan includes the goal of maintaining national fuel reserves sufficient for three to six months. Achieving this requires funding of around $2 billion.”
Currently, Mongolia relies heavily on Russia for petroleum imports—around 95% of its total supply. However, given recent uncertainties, several private Mongolian companies have launched initiatives to explore and develop domestic oil and gas fields. These projects aim to diversify supply sources, strengthen energy independence, and reduce reliance on foreign fuel.
If the deal with China progresses, it would mark a significant shift in Mongolia’s energy policy. For decades, Mongolia has depended almost exclusively on Russia for fuel. A new partnership with China—its other powerful neighbor—could not only improve energy security but also reshape regional trade dynamics. It may even open the door to trilateral energy negotiations involving all three countries, particularly as China continues to invest heavily in Central Asian infrastructure through its Belt and Road Initiative.
By Alimat Aliyeva

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China halts 15 Inner Mongolia mines after exceeding production quotas www.energiesmedia.com

China has been on a regulatory inspection spree across its vast coal sector, which has led to the closure of fifteen mines in the Inner Mongolia region. The nation is following a directive issued by the President that aims to sacrifice short-term success for the environmental commitments made to the international community. China has, for the past few decades, been one of the world’s worst polluters and, as such, has implemented a new approach to the coal sector that may have a significant effect on the sector overall.
China is focused on the oversupply issues in the coal sector in the Inner Mongolia region
The news that Inner Mongolia’s Autonomous Region Energy Bureau recently ordered that 15 coal mines in the Ordos region cease operations following an inspection of the sites by the government.
President Xi recently outlined his nation’s plans to conduct inspections at several coal sites across the country. The aim is to assess the sites for oversupply and general safety concerns. The result in the Inner Mongolia region, which contributes approximately 27% of the country’s total coal output according to 2024 data from the National Bureau of Statistics, is that several sites have been ordered to halt operations.
Some have cleared the inspections and have been allowed to resume operations; however, the nationwide inspection campaign was launched in July 2025 and has found 15 sires that are guilty of oversupplying the sector by at least 10%.
“The targeted enforcement in Ordos highlights Beijing’s determination to maintain discipline in coal production. These actions send a clear message that production quotas are not merely suggestions but binding operational parameters” – industry analyst Zhang Wei from the China Coal Strategic Research Institute
The inspections represent the most extensive regulatory interventions in years for China
As President Xi announced in July of this year that he had instructed the government to address the oversupply issues in the nation’s coal sector, industry stakeholders were scrambling to meet the necessary safety and oversupply requirements, and a significant number of them failed.
The region where the inspections were conducted, known as the Ordos Basin, is crucial to China’s energy security. The region holds some of China’s highest quality coal, including significant deposits of thermal and coking coal essential for power generation and steel production.
According to documents from the Inner Mongolia Autonomous Region Energy Bureau, these inspections represent the most extensive regulatory interventions in the region’s coal sector in many years.
The results of the inspections revealed systematic overproduction across multiple facilities, which triggered immediate regulatory action. The government has warned industry experts that they should anticipate continued regulatory vigilance throughout 2025, as the Chinese government aims to bring the coal sector back to its regulatory standards.
As China is one of the nations aiming to curb the influence and effects of the coal sector on the environment, other major players in the energy sector will surely follow the pioneering example set by the Chinese. Whether the inspections have a lasting impact on the coal sector is yet to be determined.
The inspections outline the ongoing evolution of the Chinese coal industry
China is just the latest country to continue the evolution of the coal sector; Russia has also reported a significant alteration of the coal sector’s output and influence on the energy sector as a whole. One would have expected the Chinese to keep the details of the inspections to themselves; however, China can not operate and grow its energy sector without the support of the international community. With that in mind, we can understand the evident clarity and transparency that the Chinese have presented to the global community. Hopefully, the sector can recover and continue to grow.

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Mongolia to join data center frenzy with Chinggis Khaan sovereign wealth fund www.cnbc.com

Mongolia, long reliant on mining, plans to build data centers powered by renewable energy as it prepares its first sovereign wealth fund aimed at channeling its mineral wealth to social welfare and infrastructure.
"We have a massive land with a very favorable climate for activities like [hosting] data centers," Temuulen Bayaraa, CEO of the sovereign fund, told CNBC on the sidelines of the Milken Institute Asia Summit in Singapore on Friday.
The landlocked East Asian nation is developing special economic zones dedicated for data centers, she added, referring to the Hunnu City that is envisioned as a smart, sustainable urban city.
The Chinggis Khaan Sovereign Wealth Fund, established by law in April last year, has $1.4 billion in reserves and seeks to tap global demand for computing power and clean energy. Its investment strategy is still pending the government's review and final approval.
A host of Asian countries have accelerated efforts to develop data centers this year amid growing demand for cloud computing and artificial intelligence. Japan, Singapore and Malaysia have ramped up investments in building out their data center capacity.
The recent explosion in AI workloads globally requires vast computing power, electrical power, cooling and networking infrastructure. Goldman Sachs expects global power demand from data centers to rise 50% by 2027 and by as much as 165% by 2030.
Aside from data centers, part of the fund's returns will also be used to build "mega-scaled" renewable energy power grids and projects, as part of the country's efforts to boost green energy exports to neighboring countries, Bayaraa said. Mongolia, sandwiched between Russia and China, has upgraded its ties with both superpowers to the level of "comprehensive strategic partnerships" in recent years.
The plan comes as the Mongolian government pledged to boost the share of renewable energy, especially wind and solar power, in the country's electricity capacity to 30% by 2030, up from 18.3% in 2023.
The fund's investment strategies will also center on countering risks associated with price fluctuations in commodities, Bayaraa said, as the funds' sources are "very dependent on commodities." The Chinggis Fund is managed by Erdenes Mongol, a government-owned holding company that owns a share in the country's mining assets.
The sparsely-populated country, with just about 3.5 million residents, has benefited from a boom in prices for its rich supplies of critical minerals, including coal, copper, uranium and rare-earth elements.
Rebuilding trust
The Mongolian government has been under growing pressure to distribute its mineral wealth among its people and put an end to corruption in the sector. Anti-corruption protests in its capital, Ulaanbaatar, earlier this year forced Oyun-Erdene Luvsannamsrai to step down as prime minister.
"People didn't feel like mining contributed to the wealth, betterment of their livelihoods while eroding the natural resources. But now the sovereign wealth fund is positioned in a way to rebuild that trust," Bayaraa said.
The fund will play a central role in the country's development plan aimed at providing more transparency and equity in wealth distribution, she added, by pulling in mineral wealth to be "managed and disbursed in a ring-fenced manner to support people, their educational needs, financing, educational, healthcare and housing needs."
"The critical work is to build a governance model [for the fund]," she added. Citizens will be able to access on an app details of the fund's sources, allocation and balance. "It's very targeted intervention for expanding middle class, pushing labor market participation," she said.
The fund's leader plans to hire members of the Mongolian diaspora with experience in the banking, investment, and wealth management industries to return home and help manage the fund.
"For the longest time, Mongolia has been attracting investment into Mongolia. For the first day, we are becoming an investor to contribute to the global agenda," Bayaraa said.

 

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