1 GOLD AND COPPER PRICES SURGE WWW.UBPOST.MN PUBLISHED:2025/04/02      2 REGISTRATION FOR THE ULAANBAATAR MARATHON 2025 IS NOW OPEN WWW.MONTSAME.MN PUBLISHED:2025/04/02      3 WHY DONALD TRUMP SHOULD MEET KIM JONG- UN AGAIN – IN MONGOLIA WWW.LOWYINSTITUTE.ORG  PUBLISHED:2025/04/02      4 BANK OF MONGOLIA PURCHASES 281.8 KILOGRAMS OF PRECIOUS METALS IN MARCH WWW.MONTSAME.MN PUBLISHED:2025/04/02      5 P. NARANBAYAR: 88,000 MORE CHILDREN WILL NEED SCHOOLS AND KINDERGARTENS BY 2030 WWW.GOGO.MN PUBLISHED:2025/04/02      6 B. JAVKHLAN: MONGOLIA'S FOREIGN EXCHANGE RESERVES REACH USD 5 BILLION WWW.GOGO.MN PUBLISHED:2025/04/02      7 185 CASES OF MEASLES REGISTERED IN MONGOLIA WWW.AKIPRESS.COM PUBLISHED:2025/04/02      8 MONGOLIAN JUDGE ELECTED PRESIDENT OF THE APPEALS CHAMBER OF THE ICC WWW.MONTSAME.MN PUBLISHED:2025/04/01      9 HIGH-PERFORMANCE SUPERCOMPUTING CENTER TO BE ESTABLISHED IN PHASES WWW.MONTSAME.MN PUBLISHED:2025/04/01      10 LEGAL INCONSISTENCIES DISRUPT COAL TRADING ON EXCHANGE WWW.UBPOST.MN PUBLISHED:2025/04/01      УСТСАНД ТООЦОГДОЖ БАЙСАН УЛААНБУРХАН ӨВЧИН ЯАГААД ЭРГЭН ТАРХАХ БОЛОВ? WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2025/04/02     САНГИЙН ЯАМ: ДОТООД ҮНЭТ ЦААСНЫ АРИЛЖАА IV/16-НААС МХБ-ЭЭР НЭЭЛТТЭЙ ЯВАГДАНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2025/04/02     МОНГОЛБАНКНЫ ҮНЭТ МЕТАЛЛ ХУДАЛДАН АВАЛТ ӨМНӨХ САРААС 56 ХУВИАР, ӨМНӨХ ОНЫ МӨН ҮЕЭС 35.1 ХУВИАР БУУРАВ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2025/04/02     Б.ЖАВХЛАН: ГАДААД ВАЛЮТЫН НӨӨЦ ТАВАН ТЭРБУМ ДОЛЛАРТ ХҮРСЭН WWW.EAGLE.MN НИЙТЭЛСЭН:2025/04/02     1072 ХУВЬЦААНЫ НОГДОЛ АШИГ 93 500 ТӨГРӨГИЙГ ЭНЭ САРД ОЛГОНО WWW.EAGLE.MN НИЙТЭЛСЭН:2025/04/02     Н.УЧРАЛ: Х.БАТТУЛГА ТАНД АСУУДЛАА ШИЙДЭХ 7 ХОНОГИЙН ХУГАЦАА ӨГЧ БАЙНА WWW.NEWS.MN НИЙТЭЛСЭН:2025/04/02     “XANADU MINES” КОМПАНИ "ХАРМАГТАЙ" ТӨСЛИЙН ҮЙЛ АЖИЛЛАГААНЫ УДИРДЛАГЫГ “ZIJIN MINING”-Д ШИЛЖҮҮЛЭЭД БАЙНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2025/04/02     ТӨМӨР ЗАМЫН БАРИЛГЫН АЖЛЫГ ЭНЭ САРЫН СҮҮЛЭЭР ЭХЛҮҮЛНЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/04/02     “STEPPE GOLD”-ИЙН ХУВЬЦААНЫ ХАНШ 4 ХУВИАР ӨСЛӨӨ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2025/04/02     ҮЙЛДВЭРЛЭЛИЙН ОСОЛ ӨНГӨРСӨН ОНД ХОЁР ДАХИН НЭМЭГДЖЭЭ WWW.GOGO.MN НИЙТЭЛСЭН:2025/04/01    

Category

Events

Events

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MBCC “Doing Business with Mongolia seminar and Christmas Receptiom” Dec 10. 2024 London UK MBCCI London UK Goodman LLC

NEWS

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Kazakhstan and Mongolia: Relaunching Relations Amid New Challenges and Opportunities www.caspianpost.com

The recent visit of Kazakhstan's President Kassym-Jomart Tokayev to Mongolia—the first in 16 years—marked a new era in relations between Central Asian countries and Mongolia. This visit demonstrated Kazakhstan’s readiness to reconsider its stance toward Ulaanbaatar, which had long been outside the focus of Kazakhstan’s foreign policy. Despite more than three decades of diplomatic relations and a significant Kazakh diaspora in Mongolia, Kazakhstan’s first president, Nursultan Nazarbayev, did not pursue close ties with Mongolia, leading to a stagnation in their relationship.
A New Perspective on Central Asia
Unlike his predecessor, Tokayev clearly sees substantial potential in establishing stronger relations with Mongolia, given its geopolitical importance and the significance of the Kazakh diaspora, which numbers over 117,000 people. This diaspora forms a powerful cultural and social bridge between the countries, strengthening ties through shared historical roots, culture, and language. In Mongolia, for example, Kazakh newspapers are published, Kazakh television channels are broadcast, and Kazakh-language news is regularly aired on the radio. This foundation provides a solid basis for a long-term partnership.
Political Context and Past Obstacles
In the past, Kazakhstan likely avoided closer ties with Mongolia due to its unstable internal politics. Despite its strategic location, Mongolia experienced significant upheavals, such as the mass protests in 2008, when citizens expressed dissatisfaction with parliamentary election results. In response, the government declared a state of emergency, and for several days, there were violent clashes across the country, resulting in casualties and injuries to hundreds of people. At a time when Central Asian states sought political stability, Mongolia did not seem like a reliable partner for Kazakhstan.
However, times have changed. In the face of global economic and political instability, Kazakhstan must expand its alliances and strengthen ties with neighbors, including Mongolia, whose economy is also beginning to grow more actively.
Trade and Economy: New Agreements
A significant outcome of the visit was the agreement to elevate their relations to a strategic partnership. President Tokayev highlighted plans to increase trade turnover, which had declined in recent years. From 2017 to 2020, bilateral trade between Kazakhstan and Mongolia more than halved, partly due to pandemic-related restrictions. However, by 2023, trade turnover between the two countries rose to $150 million. In the near future, Kazakhstan and Mongolia intend to increase this figure to half a billion dollars.
Additionally, an investment agreement was signed during the visit, providing for Earth remote sensing and the creation of a joint space apparatus. This project is Kazakhstan’s first space program with Mongolia and opens up new scientific and technological prospects for both nations.
Energy Cooperation: The Potential of Nuclear Energy
Kazakhstan and Mongolia’s cooperation in the energy sector also reached a new level. Kazakhstan's Ministry of Energy signed a memorandum of cooperation with the Mongolian Nuclear Energy Commission. This move aligns with Kazakhstan’s policy to develop its nuclear industry. In a recent referendum, Kazakh citizens supported plans to expand nuclear energy, creating a foundation for sharing expertise with Mongolia.
Joint Development of Mineral Resources: Opportunities and Challenges
Another crucial area of cooperation is rare minerals, for which demand is growing in the global market. Kazakhstan possesses substantial reserves of rare-earth metals and other resources essential for high-tech production. Joint development of deposits in Mongolia, which also has large reserves of critical minerals, appears strategically advantageous for both Ulaanbaatar and Astana.
One of the challenges both countries face is attracting international investors capable of investing in processing these resources. As Rustem Mustafin, Deputy Director of the Center for Political Studies at the Kazakhstan Institute of Philosophy and Political Science, noted, successful development of such projects requires creating conditions for foreign investment in high-tech production and research centers. Developing this sector will enable both countries not only to export raw materials but also to expand processing capacities and enhance local expertise, contributing to sustainable economic growth.
Prospects for Kazakhstan and Mongolia Amid Global Uncertainty
The relaunch of relations between Kazakhstan and Mongolia comes against a backdrop of increasing global instability. For Kazakhstan, this visit symbolizes a new diplomatic strategy aimed at strengthening its regional standing and broadening its economic horizons. Kazakhstan intends to expand its influence through multi-level cooperation—from culture and science to high technology and mineral extraction.
On the other hand, Mongolia sees Kazakhstan as a reliable partner who can support infrastructure development and offer access to advanced technology. The strong Kazakh diaspora can also facilitate integration, easing cultural and language barriers.
Nonetheless, both countries face certain challenges. Kazakhstan and Mongolia, in particular, must find a balance between national interests and the global market’s growing demand for rare metals. Competition for resources and markets may also increase pressure on these countries from major powers seeking control over the supply of critical materials.
 
 
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Mongolia: Concluding Statement of the 2024 IMF Staff Visit October 14, 2024 www.gogo.mn

A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF's Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.
The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.
A critical priority for the new coalition government is to manage the current commodity boom prudently to effectively implement its ambitious reform and investment agenda.
Building external and fiscal buffers will help create the necessary policy space to implement the ambitious investment program and other reforms in line with the economy’s absorptive capacity while maintaining external and internal balance. In the current situation, achieving these goals requires fiscal policy tightening, adherence to fiscal rules, tight monetary and macroprudential policies, and enhanced financial supervision.
Progress on soft infrastructure related to legislative, regulatory, and institutional frameworks is just as important as building hard infrastructure, to strengthen the business climate and governance. Priorities include upgrading important regulations, ensuring regulatory coherence, and boosting central bank operational independence.
The introduction of a nominal debt ceiling with strong deterrence is a major and welcome step forward. So will be the planned and overdue energy tariff reforms, which will be essential to ensure reliable national energy supply. Infrastructure projects should be well prioritized and effectively implemented with proper feasibility studies, strengthened medium-term fiscal planning and sound public investment management.
The economy: A commodity boom
A booming mining sector, record high coal exports, and strong household and government spending have led to buoyant economic activity despite a large contraction in agriculture due to the severe winter. The large and permanent wage and pension increases in the 2023−2024 budgets, large dividend payouts by Erdenes Tavan Tolgoi, government support programs, and a minimum wage hike helped raise household incomes and salary‑backed consumer credit, boosting consumption and imports. Strong revenue collection and backloaded capex registration have contributed to a budget surplus despite significant public spending increases. Public debt declined to 47 percent of GDP at end-2023, consistent with IMF staff estimates of the appropriate debt anchor for Mongolia.
Headline inflation has eased and lies within the BOM’s 6±2 target band. The decline is largely due to softer import prices, supported by a small exchange rate (ER) appreciation, and has led to policy rate cuts. However, core inflation remains sticky and has ticked up to the upper limit of the target band in August. Moreover, credit growth in the bank and non-bank financial (NBFI) sectors, especially consumer loans, has been rapid, exceeding long-term trends and has prompted the BOM to tighten reserve requirements and debt service to income (DSTI) limits for consumer loans.
Household debt is rising rapidly, especially for some segments of borrowers.
External vulnerabilities declined despite a marked deterioration in the current account deficit due to strong imports and softer coal export prices. FDI and other financing inflows have helped support gross international reserves (GIR) which remains broadly at end-2023 levels (US$4.7 billion at end-August, 3.3 months of imports or 96 percent of the ARA metric). Well-executed external debt refinancing and the BOM’s repayment of half of the outstanding PBOC swap line have reduced external debt risks, resulting in a sovereign credit ratings upgrade.
Outlook: Continuing commodity boom, robust growth, but rising imbalances
Growth is expected to remain robust in 2024−25 reflecting strong mining sector growth, bolstered by the increased production of higher‑grade copper and stronger coal exports to China, and the expansionary, and procyclical 2024 supplementary and draft 2025 budgets. Assuming the government’s spending plans on mega projects[1] is gradually phased in in line with external financing, fiscal deficits are expected to rise through 2029, raising gross financing needs, public debt, and fiscal risks. The output gap is estimated to remain positive through 2028.
Expansionary fiscal policies are likely to widen Mongolia’s external and internal imbalances. Inflation is expected to continue to rise in 2024H2 and remain above target till 2026 due to the lagged effects of the substantial fiscal stimulus in the pipeline, additional stimulus from the 2024 supplementary and 2025 budgets, energy tariff increases, and strong credit growth. Current account deficits are expected to persist due to the high import intensity of investment projects, reducing GIR buffers, despite FDI and new external borrowing.
The forecasts are subject to considerable uncertainty related to the implementation pace, financing, and private sector participation in mega projects, which is still under discussion. The greater the reliance on domestic financing, the larger the impact on GIR, ER, and inflation given the high import intensity of capex. However, procuring external financing to the tune of 67 percent of 2024 GDP within 4−5 years will be difficult. Realistically, therefore, investments are likely to proceed gradually, as implementation runs into capacity and financing constraints, thereby improving macroeconomic outcomes relative to current forecasts.
The outlook is also subject to downside risks stemming from commodity price volatility, uncertainty related to Chinese demand for coal, disruptions in fuel imports from Russia, and delays at China’s Tianjin port, a major transit point for Mongolia’s imports. Potential production and export delays in copper due to regulatory and procedural barriers pose risks. Natural disasters and geopolitical developments add uncertainty. On the upside, commodity prices or exports to China could be stronger than expected, especially in the near term. Moreover, new mining production could come onstream over the medium-term, boosting exports.
Policies: Prudent commodity boom management to sustain growth momentum
A. Fiscal tightening and adherence to fiscal rules: the top policy priority
Fiscal policy tightening is necessary to ensure external and internal balance, build buffers during the current boom and to reduce the burden on monetary policy in confronting inflationary risks. To achieve fiscal consolidation while boosting investment, additional measures are needed to reduce current spending and boost non-mining revenues, such as containing the wage bill, targeting social assistance, increasing progressivity in personal income taxes, reducing tax exemptions, and tax and customs administration reforms (IMF 2023 Report).
Reorienting spending toward infrastructure investment could enhance productivity, provided it is well managed and aligned with the economy’s absorptive capacity. The government should proceed cautiously given Mongolia’s external vulnerabilities, import dependence, limited domestic financing capacity, tighter global financing conditions, and weaknesses in public investment management (PIM). Building buffers during the boom helps create the fiscal space for a gradual, more effective implementation of critical public investment priorities.
A more effective Medium-Term Fiscal Framework (MTFF) including capital expenditures is needed to guide capital spending and anchor fiscal and external risks. Investments should be well-prioritized based on proper feasibility studies, with sound implementation of PIM and PPP legislative frameworks to avoid corruption and unproductive projects.
The adoption of a nominal debt ceiling of 60 percent of GDP is a major step forward in strengthening Mongolia’s fiscal rules, as it boosts transparency and accountability, and includes strong deterrence measures. Retaining the structural deficit ceiling helps contain excessive deteriorations in fiscal balances. Nevertheless, neither rule will be able to constrain spending sufficiently in the near term since the debt limit is not binding at present.
The procyclicality of the new expenditure rules helps support spending when the economy is booming, and requires spending cuts when it is not, thereby aggravating economic cycles. The rules will need to place some constraints on total spending, which would also preempt potential spending misclassifications (IMF staff stand ready to assist the government in developing appropriate total spending constraints that could allow the government to undertake spending related to its reform and investment plans). Frequent changes in fiscal rules should be avoided as they undermine the effectiveness of the rules as a policy anchor.
B. Ensuring tighter domestic financial conditions
Monetary and macroprudential policies should continue to ensure that domestic financial conditions remain tight. Given the expected rise in inflation in the absence of fiscal consolidation, the BOM should ensure real policy rates remain high until there is greater certainty regarding the stabilization of inflation within the target band.
In this regard, maintaining an unchanged monetary policy stance in September 2024 would have been better aligned with the BOM’s assessment of the inflationary outlook. The tightening of DSTI limits and reserve requirements to slow excessive credit growth in the banking sector, on the other hand, were timely and appropriate measures, though more maybe needed (below). The government’s plans to resume domestic debt issuances to establish a yield curve should help improve monetary policy transmission.
C. Building external buffers to strengthen resilience, increase policy space for reforms
External buffers should be increased to strengthen resilience to external shocks and create the room for an effective implementation of the government’s reform priorities. The BOM should allow greater ER flexibility to help absorb external shocks. The government should use its ability to monitor export contracts to better enforce SOE repatriation and the currency settlement law and undertake reforms to attract new FDI and external private financing (below). The newly established BOM-MOF-MOED working group to align the pace of investments with external stability considerations, is an excellent initiative and should help inform the government’s investment plans and the MTFF.
D. Ensuring a sound financial sector
Financial sector supervision should remain vigilant about emerging risks, notably credit risk, given the exceptionally strong credit growth across the financial sector. Enhanced financial soundness indicators during periods of strong economic and rapid credit growth can mask underlying vulnerabilities.
It would be important to align the planned reduction in DSTI limits for NBFIs with the lower bank DSTI limits rapidly to prevent regulatory arbitrage to contain explosive consumer credit growth. Supervisors should ensure that DSTI limits are being effectively enforced, accelerate the use of FICO credit scoring, and discourage over‑leveraged consumers from additional borrowing by improving financial literacy. Adherence to NBFI regulations and a rapid approval of the upgraded NBFI regulatory framework would help reduce risks.
BOM and FRC supervisors should identify and reduce interlinkages between banks and NBFIs to pre-emptively reduce financial sector vulnerabilities and systemic risks including through targeted onsite supervisions and special provisioning requirements, if necessary. The BOM Governor should be allowed to exercise powers granted by the Central Bank Law to nominate key personnel responsible for financial sector supervisory oversight immediately to facilitate financial sector risk management and reforms.
The financial sector’s ability to lend to credit worthy entities should be strengthened through broader reforms. Insolvency and creditor rights must be improved to assist financial sector institutions address poor asset quality expeditiously. To keep banking sector reforms on track to meet the new end-2026 deadline, the BOM should continue to monitor the development of time-bound plans for shareholder diversification. Shareholder limits should be increased to ensure the effective management and operation of banks, including by allowing selected IFIs to invest in multiple banks.
E. Strengthening soft infrastructure is just as important for sustainable growth
Improving Mongolia’s business climate and governance is critical for strong and sustainable growth. Key priorities for soft infrastructure reform are—a strengthened Investment Law to cut red tape; accelerated overhaul of the Minerals Law; and approval of amendments to the SOE, Insolvency and the draft Whistleblower Laws.
Effective enforcement of SOE governance reforms, and a strong judiciary is also necessary, as is ensuring the operational independence of BOM. The planned energy tariff reform is long overdue and necessary to secure energy supply to households and businesses while boosting long-term growth. Tariff increases should be well communicated, appropriately paced, and supported by targeted but temporary assistance to poor households to alleviate transition costs. Ensuring regulatory coherence with tax laws and effective tax dispute resolution processes would facilitate the operation of existing FDI projects and attract new FDI. The new Sovereign Wealth Fund is welcome but a strong governance framework for its sub-funds should be quickly established.
An IMF team visited Ulaanbaatar to conduct the discussions during September 25–October 1, 2024. The IMF mission would like to thank the Mongolian authorities for frank and constructive discussions and their kind hospitality.
 
 
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Activities Eligible for Tax Deductions www.gogo.mn

According to the amendments made to Article 22.9 of Mongolia's Corporate Income Tax Law (CIT Law), businesses are now eligible for tax deductions on certain expenses related to corporate social responsibility (CSR). The deduction amount is limited to up to 1% of taxable income for the tax year. The following categories of activities and expenses qualify for tax deductions:
Activities Eligible for Tax Deductions:
Environmental Protection
Investments aimed at protecting natural resources such as forests, animals, and water; increasing reserves; reducing pollution of air, water, and soil; and mitigating desertification.
Support for the Elderly and People with Disabilities
Expenses related to services for the elderly, care for individuals with disabilities, creation of accessible environments, and construction or maintenance of children’s playgrounds, camps, and public parks.
Preservation of Cultural Heritage
Activities that involve the preservation, restoration, and support of museums, libraries, music, film, handicrafts, performing arts, and the construction and maintenance of cultural complexes.
Public Infrastructure Development
Construction, maintenance, and beautification of public roads, parks, and green spaces, as well as support for the development of public transportation.
Disaster Relief
Expenses incurred to address and mitigate damages caused by natural disasters or similar unavoidable events.
Support for Sports
Construction and maintenance of sports facilities, organization of Olympic sports competitions, and financial support for national Olympic committee-registered sports associations, teams, and athletes.
Scholarships for Education
Tuition scholarships provided to students in priority fields designated by the Government, students studying at accredited domestic and foreign universities, and vocational training institutions.
Support for Research and Development
Grants provided to universities and the Academy of Sciences for research and study purposes.
Support for Public Education and Health Institutions
Financial support for operations of state and local government-owned educational and healthcare institutions.
Government Special Funds
Investments in activities related to government-designated special funds.
Monitoring and Standards
Requirements and standards for projects and activities eligible for deductions under Article 22.9 are to be defined and monitored by the relevant government ministry.
This amendment aims to encourage corporate social responsibility among businesses, supporting public welfare by providing tax incentives for investments in these areas.
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Mongolia and USAID to Cooperate in Early Detection and Prevention of Animal Diseases www.montsame.mn

Deputy Prime Minister of Mongolia Amarsaikhan Sainbuyan received the United States Agency for International Development (USAID) Mission Director for Mongolia Ryan Washburn and other officials.
Deputy Prime Minister Amarsaikhan underlined that the projects and programs implemented in Mongolia by USAID contribute to the country's social development and economic growth. He also expressed gratitude to the Agency for providing assistance in overcoming the challenges caused by the dzud natural disaster last winter and expressed interest in cooperating in agriculture, regional development policy, and issues on the National Emergency Management Agency of Mongolia.
USAID has successfully implemented projects and programs to support Mongolia’s small-to-medium-sized enterprises, energy reform, and food security. Notably, projects on the detection and prevention of animal diseases, with further plans to improve the capacity of veterinary laboratories for early detection.
Additionally, a capacity-building project for service members of the National Emergency Management Agency of Mongolia is being implemented. The two sides exchanged views on cooperation in improving disaster prevention and early warning systems. Deputy Prime Minister Amarsaikhan emphasized that contributions from not only relevant organizations or agencies but also the government, enterprises, and citizens are vital in disaster risk reduction.
USAID Mission Director for Mongolia Ryan Washburn expressed readiness to support the Mongolian Government’s “New Cooperative” National Movement and also provide assistance in overcoming potential challenges of the upcoming winter.
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Troy Minerals to Conduct Drilling at Tsagaan Zalaa Silica Project, Mongolia www.chemanalyst.com

Troy Minerals Inc. has announced the re-establishment of its drill camp at the Tsagaan Zalaa Silica Project in Mongolia, marking a significant milestone in preparation for the final phase of the Company’s drilling program for 2024. This move highlights Troy’s commitment to unlocking the potential of this high-purity silica asset, which is essential for various applications, particularly in the green energy sector.
With the drill camp now operational, Troy is poised to initiate the last round of drilling, which will focus on the project's high-grade quartz veins that can reach widths of up to 10 meters. The completion of this final drilling phase is anticipated before the end of November 2024. Successfully executing this stage will enable the Company to establish resource estimates, a crucial step in advancing the project toward a comprehensive mine plan. This progress is essential as it positions Troy to submit a mining license application by the end of 2024, paving the way for future production and long-term growth opportunities.
Rana Vig, President and CEO of Troy Minerals, emphasized the importance of this development, stating, "Re-establishing the drill camp at Tsagaan Zalaa marks another significant step in advancing this project. With the camp fully operational, we are well-positioned to complete the final phase of drilling and continue progressing toward production." He further noted that the strategic location of this high-purity silica project, coupled with the increasing demand from the green energy sector, reinforces the project's long-term potential. Vig highlighted the company's commitment to executing its development plans swiftly and efficiently to maximize shareholder value.
As full-scale field operations recommence, Troy is dedicated to advancing the Tsagaan Zalaa Silica Project, aiming to establish itself as a leader in the high-purity silica market. The ongoing exploration and drilling activities are not only critical for determining the resource's viability but also serve to demonstrate the project’s capacity to cater to the growing market demand associated with the transition to green energy technologies.
Troy Minerals remains focused on leveraging its strategic advantages in the silica sector, which is becoming increasingly important as industries shift toward sustainable practices. The successful establishment of the drill camp and the commencement of drilling activities are vital steps in this direction. The Company’s initiatives underline its proactive approach to ensuring that the Tsagaan Zalaa project aligns with the evolving market needs, positioning Troy for future success in the high-purity silica market. With continued dedication and strategic planning, Troy is set to play a significant role in the green energy transition while enhancing shareholder value.
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Mining vs AI – It’s not even close www.mining.com

At the end of the third quarter 2024, the MINING.COM TOP 50 ranking of the world’s most valuable miners scored a combined market capitalization of $1.51 trillion, up just under $76 billion from end-June, largely on the back of gold and royalty stocks.
The total stock market valuation of the world’s biggest mining companies is up a fairly modest 8% year to end-September and despite the good run is still $240 billion below the peak hit in the second quarter of 2022. And judging by the performance of the top tier in the final quarter (BHP down 8% QTD, Rio Tinto –5%, Vale –3%, Glencore –5%, Newmont –9%, Zijin –5%, Freeport –7%) the gap won’t be closing anytime soon.
In contrast, Nvidia — the maker of chips highly prized for artificial intelligence (AI) computing — is up nearly 200% so far this year (and 2,600% over five). When comparing the graphics card maker’s stock valuation to the mining industry’s collective worth, it’s difficult not to wonder if something is not awry with how global investors appraise the industrial economy.
Should Nvidia (or Microsoft or Apple for that matter) be worth more than twice the top 50 miners? Outside the top 50 the average market cap quickly shrinks to the low teens so Nvidia is in fact worth more than the entire listed mining industry.
Even when extending the top 50 into metals and energy – steel, aluminium and electricity companies often operate their own mines – Nvidia can still throw shade. BHP does not even crack the top 100 most valuable companies in the world and is worth less than Booking.com, and Temu and Zara’s owners, none of which can exactly be called the building blocks of the global economy.
Nvidia briefly surpassed Apple on Friday to become the world’s most valuable company. Its market capitalization is approximately $3.5 trillion, just below Apple’s, which remains the highest-valued firm globally.
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Mongolia home to 80 pct of wild asses worldwide www.xinhuanet.com

The population of Mongolian wild asses (Equus hemionus), also known locally as Gobi Khulan, has reached approximately 90,000, accounting for around 80 percent of the estimated global population, according to the Mongolian Ministry of Environment and Climate Change on Monday.
These wild asses inhabit an area of approximately 262,000 square km in the Gobi region of Mongolia, which represents only about 20 percent of their historical range, the ministry stated.
Despite the overall increase in their population, Mongolian wild asses continue to face threats, including illegal hunting for their meat and hooves, as well as pressure from nomadic herders who chase them away to protect their livestock pastures.
In response to these challenges, the Ministry of Environment and Climate Change has designated Oct. 25 each year as "Khulan Conservation Day," which was celebrated for the first time this year.
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Commemorative Event Dedicated to the 75th Anniversary of the Establishment of Diplomatic Relations between Mongolia and the People's Republic of China www.montsame.mn

The Embassy of Mongolia in Beijing, in collaboration with the Chinese People’s Association Society for Friendship with Foreign Countries, organized a ceremonial reception in Beijing in commemoration of the 75th anniversary of diplomatic relations between Mongolia and China on October 18, 2024.
At the commemorative event, Prime Minister of Mongolia Oyun-Erdene Luvsannamsrai and Li Hongzhong, Vice Chairman of the Standing Committee of the National People's Congress and Member of the Central Committee of the Communist Party of China attended and delivered opening remarks. Approximately 600 guests participated in the event, including representatives from the Chinese public and business sectors, heads of foreign diplomatic missions in China, and Mongolians residing and working in China.
During the commemorative event, a joint performance was held by artists from the two countries, featuring the “Chulugen” Morin Khuur quartet of the Morin Khuur Ensemble of Mongolia and musicians from the China Broadcasting Chinese Orchestra.
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Delegation of the Comprehensive Nuclear-Test-Ban Treaty Organization Received by the Foreign Minister of Mongolia www.montsame.mn

Minister of Foreign Affairs of Mongolia Battsetseg Batmunkh received the delegation headed by Executive Secretary of the Comprehensive Nuclear-Test-Ban Treaty Organization (CTBTO) Robert Floyd, during the delegation’s working visit to Mongolia between October 24-27, 2024.
The two sides exchanged views on relations and cooperation between Mongolia and the CTBTO, underscoring the organization’s critical role in strengthening global peace and security. Additionally, they emphasized the importance of fully enforcing the Comprehensive Nuclear-Test-Ban Treaty and discussed cooperation in ensuring nuclear-weapon-free status and nuclear safety, as reported by the Ministry of Foreign Affairs of Mongolia.
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Kazakhstan-Mongolia Trade Hits Nearly $84 Million Ahead of Tokayev’s Visit www.astanatimes.com

ASTANA – Trade turnover between Kazakhstan and Mongolia reached $83.9 million in January-August 2024, Kazinform reported on Oct. 28, citing the Kazakh Ministry of Trade and Integration, ahead of President Kassym-Jomart Tokayev’s state visit to Mongolia.
According to Aidar Amrebayev, the Center for Political Studies director at the Institute of Philosophy, Political Science and Religious Studies, the states share a similar approach to foreign policy in dealing with such major powers as China and Russia.
Amrebayev noted that Kazakhstan and Mongolia are also undergoing political modernization. Mongolia’s economic ambitions paralleled Kazakhstan’s focus on transitioning from a resource-based to a manufacturing-based economy, particularly in agricultural processing and livestock.
The countries plan to open a joint museum to support bilateral initiatives in education, science, information, archaeology, and the history of nomads, reflecting their cultural ties.
“There is a historical and cultural connection between our countries. Now we are developing a construct related to Jochi [Khan, the eldest son of the Mongol Emperor Genghis Khan] in Kazakhstan. Mongolia’s national and cultural identity is also based on the legacy of Genghis Khan,” Amrebayev noted.
Kazakhstan and Mongolia are further strengthening their connections with plans for a new road route passing through Oskemen and Ridder in Kazakhstan and Tuyekta, Russia, with access to Mongolia’s border. The Kazakh section of the proposed route from Oskemen to the Russian border (189 kilometers in length) has already been built: specialists will carry out major and medium repairs on 62 kilometers of the road. This route will significantly improve transport links and reduce travel times, facilitating economic and cultural exchanges.
Amrebayev also emphasized the potential of the Trans-Caspian International Transport Route as a promising avenue for Mongolia to diversify its transport corridors, potentially reaching the European Union via Kazakhstan. He expects Tokayev’s visit to Mongolia will bring diverse and fruitful initiatives.
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