1 PRESIDENT OF MONGOLIA U. KHURELSUKH TO PAY A STATE VISIT TO THE REPUBLIC OF INDIA WWW.PRESIDENT.MN PUBLISHED:2025/10/13      2 HOTEL MONGOLIA: YOU CAN CHECK OUT OF JAIL, BUT CAN’T LEAVE THE COUNTRY WWW.AFR.COM PUBLISHED:2025/10/13      3 BANK OF MONGOLIA: OUTLOOK FOR COAL AND IRON ORE PRICES REMAINS UNCERTAIN WWW.GOGO.MN PUBLISHED:2025/10/13      4 OVER 14,000 EARTHQUAKES RECORDED IN MONGOLIA IN 10M2025 WWW.QAZINFORM.COM PUBLISHED:2025/10/13      5 JAAP VAN HIERDEN ON THE UN IN MONGOLIA (AND VICE VERSA) WWW.THEDIPLOMAT.COM PUBLISHED:2025/10/11      6 MONGOLIA TRADE SURPLUS LARGEST IN OVER A YEAR WWW.TRADINGECONOMICS.COM PUBLISHED:2025/10/11      7 MONGOLIA INFLATION RATE AT 6-MONTH HIGH WWW.TRADINGECONOMICS.COM PUBLISHED:2025/10/11      8 PROCUREMENT AND CONSTRUCTION OF PREMIUM NEW DISTRIBUTION CENTER (EOI ANNOUNCEMENT) WWW.MONTSAME.MN PUBLISHED:2025/10/10      9 SIGNING OF GRANT AGREEMENT WITH MONGOLIA：CONTRIBUTING TO STRENGTHENING THE FOUNDATION FOR DEVELOPING ENGINEERS THROUGH A JAPANESE-STYLE PRACTICAL TRAINING FACILITY AND EQUIPMENT WWW.JICA.GO.JP PUBLISHED:2025/10/10      10 PETRO MATAD SHARES SURGE AFTER MONGOLIA TESTS ‘EXCEEDED EXPECTATIONS’ WWW.UKINVESTORMAGAZINE.CO.UK PUBLISHED:2025/10/09      ЭРЧИМ ХҮЧНИЙ САЛБАРЫН ӨВӨЛЖИЛТИЙН БЭЛТГЭЛ 87 ХУВЬТАЙ БАЙНА WWW.NEWS.MN НИЙТЭЛСЭН:2025/10/13     МАН-ЫН ЗОДООН 2026 ОНЫ ТӨСВИЙГ ГАЦААЖ, НИЙГЭМ, ЭДИЙН ЗАСГИЙН ТОГТВОРГҮЙ БАЙДАЛ ҮҮСГЭЛЭЭ WWW.ITOIM.MN НИЙТЭЛСЭН:2025/10/13     УЛААНБААТАРТ 1 КГ ҮХРИЙН ЦУЛ МАХЫГ 24364 ТӨГРӨГӨӨР ХУДАЛДАЖ БАЙНА WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/10/13     МОНГОЛ УЛСЫН ЕРӨНХИЙЛӨГЧ У.ХҮРЭЛСҮХ БҮГД НАЙРАМДАХ ЭНЭТХЭГ УЛСАД ТӨРИЙН АЙЛЧЛАЛ ХИЙНЭ WWW.PRESIDENT.MN НИЙТЭЛСЭН:2025/10/11     ИНФЛЯЦ 9 ХУВЬД ХҮРЧЭЭ WWW.ITOIM.MN НИЙТЭЛСЭН:2025/10/11     МОНГОЛ УЛСЫН АНХНЫ ОЛОН УЛСЫН СТАНДАРТ БАТЛАГДЛАА WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/10/11     ДАМБАДАРЖАА ДЭД ТӨВИЙН ДЭД БҮТЦИЙН БҮТЭЭН БАЙГУУЛАЛТЫН АЖИЛ 71 ХУВЬТАЙ ҮРГЭЛЖИЛЖ БАЙНА WWW.EGUUR.MN НИЙТЭЛСЭН:2025/10/11     ЕВРОПЫН ХОЛБОО БОЛОН МОНГОЛ УЛСЫН БИЗНЕС, ХӨРӨНГӨ ОРУУЛАЛТЫН ФОРУМ БОЛНО WWW.NEWS.MN НИЙТЭЛСЭН:2025/10/10     ДҮҮЖИН ЗАМЫН ТЭЭВЭР ТӨСӨЛ 38 ХУВИЙН ГҮЙЦЭТГЭЛТЭЙ ҮРГЭЛЖИЛЖ БАЙНА WWW.EAGLE.MN НИЙТЭЛСЭН:2025/10/10     МОНГОЛООС 20 САЯАР АВДАГ ШОНХОР ШУВУУ САУДЫН АРАБД 622 САЯ ТӨГРӨГӨӨР ЗАРАГДЛАА WWW.EGUUR.MN НИЙТЭЛСЭН:2025/10/09    

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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Civil Servants' Performance Evaluations to Be Made Public www.montsame.mn

The Government of Mongolia instructed Ministries and agencies at the regular Cabinet meeting held on August 6, 2025, to publicly disclose the performance evaluations of civil servants by posting the reports on their respective official websites.
A consolidated review of evaluation and incentive data submitted by 11 Ministries and 16 agencies for 2024 and the first half of 2025 indicates that the average performance rating of civil servants stands at 98.7 percent. While most civil servants receive “Excellent–A” or “Satisfactory–B” evaluations, more than 60 percent of citizens remain dissatisfied with public services. In response, the Government mandated all Ministers, agency heads, governors of aimags and the capital city, as well as the Secretariat of the State Great Khural and directors of its affiliated institutions, to publicly release their organizations’ performance evaluations for the first and second halves of 2024 and the first half of 2025 by August 20, 2025 via their official websites.
First Deputy Chairman of the Cabinet Secretariat Munkh-Erdene Dembereltseren stated, “Independent evaluations of government agencies and civil servants will ensure transparency and accountability, leading to improved productivity. This will also enhance the quality of public services, build public trust, and strengthen managerial responsibility.”
Minister of Mongolia and Chief Cabinet Secretariat Byambatsogt Sandag has been tasked to oversee measures to improve the fairness and effectiveness of the civil servant performance evaluation system.

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Entrée Resources Mining Operations Paused Amid Mongolia License Transfer Delay www.stocktitan.net

VANCOUVER, British Columbia, Aug. 05, 2025 (GLOBE NEWSWIRE) -- Entrée Resources Ltd. (TSX:ETG; OTCQB:ERLFF – the “Company” or “Entrée”) provides an update regarding efforts to transfer the Shivee Tolgoi and Javkhlant mining licenses (the “JV Licenses”) in Mongolia to the Company’s joint venture partner Oyu Tolgoi LLC (“OTLLC”), and other corporate matters.
Stephen Scott, the Company’s President and CEO, commented, “Given the critical nature of the transfer of the JV Licenses to OTLLC, the Company wanted to provide an update to shareholders on this and other ongoing issues, including State participation in Entrée’s interest in the area of the JV Licenses.
We are encouraged by the Government of Mongolia’s commitment to improving the business environment for foreign investors, as evidenced by the Prime Minister’s recent statements during the Mongolia Economic Forum and certain resolutions passed at a July 23, 2025 Cabinet meeting. Entrée is on standby to work with Government of Mongolia representatives and agencies to resolve all outstanding issues as quickly as possible to pave the way for resumption of Lift 1 Panel 1 development work at the Hugo North Extension deposit. The timely restart of work is necessary to avoid economic loss to all parties, including the people of Mongolia”.
Transfer of JV Licenses to OTLLC
On June 6, 2025, the Company, OTLLC, and Rio Tinto separately announced a pause in Lift 1 Panel 1 underground lateral development work on the Shivee Tolgoi mining license until the JV Licenses have been transferred from the Company’s wholly owned subsidiary Entrée LLC to OTLLC as Manager on behalf of the Entrée/Oyu Tolgoi joint venture (the “Entrée/Oyu Tolgoi JV”).
In February 2025, following a partial final award made by the three-member international arbitration Tribunal appointed in connection with the Company’s binding arbitration proceedings against OTLLC, Entrée LLC and OTLLC executed License Transfer Agreements to govern the transfer of the JV Licenses. The parties jointly lodged the License Transfer Agreements and supporting documentation with the Mongolian tax authority (the “MTA”) for the assessment of tax on the transfer of the JV Licenses in accordance with applicable laws of Mongolia. Corporate income tax at a rate of 10% of the value of the JV Licenses (with certain deductions allowed) will be assessed. The methodology to calculate the value of the JV Licenses for corporate income tax purposes is set out in Decree No. 302 passed by the Minister of Finance on December 31, 2019 (the “Methodology”). The calculations must be confirmed by the MTA and taxes assessed and paid before the documentation necessary to affect the transfer of the JV Licenses may be submitted to the Mineral Resources and Petroleum Authority of Mongolia (“MRPAM”) for registration.
The Company and OTLLC have actively engaged with the MTA and have provided all materials necessary for the MTA to confirm the calculations of the values of the JV Licenses in accordance with the Methodology. No confirmation has been received from the MTA within the timeframe prescribed by law. On May 19, 2025, Entrée LLC lodged a formal complaint with the MTA. On July 3, 2025, the MTA advised Entrée LLC in writing it cannot confirm the calculations of the values of the JV Licenses and provide a tax payment certificate until the percentage of State ownership is determined.
On August 1, 2025, Entrée LLC filed a claim with the Administrative Court of Mongolia seeking an order for the MTA to review and provide confirmation of the calculations of the values of the JV Licenses in accordance with applicable laws of Mongolia.
State Participation
The Minerals Law of Mongolia provides the State may be an up to 34% equity participant with any private legal entity in the exploitation of a mineral deposit of strategic importance (a “Strategic Deposit”) where proven reserves were determined through funding sources other than the State budget. The Parliament of Mongolia may determine that the State receive royalty payments in lieu of an equity interest.
On April 9, 2025, the Government of Mongolia adopted Resolution No. 170, which establishes the boundaries of certain Strategic Deposits, including the Oyu Tolgoi group of deposits (the “Oyu Tolgoi Strategic Deposit”). The JV Licenses are included in the boundaries of the Oyu Tolgoi Strategic Deposit. The Minister of Industry and Mineral Resources is assigned to oversee the implementation of Resolution No. 170. No notice or communication has been received by the Company with respect to Resolution No. 170.
The Company has consistently maintained its willingness to fulfil any obligation under Mongolian law to provide the State 34% of the economic benefit that the Company derives from its 20% contractual interest in the area of the JV Licenses. The State already holds 34% of the economic benefit that OTLLC derives from its 80% interest by virtue of Erdenes Oyu Tolgoi LLC’s shareholding in OTLLC and the 2009 Oyu Tolgoi Investment Agreement.
The Company has been actively attempting to engage with representatives of the Government of Mongolia and Erdenes Oyu Tolgoi LLC to resolve issues around State participation. On June 11, 2025, a new Prime Minister of Mongolia was appointed and on June 18, 2025, a new Cabinet was appointed.
On July 2, 2025, the Parliament of Mongolia approved a resolution to establish a Temporary Oversight Committee to be chaired by O. Batnairamdal, to conduct a special investigation related to the protection of Mongolia’s interests and the enhancement of benefits derived from the exploitation of the Oyu Tolgoi Strategic Deposit. The scope of the special investigation includes reviewing the determination and valuation of the resources within the area of the JV Licenses and assessing the basis for determining the percentage of State ownership. No formal notice or communication from the Temporary Oversight Committee has been received by the Company.
The Company is also aware a resolution was approved by the Government of Mongolia at a July 23, 2025 Cabinet meeting, instructing relevant government members to conduct negotiations with foreign investors from certain companies including Entrée LLC. These negotiations are to be carried out within the framework of the Constitution of Mongolia, international treaties, and applicable laws and regulations. The goal is to finalize draft agreements, develop relevant proposals and conclusions, and present the finalized versions to the Cabinet meeting.
Entrée is currently seeking to understand the engagement process and will update the market in due course.
Royal Gold Agreements to Acquire Sandstorm Gold and Horizon Copper
On July 7, 2025, Sandstorm Gold Ltd. and Horizon Copper Corp. announced they had entered into agreements with Colorado-based Royal Gold, Inc., pursuant to which Royal Gold will acquire all the outstanding shares of Sandstorm Gold and Horizon Copper in a pair of related transactions. The parties anticipate both transactions will close in the fourth quarter 2025, subject to the parties obtaining necessary regulatory approvals and shareholder votes.
Horizon Copper beneficially owns 50,297,717 common shares, or 24.25% of the outstanding shares of the Company and holds non-transferable warrants to purchase 312,601 common shares of the Company at a price of C$3.00 per share expiring January 23, 2027. The Company has an agreement with Sandstorm Gold (the “Sandstorm Agreement”) to use future payments that it receives from its interest in the Entrée/Oyu Tolgoi JV property to purchase and deliver gold, silver and copper credits to Sandstorm Gold. Further information in relation to the Sandstorm Agreement is available in the Company’s AIF available at www.sedarplus.ca.
QUALIFIED PERSON
Robert Cinits, P.Geo., a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has approved the technical information in this release. For further information on the Entrée/Oyu Tolgoi JV property, see the Company’s Technical Report, titled “Entrée/Oyu Tolgoi Joint Venture Project, Mongolia, NI 43-101 Technical Report”, with an effective date of October 8, 2021, available on SEDAR+ at www.sedarplus.ca.
ABOUT ENTRÉE RESOURCES LTD.
Entrée Resources Ltd. is a well-funded Canadian mining company with a unique carried joint venture interest on a significant portion of one of the world’s largest copper-gold projects – the Oyu Tolgoi project in Mongolia. The Oyu Tolgoi project comprises the Oyu Tolgoi mining license, which is held by Entrée’s joint venture partner OTLLC and the Entrée/Oyu Tolgoi JV property, which is a joint venture partnership between Entrée and OTLLC. Rio Tinto owns 66% of OTLLC and is the manager of operations at Oyu Tolgoi. Entrée has a 20% or 30% carried participating interest in the Entrée/Oyu Tolgoi JV, depending on the depth of mineralization. Horizon Copper Corp. and Rio Tinto are major shareholders of Entrée, beneficially holding approximately 24% and 16% of the shares of the Company, respectively. More information about Entrée can be found at www.EntreeResourcesLtd.com.

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Greenhouse Complex Project to Be Implemented in Shuvuun Fabrik www.montsame.mn

The Governor's Office of the Capital City, in partnership with the Korea International Cooperation Agency (KOICA), will implement a USD-13-million comprehensive greenhouse farming project in Shuvuun Fabrik, located in Khoroo No. 13 of Khan-Uul District.
The project aims to establish a modern greenhouse farming infrastructure, including vegetable storage facilities, at the designated site.
Deputy Governor of the Capital City in charge of the Social Sector, Green Development, and Air and Environmental Pollution, Amartuvshin Amgalanbayar, stated, “Negotiations on this project began last year. Initially valued at USD 4 million, the cost of the project was expanded to USD 13 million based on Ulaanbaatar’s vegetable demand as well as joint research and meetings with international organizations.”
Currently, 89 entities and 445 individuals operate greenhouse farms on a total of 50.1 hectares across the capital city’s nine districts—winter greenhouses on 23.5 hectares and summer greenhouses on 26.6 hectares. While annual demand for vegetables in Ulaanbaatar city is estimated at 60,000 tons, only 2,500–3,400 tons are harvested annually.
To meet domestic demand, an additional 20 hectares of smart winter greenhouses are needed. Within the new project, 50 hectares of winter greenhouses will be established, enabling an annual harvest of 16,500 tons, sufficient to meet the capital city’s needs.
At present, Khan-Uul District accounts for 16 hectares or 32 percent of the city’s total greenhouse farming area.

 

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Prime Minister of Mongolia Resolves to Establish Economic Development Board as Permanent Body www.montsame.mn

Prime Minister of Mongolia Zandanshatar Gombojav met with members of the Economic Development Board under the Prime Minister on August 5, 2025.
At the outset of the meeting, Prime Minister Zandanshatar underscored the vital role of the private sector in shaping foundational reforms aimed at improving the business environment and attracting investment, emphasizing the need for close cooperation with taxpayers, scholars, and researchers—particularly in reforming budget and tax policies. The Prime Minister announced that the Government is preparing several key draft legislative proposals, including the Comprehensive Tax Package Law and the Law on Supporting Wealth Creators, to be submitted to Parliament in the upcoming autumn session.
President of the Mongolian National Chamber of Commerce and Industry (MNCCI), Lkhagvajav Baatarjav, noted, “Article 6.2 of the Constitution of Mongolia mandates that 'the state policy on use of the natural wealth shall be based on the long-term development policy and aim to ensure rights of each citizen in current and future generations to live in healthy and safe environment, and to fairly and equitably distribute benefits from land subsoil wealth by accumulating them into the National Sovereign Wealth Fund.' It has become necessary to provide a clear explanation of this provision to investors.”
Chairman of the Board of the Business Council of Mongolia, Tumentsogt Tsevegmid, remarked, “Creating a legal environment that reflects both domestic and international investor needs and incorporates global best practices will increase investor interest in Mongolia.”
The President and CEO of “Mongolyn Alt” (MAK) LLC, Tselmuun Nyamtaishir, highlighted longstanding challenges in the mining exploration sector stemming from rigid regulations, and stressed the need for more flexible and transparent legal frameworks to facilitate business operations.”
Board members also expressed concerns about current distortions in the social insurance system and the unequal implementation of the Value-Added Tax Law, recommending legal reforms to address these issues and improve fairness for businesses.
Prime Minister Zandanshatar stated, “The voices of business leaders, professional associations, and researchers must be reflected in decision-making and legal reform. The active engagement of members of the Economic Development Council will be key to this process. Therefore, the Government has resolved to institutionalize the Board as a permanent body.” Prime Minister Zandanshatar further instructed Minister of Finance Javhlan Bold to present upcoming legislative drafts to Council members for feedback and to ensure transparency by reporting about the reasons and justifications for rejected proposals. “The Board’s recommendations must not remain at the level of discussion—they must translate into policy decisions and concrete actions,” the Prime Minister concluded.
Representatives from the MNCCI, the Business Council of Mongolia, the American Chamber of Commerce in Mongolia, leading business enterprises, and scholars in finance and economics attended the meeting.

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Drilling resumes at Oval copper-nickel project in Mongolia www.proactiveinvestors.com.au

Asian Battery Metals PLC (ASX:AZ9) has restarted its Phase 3 drilling program at the Oval Copper-Nickel (Cu-Ni) Project in the Yambat tenement, Gobi Altai province, Mongolia. The campaign will focus on testing high-priority conductivity plates identified in recent ground-based SAMSON electromagnetic (EM) surveys.
Drilling will concentrate on the Oval, North Oval, South, and MS1 zones, aiming to expand the project’s mineralised footprint and improve structural understanding of the deposit.
Priority of FLEM Conductive Plates in North Oval and Oval Zones (white dashed outlines) on Magnetic Vertical Derivative Background.
“We are excited to recommence the drilling program at our Oval Cu-Ni project. As further ground EM measurement in the field continues, it is important for us to test the initial plates of conductivity identified from the fixed loop electromagnetic survey. This program aims to confirm the SAMSON EM surveys as an effective tool to potentially significantly expand the Oval Cu-Ni footprint,” AZ9 managing director Gan-Ochir Zunduisuren said.
SAMSON survey informs Phase 3 target areas
The restart follows a brief pause to facilitate the SAMSON EM survey, which identified several high-priority conductive plates across multiple target areas. 
The renewed drilling campaign will test these conductive responses, which are interpreted as potential indicators of massive sulphide mineralisation. 
These targets are derived from fixed-loop EM survey data and are seen as key to understanding the scale and continuity of mineralised zones at Oval. The use of SAMSON technology is part of Asian Battery Metals' broader strategy to apply advanced geophysics in its exploration workflow across Mongolia.
Looking forward
Asian Battery Metals is planning to maintain a steady pace of exploration through August and September 2025. 
The current program includes additional drilling and downhole electromagnetic (DHEM) work. 
Further fixed-loop EM surveys using varied configurations are scheduled to run until mid-August, with interpretation results to follow. 
Additionally, the company expects to receive initial metallurgical test results during August, which will inform future development options for the Oval project. 
These steps are intended to de-risk the asset and provide key data on ore processing characteristics, especially for nickel and copper recovery.
About AZ9
Asian Battery Metals PLC holds 100% ownership of several Mongolian projects including:
Yambat (Cu-Ni-PGE at Oval, Cu-Au at Copper Ridge),
Khukh Tag Graphite, and
Tsagaan Ders Lithium.
The Oval Cu-Ni-PGE Discovery is the flagship, with recent drilling confirming high-grade mineralisation and extensions of massive sulphide zones. The company is actively pursuing regional exploration while continuing to define the scale of its core discoveries.

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Financing Model for Affordable Housing to Be Presented to Cabinet www.montsame.mn

Prime Minister of Mongolia Zandanshatar Gombojav has instructed the Working Group to develop a comprehensive solution for establishing a housing bank, reforming the legal and financial frameworks, and ensuring optimal management of supply and demand in the affordable housing market. The proposal is scheduled to be presented at the Cabinet meeting on August 25, 2025.
These efforts are part of the Government’s top priorities to improve citizens’ quality of life and reduce air pollution. Prime Minister Zandanshatar underscored the urgency of addressing the backlog of mortgage loan applicants, many of whom are waitlisted for two to three years. To resolve this, the nationwide implementation of an affordable housing program will be prioritized, with solutions for optimal supply and demand management, financing, legal reforms, and international cooperation to be presented to the Cabinet meeting.
A Working Group was established by order of the Prime Minister Zandanshatar to explore the establishment of a bank dedicated to housing finance and develop a proposal to improve the accessibility and supply of affordable housing for citizens.
The Working Group is chaired by the Minister of Mongolia and Chief Cabinet Secretariat Byambatsogt Sandag, with Member of Parliament Enkh-Amgalan Luvsantseren serving as deputy chair by consensus.

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Working Group Established to Intensify Implementation of Law on National Sovereign Wealth Fund www.montsame.mn

The Law on National Sovereign Wealth Fund was adopted on April 19, 2024. Prime Minister of Mongolia Zandanshatar Gombojav met with officials to discuss matters such as the implementation of the law, revenue collection of the fund, oversight systems, negotiations on determining the state ownership percentage of strategic mineral deposits, and distribution of natural resource benefits to citizens through the fund. At the outset of the meeting, the Prime Minister noted that the Government’s National Wealth Fund policy must continue.
Taking the Constitution of the Kingdom of Norway as a model, Article 6.2 of the Constitution of Mongolia states that “the exploitation of the mineral deposits with the strategic importance shall be in compliance with the principle, under which natural wealth is to be subject to the people's control/power, and the legal basis to allot a majority of the benefits gained from it to the people shall be determined by laws." Prime Minister Zandanshatar Gombojav, emphasizing the inadequate implementation of Article 6.2 of the Constitution and the Law on National Sovereign Wealth Fund, established a Working Group led by the Minister of Mongolia and the Chief Cabinet Secretariat of the Government of Mongolia, Mr. Byambatsogt Sandag, aimed at intensifying the implementation of these laws. The Prime Minister stated that negotiations will be conducted to channel the revenues from strategic mineral deposits, explored with state budget funds, into the National Wealth Fund. If necessary, administrative measures will be taken, and a state representative will be appointed to each of the 16 strategic deposits.
Law enforcement and regulatory agencies are currently investigating how and through what processes strategic mineral deposits, explored using state budget funds, were transferred into private ownership, and whether any legal violations occurred during this process. The scope of the investigation has been expanded by establishing a joint sub-working group comprising the police, the intelligence agency, and the Independent Authority Against Corruption of Mongolia.
The Prime Minister assigned the Working Group to prepare a proposal to revise the relevant laws and present it for discussion at the autumn session of the State Great Khural (Parliament) of Mongolia, stressing the focus on ensuring citizens’ ownership of the legally designated shares of strategic mineral deposits and launching IPOs on the stock exchange to distribute the benefits to the public.
The Ministry of Finance and the Bank of Mongolia were instructed to jointly conduct a profitability assessment. The Prime Minister stated that a model must be developed that calculates the returns of the Savings Fund and the Future Heritage Fund, ensures economic benefits to the country with minimal risk, and supports solutions for pressing social issues, particularly the housing policy for citizens. Additionally, the Working Group was instructed to present the progressive and special mineral resource usage fee rates together with the comprehensive tax reform package.
It was decided that the Working Group, aimed at intensifying the implementation of the Law on the National Sovereign Wealth Fund, will work in five sub-working groups handling legal and financial matters, as well as strategic mineral deposits.
Prime Minister Zandanshatar Gombojav asserted that the returns of the National Sovereign Wealth Fund must increase, with transparent information accessible to the public and responsible monitoring. The Prime Minister assigned the Working Group to drive bold and innovative changes to implement the Sovereign Wealth Fund program, to work proactively and courageously to bring tangible improvements to the lives of the people, and to report initial results in ten days.
Minister of Mongolia and the Chief Cabinet Secretariat of the Government of Mongolia Byambatsogt Sandag, Chief Executive Officer of “Erdenes Mongol” LLC Narantsogt Sanjaa, Governor of the Bank of Mongolia Lkhagvasuren Byadran, and relevant officials from the Ministry of Finance, the Ministry of Industry and Mineral Resources, and the Ministry of Family, Labour, and Social Protection participated in the meeting.

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Mongolia Growth Group Announces Plan to Return Capital to Shareholders www.finance.yahoo.com

Mongolia Growth Group Ltd. (TSX-V:YAK, "MGG" or the "Company") announces that following a strategic review of its operations and capital structure, the Board of Directors has determined to consider various structures so that substantially all of the net assets of the company are returned to shareholders. A new letter to shareholders from Chairman and CEO of MGG, Harris Kupperman, providing additional context on the Company's decision and next steps, has been posted on the Company's website at www.mongoliagrowthgroup.com.
The Company intends to engage tax and legal counsel to best assess the method of effecting the return to shareholders.
The total amount returned to shareholders is subject to final asset sales, severances, tax reserves, regulatory clearances and any other expenses and may be completed in one or more steps.
As of June 30, 2025, the Company holds the following assets:
Approximately CAD $31.0 million - $33.0 million in cash, marketable securities and net working capital
A furnished commercial office property in Puerto Rico, with a cost basis excluding depreciation of approximately CAD $2.0 million
Full ownership of KEDM, an event-driven data subscription business
A portfolio of Russian securities, carried at a zero value due to ongoing sanctions
The Company is actively seeking buyers for its Puerto Rican real estate, KEDM, and, if feasible, its Russian securities. Parties interested in acquiring these assets are invited to submit non-binding offers, with the goal of achieving the maximum proceeds for shareholders.
In connection with the sale of the Puerto Rican property, Harris Kupperman, Chairman and CEO, has indicated his interest in acquiring the asset at a premium to the higher of the Company's cost basis or the result of an independent third-party property valuation, which is currently in progress. Any related-party transaction will be reviewed by the independent board members and will be subject to minority shareholder approval in accordance with TSXV Policy 5.9 and Multilateral Instrument 61-101, unless an exemption is available.
The Company is also in discussions with a third party regarding a potential sale of KEDM and will continue to entertain competing offers for all assets.
In light of the proposed strategic plan, the Company has paused its Normal Course Issuer Bid (NCIB) effective immediately. The Company had 25,458,699 shares outstanding as of August 4, 2025.
A committee of independent directors-Jim Dwyer, Brad Farquhar, and Rob Scott-has been appointed to oversee the Company's asset disposition and capital return process. The Board and management will be working closely with legal and tax advisors to ensure that any capital returned is done in a timely and tax-efficient manner, and consistent with shareholder interests. Any asset disposition will be subject to the Company obtaining all necessary regulatory, shareholder and third-party approvals, including the approval of the TSX Venture Exchange.

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World Bank Urges Fiscal Reforms for Mongolia's Growth www.miragenews.com

 A new World Bank report highlights the opportunity of the current mining boom to strengthen fiscal policy by advancing critical fiscal reforms in Mongolia.
Following three challenging years marked by overlapping external shocks, Mongolia has emerged with improved fiscal and macroeconomic outcomes, according to the Mongolia Public Finance Review, titled "Making this time different: Fiscal reforms for stable, sustainable, and inclusive development." Robust growth, driven by strong coal exports, has led to reduced public debt and increased external buffers while proactive debt management helped ease rollover risks, resulting in narrower bond spreads and higher sovereign credit ratings.
Despite these improvements, some underlying fiscal vulnerabilities persist. The influx of mining revenue has supported expansionary public spending, with expenditure as a share of GDP exceeding pre-pandemic levels and peer benchmarks. Quasi-fiscal operations-such as the subsidized housing mortgage scheme and off-budget transfers through state-owned enterprises-add to expansionary policies and could risk undermining recent progress.
The report identifies opportunities to enhance the efficiency of public spending. Mongolia's social assistance system contributes significantly to poverty and inequality reduction, but the system is expensive and targeting could be improved. Enhancing more equitable access to health and education while addressing disparities across regions and income groups would lay the foundation for better human capital outcomes, not just for improved well-being, but also for stronger future growth. Public investment could benefit from improved prioritization, planning and oversight, especially given the government's objective of scaling up infrastructure investment to boost future growth under the government's New Recovery Policy and action program. Although revenues are strong, tax reforms could broaden the tax base away from heavy reliance on mining revenues while enhancing progressivity and making the tax system more growth-friendly.
Such reforms would help further stabilize the economy, ease inflationary and external pressures, and create space for investments in physical and human capital. "Mongolia stands at a pivotal moment. The current economic boom creates a unique opportunity to strengthen the country's fiscal position, but also risks repeating past boom-bust cycles if reforms are delayed," said Taehyun Lee, World Bank Country Manager for Mongolia. "Now is the time to strenghten fiscal foundations, improve spending efficiency, and create space for sustainable and inclusive growth. The recently approved amended budget reflects the government's efforts to maintain fiscal prudence in the face of revenue volatility and global uncertainty."
/Public Release. This material from the originating organization/author(s) might be of the point-in-time nature, and edited for clarity, style and length. Mirage.News does not take institutional positions or sides, and all views, positions, and conclusions expressed herein are solely those of the author(s).View in full here.

 

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Darkhan Metallurgical Plant Reports Profit of MNT 36.7 Billion in First Half of 2025 www.montsame.mn

Minister of Industry and Mineral Resources Damdinnyam Gongor has instructed the acceleration of the implementation of the "Mongolian Steel Complex-1" project at the Darkhan Metallurgical Plant LLC.
The Government of Mongolia has resolved to establish a smelting facility at the Darkhan Metallurgical Plant, with an annual production capacity of at least one million tons of steel products. Minister of Industry and Mineral Resources Damdinyam Gongor and accompanying officials have reviewed the operations of the Plant and the preparatory progress of the project.
Chief Executive Officer of Darkhan Metallurgical Plant LLC, B. Chagnaadorj, reported, “In the first half of 2025, the company had planned to generate a net profit of MNT 21.8 billion. However, we have exceeded expectations with a net profit of MNT 36.7 billion. Furthermore, while MNT 37.9 billion was projected to be paid to the state and local budgets in the form of taxes, fees, and levies, actual contributions reached MNT 51.7 billion. All key performance indicators outlined in our business plan have been fully achieved.”
Minister Damdinyam instructed the management of the Plant to expedite the implementation of the Mongolian Steel Complex-1 project and to resolve land management and other related issues promptly. The Minister affirmed that the Government will provide full support for the project’s advancement.
The Plant aims to expand its steel production based on the proven reserves of the Tumurtei deposit and to manufacture high-quality, internationally certified products. The company aims to implement its investment plan in phases and commission the full operations of the complex by 2028.

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