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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Events

Events

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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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Mongolia embraces foreign capital www.ifre.com

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

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

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

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Mongolia, China to Cooperate in Animal-Derived Raw Material Processing www.montsame.mn

The Ministry of Food, Agriculture, and Light Industry of Mongolia has announced plans to cooperate with the People’s Republic of China to introduce advanced technologies for processing animal and animal-derived raw materials in partnership with the Industrial and Technological Park and the Academy of Sciences of Hebei Province.
The meeting was attended by B. Amarsanaa, Advisor to the Minister of Food, Agriculture, and Light Industry, M. Dondogdorj, Director of the Department for Coordination of Light Industry Policy Implementation, and Di Minghui, Vice President of the Academy of Sciences of Hebei Province.
During a meeting, the parties exchanged views and agreed to collaborate on several initiatives, including the establishment of a leather processing plant and a veterinary inspection laboratory.
It was further agreed to develop a cooperation plan in the light industry sector, aligned with Mongolia’s long-term and medium-term development policies and national programs. As part of this effort, the sides will establish a joint research and analysis laboratory in the near future.

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Mongolia elected to UNESCO World Heritage Committee for 2025-2029 www.qazinform.com

During the 25th session of the General Assembly of States Parties to the Convention Concerning the Protection of the World Cultural and Natural Heritage, Mongolia stood for election to the UNESCO World Heritage Committee in Paris on November 24, 2025, MONTSAME reports. 
Twelve countries contested five open seats. Mongolia secured support from 97 of 161 States Parties, joining the Republic of Armenia, the People’s Republic of Bangladesh, the Czech Republic, and the Republic of Poland as newly elected members. This marks the first time Mongolia has been elected to the Committee, which registers World Heritage properties, improves their conservation, and allocates funding for necessary programs and projects. The election represents a historic milestone achieved through Mongolia’s active and multifaceted diplomatic engagement, strengthening the country’s standing within the international community.
Mongolia acceded to the Convention in 1990. Under the cultural category, Mongolia has listed the Orkhon Valley Cultural Landscape, the Petroglyphic Complexes of the Mongolian Altai, the Great Burkhan Khaldun and Mountain, its surrounding sacred landscape, and the Deer Stone Monuments and Related Bronze Age Sites; and under the natural category, the Uvs Nuur Basin, and the Landscapes of Dauria. According to the Ministry of Foreign Affairs, these inscriptions contribute to sustainable tourism development, enhance the conservation of Mongolia’s historical, cultural, and natural heritage, and support the expansion of archaeological research.
Previously, Qazinform News Agency reported Kyrgyzstan was elected to the UNESCO Executive Board until 2029.

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GIEWS Country Brief: Mongolia 25-November-2025 www.reliefweb.int

Harvesting of the mostly irrigate 2025 wheat crop finalized last September and production is officially estimated at 282 000 tonnes, almost 40 percent below the previous five-year average. The reduced output reflects both a contraction in sowings, as farmers opted to grow more profitable vegetables and cash crops, and low yields due to dry weather conditions and abnormally high temperatures between May and July 2025, particularly in the central and western parts of the country. During this period, for about ten days the average air temperatures reached between 37°C and 39°C. In addition, extreme weather events, including heavy rainfall and hail, also occurred. As a result of unfavourable weather conditions, production of other key crops also declined compared with the previous year. Production of potatoes declined by about 23 percent, vegetables by about 22 percent, forage crops by about 46 percent and oil crops by about 49 percent.
Wheat import requirements in 2025/26 forecast well above-average level
Cereal imports consist mostly of wheat plus small quantities of rice. Wheat import requirements in the 2025/26 marketing year (October/September) are forecast at a well above-average level of 230 000 tonnes, driven by reduced domestic production in 2024 and 2025, and by the strong domestic demand for high‑quality wheat for human consumption. For the 2025 calendar year, imports of rice, which is not produced domestically, are forecast at an above average level 50 000 tonnes, reflecting increasing domestic consumption. The country will also rely on imports to cover domestic needs for potatoes and vegetables, due to the reduction in domestic production.
Prices of beef and mutton meat at record levels in July 2025
Wheat flour, and beef and mutton meat are the main staple foods in the country. Domestic prices of beef meat increased steadily since November 2024 and, as of July 2025, they reached record levels in various markets, increasing by 10 to 20 percent on the high levels of a year earlier. Domestic prices of mutton meat increased also from November 2024, reaching record levels in April 2025. Then, prices softened slightly but, as of July 2025, they remained between 7 and 33 percent higher than the elevated levels of a year earlier in different markets. The recent record prices reflect seasonal trends that were well amplified by the reduced domestic availability of livestock products in markets due to significant livestock losses caused by the 2023/24 dzud event. A strong import demand of beef and mutton meat products from China (mainland), the country’s main importer, further supported domestic prices.
Retail prices of wheat flour reached record highs in August 2024 and declined sharply until January 2025, reflecting ample market availability following the commercialization of the 2024 domestic harvest and declining international wheat grain quotations. Since March 2025, wheat flour prices surged, particularly in western regions as seasonal upward pressure was compounded by expectations of a severely reduced 2025 harvest. As of July 2025, wheat flour prices were about 5 percent below last year’s record level. To curb the high domestic prices, particularly in western regions, the government announced, on 9 October 2025, the temporary suspension of import tariffs on wheat flour imported through the western border with the Russian Federation and China (mainland), effective from 16 October 2025 to 10 April 2026.

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Ulaanbaatar Receives 2,200-4,400 Tons of Semi-Coke Fuel Daily www.montsame.mn

Customs authorities in Erenhot, the People’s Republic of China, currently hold 8,000 tons of semi-coke, while the “Tavan Tolgoi Tulsh” LLC’s plant has stockpiled 35,000 tons of fuel.
Trains transport 2,200-4,400 tons of fuel daily from these reserves to Ulaanbaatar. An independent laboratory and the control authorities of both countries monitor the fuel quality. The Governor’s Office of the Capital City of Ulaanbaatar reported that China has committed to delivering 306,000 tons of semi-coke briquettes without disruption this winter.
Introducing semi-coke briquettes into use can halve sulfur, nitrogen oxide, and particulate emissions. The fuel meets technical specifications set according to international standards, and the joint, accredited CCIC laboratory verifies its quality. Laboratory tests show that the semi-coke briquettes have a moisture content of 6 percent, an ash content of 20 percent, a volatile matter of 12 percent, and a sulfur content below 0.5 percent. Based on these results, customs clearance is completed under Erenhot inspection, and samples are also checked by Mongolian customs laboratories.
To date, China has widely exported over 90,000 tons of semi-coke briquettes to Mongolia. B. Ulziibat, Deputy Head in charge of cargo at the Zamiin-Uud station, said that four private companies participate in wagon transport. We receive cargo from the Erenhot station according to documentation, promptly process it, and load it onto trains, and the transport company handles customs clearance, delivering it to the Bayan station under local documentation. In terms of timing, customs clearance at Zamiin-Uud takes 4–5 hours, transport to Bayan station takes 24 hours, and unloading takes 24–48 hours. From there, it is transported to the Choir station in one day. Loading and delivery cycles take 2–3 days, and a full rotation of a single checkpoint takes 5–7 days.”

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Unauthorized parking facility dismantled www.ubpost.mn

The Sukhbaatar District Prosecutor’s Office and the Governor’s Office have taken action to protect public property and uphold the rule of law by shutting down an unauthorized parking operation that had been functioning on public roads and open spaces without the required permits. The operation was carried out following complaints and repeated monitoring that indicated violations of public interest and municipal regulations. The move comes amid the city’s broader efforts to regulate the use of public land, ensure equitable access to urban space, and curb the growing number of illegally established parking facilities that have been restricting pedestrian and vehicular movement. Officials emphasized that strict enforcement is necessary to maintain order, prevent unlawful profit from public property, and ensure that urban planning regulations are respected.
Under the Appendix A/840 issued by the Capital City Governor on July 24, 2023, which approved the procedure for charging fees for the use of parking spaces within Ulaanbaatar City, and Appendix No. 16 approved by the Citizens’ Representatives Khural of the Capital City on February 8, 2024, which formalized the procedure for planning and constructing public parking facilities, any individual or legal entity seeking to design, construct, or operate a parking facility must obtain official permission. This approval must be secured through the Capital City’s traffic management authority and issued by the Urban Planning Division—ensuring proper oversight and compliance with city development policies.
However, an operator in the eight khoroo of Sukhbaatar District had been running a paid parking area on public land without undergoing this mandatory procedure. Despite the clear legal requirements, the parking facility had installed two automatic gates and was collecting fees from drivers, privatizing a public road space without authorization. Following an inspection and subsequent legal measures, authorities dismantled the two automated entry barriers and fully cleared the area, restoring the space to public use. The Prosecutor General’s Office of Mongolia confirmed that the land has now been returned to unrestricted public access.
Similar inspections will continue throughout the capital, noting that the protection of public land is a priority and that any unauthorized commercial use of public property will face enforcement action. Citizens and businesses are urged to comply with established procedures and to seek proper permits before operating parking or other fee-based services on public land.

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At COP30, Mongolia One of the Only Countries Without a Pavilion www.earthjournalism.net

Almost all of the 198 UNFCCC member countries had their own pavilion at the COP30 venue this year. Countries invest in pavilions to showcase national climate action, present innovations and attract international partners and investors. However, the government of Mongolia decided not to have a pavilion this year, citing public criticism that too much money was being spent on conferences.
Still, the absence of a Mongolian pavilion was a missed opportunity. As the host of UNCCD COP17 next year, Mongolia could have used this platform to promote the country, highlight its climate initiatives and invite global partners to engage with Mongolia in 2026. A pavilion would have served as a powerful tool for visibility, diplomacy, and investment outreach.
By Khaliumaa Erdenebat
This story was produced as part of the 2025 Climate Change Media Partnership, a journalism fellowship organized by Internews' Earth Journalism Network and the Stanley Center for Peace and Security.

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Local equestrian prepares for 1,000-kilometer Mongol Derby race across Mongolia www.kbzk.com

A local equestrian is readying herself to take on an ultimate horsemanship challenge across the globe in Mongolia.
“What an ultimate test of horsemanship, and grit and respect for the horses and the land,” Katrina Leyh said, “When the opportunity came up, I said ‘I have to throw my hat into the ring.”
The Mongol Derby is a 1000-kilometer race through the Mongolian steppe, retracing Genghis Khan’s old postal route.
From Montana to Mongolia! Local rider Katrina Leyh is training for the epic Mongol Derby - 1,000 kilometers of pure adventure, following in Genghis Khan's footsteps
In preparation for such a task, Leyh says that she is spending as much time in the saddle as she can, getting fit in every way, but she notes that successful riders are the ones who can adapt, stay calm, and remain respectful to their horses.
“I think a lot of it is going to be a mental game,” Leyh said.
During the August race, Leyh will be switching horses every 35 kilometers, from which she will be assigned in a random draw, all the while setting up camp along the route. Leyh is hoping to finish the race in 10 to 12 days.
“It’s completely unmarked, the only thing that’s marked are the different checkpoints,” Leyh said, “It’s completely up to you, there’s no guide, there’s no marked trail, so it’s all up to you and your horse and your own navigational skills and resourcefulness to find your way.”
Katrina started a GoFundMe account, both to help fund her way over to the race next August, and as a way to connect with her community as she gears up for this once-in-a-lifetime moment.
“I was thinking about this earlier, I’m not an endurance rider, I’m not a professional athlete or an Olympian by any means,” Leyh said, “I’m just an ordinary person, but I think ordinary people can do extraordinary things when they commit themselves to it.”

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India and Mongolia Forge a New Energy Axis www.nationalinterest.org

The recent four-day state visit of Mongolia’s President Khurelsukh Ukhnaa to India opened a new phase in cooperation between India’s growing energy ambitions and Mongolia’s resource potential. As India and Mongolia celebrate the 70th anniversary of their diplomatic relations, the visit underscores the evolution of a relationship rooted in spiritual and cultural affinities into one shaped by resource strategy and geopolitical foresight.
From India’s perspective, Mongolia has emerged as a natural strategic partner—its “Third-Neighbor” foreign-policy orientation aligning with India’s ambition to build new bridges in Eurasia. For Mongolia, India delivers not only a technological and financial partnership but also a diversifier away from traditional dependencies.
At the heart of this shift is one flagship initiative: India’s largest foreign-development commitment to date—a $1.7 billion line of credit extended to Mongolia in 2018 to support the country’s first oil refinery project. When operational, the refinery—designed to process 1.5 million tons of crude per year (approximately 30,000 barrels per day)—is expected to satisfy some 50–66 percent of Mongolia’s domestic demand for refined petroleum products. This is transformative for a country that currently relies heavily on Russian imports.
But beneath this headline lies a broader agenda of resource diversification, critical minerals logistics, energy transition, and regional connectivity—and it is here that the real promise (and risk) lies.
Mongolia’s Coal and Oil Foundation
During the visit, the two governments signed 10 memoranda of understanding covering a spectrum of areas—from digital and cultural exchanges to geology and mineral resources cooperation. Among them was a landmark MoU on geology and mineral resources, which frames Mongolia as a potential export hub for India’s coking coal, copper, and other critical inputs for its steel and technology sectors.
That India is actively exploring Mongolian coking-coal imports is no surprise. India remains one of the world’s largest steel producers and relies on imported metallurgical coal; diversifying away from Australia and lowering supply-chain risk is a strategic imperative. Mongolia, by contrast, has over half of its exports by volume in coal and is eager for new markets beyond China—presenting a classic win-win. The main impediment: land-locked geography, which forces exports either through Russia or China—each presenting cost and geopolitical complexity.
On the refinery front, progress is clear: engineering teams are engaged; timelines have been announced; Mongolia is moving from ambition to execution. Yet the bigger value will emerge when India-Mongolia cooperation shifts from energy-security optics to integrated value-chains: refining becomes petrochemicals, mining becomes processing, connectivity becomes corridors.
Future Horizons of India-Mongolia Energy Cooperation
What could lie ahead? 
First: The refinery is just the opening act. The next step could involve downstream integration—the supply of refined products into Mongolia’s markets, export to neighboring Central Asian and Chinese demand centers, and eventual value-added petrochemicals. For India, exporting its engineering, project-execution, and training capability to Mongolia creates a long-term advantage in Eurasia.
Second: The critical minerals corridor. With India’s steel ambitions rising and uncertainty in coal and metal supply chains increasing, Mongolia offers an alternative source of high-grade coking coal and potentially rare-earth minerals. The stumbling block remains transport. If India and Mongolia (with Russia as a transit partner) can build cost-effective corridors, the two could pioneer a “Mongolia-India Raw Materials Bridge.”
Third: Leapfrogging renewables and green energy. Mongolia has huge solar and wind potential, and the country recently joined the International Solar Alliance, an intergovernmental organization headquartered in India. India brings technical depth, manufacturing ambition, and global green-energy diplomacy. A partnership here could position Mongolia not only as a domestic supplier, but also as an exporter of clean power or hydrogen derivatives—with India participating as investor, off‐taker, or market link. 
Fourth: Strategic connectivity and logistics. Neither Mongolia nor India is served by simply signing treaties. The deliverables will be physical: rail and port links, transit-clearance frameworks, joint infrastructure finance, customs-streamlining, and risk mitigation for extreme-climate operations. The landlocked challenge looms large; solving it will define whether ambition translates into delivery.
Fifth: Institutional and private-sector operationalization. MoUs are important, but success will depend on mobilizing Indian private-sector players, creating joint-venture vehicles, aligning financing frameworks (line-of-credit, multilateral, bilateral), adapting to Mongolia’s severe climate, short construction window, and ensuring that local capacity and regulatory regimes are robust, transparent, and trusted.
Challenges for India-Mongolia Cooperation
This pathway is far from smooth. Mongolia’s remote geography, its harsh climate, and the fact that everything must transit through another power (Russia or China) increase cost and risk. The refinery’s capacity (30,000 bpd) is modest by global standards, and while meaningful for Mongolia, it does not immediately elevate the country to a major regional energy hub. For India, the scale of trade remains small; Mongolia’s trade with India was negligible (less than 0.5 percent of total trade turnover in 2024) compared to its exposure to China (69.7 percent)—underscoring the significant ground that needs to be covered.
Furthermore, project-execution risk is real. Large infrastructure projects in remote areas have a track record of delays, budget overruns, and governance challenges. The mining operation faces scrutiny concerning its environmental and social impacts and requires Mongolia to stabilize its regulatory regime, particularly given frequent law amendments in the mining sector. Geopolitically, both sides must navigate the tug-of-war between Russia, China, and India over corridors, transit, and influence.
The Emerging Global South Energy Axis
For India, the India-Mongolia energy axis represents a subtle but meaningful shift: from “fuel-security for India only” to “mutual, strategic, Global South cooperation.” In other words, Mongolia is not just a customer or supplier—but a co-partner in building new regional supply-chains, new corridors and new resource-alliances. It speaks to a future where India is not simply plugged into global energy markets, but co-creating them.
For Mongolia, partnering with India offers more than a project or a loan: it diversifies partners, supports industrial development, provides access to global value chains, and serves as a hedge against over-dependence on any single neighbor. If the refinery and the raw-material deals bear fruit, Mongolia could re-position itself as a lynchpin in Eurasian energy and mineral networks.
The president’s visit has lit the lamp. The infrastructure deals, MoUs, and shared declarations provide a foundation. What remains now is the sprint from ambition to execution, from symbolism to structural change. If India and Mongolia can surmount the logistics, governance, and financing challenges, they could jointly script a new chapter in energy cooperation in Eurasia.
In short, this is not just a refinery or a coal deal. It’s a strategic platform for the next decade of energy transition and resource resilience in the Global South. To miss the moment would be to let a potentially game-changing partnership drift into another line on paper. Neither India nor Mongolia, with its strategic horizon, can afford that.
About the Authors: Piyush Verma and Telmen Altanshagai
Dr. Piyush Verma is a senior fellow at ORF America, where he leads the organization’s work on energy and climate policy. With over two decades of experience, his research and advisory portfolio sit at the intersection of technology, economics, society, governance, and geopolitics, advancing policy solutions for a just and sustainable energy transition. Dr. Verma holds a doctorate degree in Energy Technology and Policy from the University of Auckland, New Zealand; a master’s degree in Public Administration as an Edward S. Mason Fellow from the Harvard Kennedy School of Government.

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