1 MONGOLIA UPGRADED TO 'BB-' ON SUSTAINED FISCAL CONSOLIDATION AND STRONG GROWTH; OUTLOOK STABLE WWW.SPGLOBAL.COM PUBLISHED:2025/10/31      2 GOVERNMENT OF MONGOLIA LAUNCHES NEGOTIATIONS WITH RIO TINTO WWW.MONTSAME.MN PUBLISHED:2025/10/31      3 MONGOLIA COURT UPHOLDS GOVERNMENT’S TERMINATION OF QSC CONCESSION, CITING “PUBLIC INTEREST” WWW.EGUUR.MN PUBLISHED:2025/10/31      4 EBRD FINANCES CONSTRUCTION OF CARDIOVASCULAR HOSPITAL IN MONGOLIA WWW.EBRD.COM PUBLISHED:2025/10/31      5 ADB TO SUPPORT MONGOLIA’S LARGEST SOLAR AND BATTERY STORAGE PROJECT FOR ENERGY SECURITY WWW.ADB.ORG PUBLISHED:2025/10/31      6 HUNNU CITY POWER INFRASTRUCTURE NEARS COMPLETION WWW.MONTSAME.MN PUBLISHED:2025/10/31      7 MONGOLIA COMMISSIONS 53 NEW FACTORIES AS PART OF ‘FOOD REVOLUTION’ PLAN WWW.MONTSAME.MN PUBLISHED:2025/10/31      8 DEPUTY PRIME MINISTER S.AMARSAIKHAN DISMISSED FOR VIOLATING ACCOUNTABILITY AGREEMENT WWW.GOGO.MN PUBLISHED:2025/10/29      9 STATE EMERGENCY COMMISSION ORDERS READINESS AMID FUEL-SHORTAGE RISKS WWW.GOGO.MN PUBLISHED:2025/10/29      10 WORLD BANK TO ASSIST MONGOLIA IN COP17 PREPARATIONS WWW.MONTSAME.MN PUBLISHED:2025/10/29      S&P АГЕНТЛАГ ЗАСГИЙН ГАЗРЫН ТӨСВИЙН БОДЛОГЫГ ЭЕРГЭЭР ҮНЭЛЖ, ТОГТВОРТОЙ ҮРГЭЛЖЛҮҮЛЭХ НЬ ЗҮЙТЭЙ ГЭВ WWW.ITOIM.MN НИЙТЭЛСЭН:2025/10/31     ОЮУ ТОЛГОЙ ТӨСЛИЙН ХУВЬ НИЙЛҮҮЛЭГЧДИЙН ЗЭЭЛИЙН ХҮҮГ ХЭЛЭЛЦЭХ ЭЭЛЖИТ 7 ЖИЛИЙН ХУГАЦААГ ҮЛ ХАРГАЛЗАН ХЭЛЭЛЦЭЭРИЙГ ҮРГЭЛЖЛҮҮЛЭХЭЭР БОЛЛОО WWW.NEWS.MN НИЙТЭЛСЭН:2025/10/31     Э.ШИЖИР: “НИЙТИЙН ЭРХ АШИГ” НЭРИЙН ДОР ХУВИЙН ХЭВШЛИЙН ЭРХИЙГ ЗӨРЧИЖ БОЛОХГҮЙ WWW.NEWS.MN НИЙТЭЛСЭН:2025/10/31     Х.БУЛГАНТУЯАГ УИХ-ЫН ДЭД ДАРГААС ЧӨЛӨӨЛЖ, Ж.БАТ-ЭРДЭНИЙГ ДЭВШҮҮЛЭХЭЭР БОЛЛОО WWW.EGUUR.MN НИЙТЭЛСЭН:2025/10/31     2025 ОНД ХӨВСГӨЛ АЙМГИЙН 8 СУМАНД 18 УДАА ГАЗАР ХӨДӨЛЖЭЭ WWW.EGUUR.MN НИЙТЭЛСЭН:2025/10/31     ОНЦГОЙГИЙНХОН ГАЛ ТҮЙМЭР УНТРААХ 42 МЕТР УРТТАЙ АВТОМЕХАНИК ШАТНЫ АВТОМАШИНТАЙ БОЛЛОО WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/10/31     ЭМЭЭЛТ ЭКО АЖ ҮЙЛДВЭРИЙН ПАРКТ 10 МВТ-ЫН НАРНЫ ЦАХИЛГААН СТАНЦ БАРИНА WWW.GOGO.MN НИЙТЭЛСЭН:2025/10/31     "С.АМАРСАЙХАН ХАРИУЦЛАГЫН ГЭРЭЭ ЗӨРЧСӨН ТУЛ ЕРӨНХИЙ САЙД Г.ЗАНДАНШАТАР АЛБАН ТУШААЛААС НЬ ОГЦРУУЛСАН" WWW.EAGLE.MN НИЙТЭЛСЭН:2025/10/29     ЗГ: ГЭР БҮЛИЙН ТУХАЙ ХУУЛИЙН ШИНЭЧИЛСЭН НАЙРУУЛГЫГ ХЭЛЭЛЦЭНЭ WWW.NEWS.MN НИЙТЭЛСЭН:2025/10/29     ҮСХ: ДИЗЕЛИЙН ТҮЛШ ЛИТР ТУТАМДАА 74 ТӨГРӨГӨӨР ӨСӨЖ ₮3014 БОЛОВ WWW.EGUUR.MN НИЙТЭЛСЭН:2025/10/29    

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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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EIB Global Signs Memorandum of Understanding with Mongolia to Unlock Up To EUR 1 billion for Clean Energy Transition www.montsame.mn

The European Investment Bank’s development arm, EIB Global, has signed a Memorandum of Understanding with the Government of Mongolia that could unlock up to EUR 1 billion in investment for renewable energy, modern power networks, sustainable transport, and other projects driving the country’s green transition. The partnership, which has the full support of the European Commission, creates a pathway for significant new investment in clean, affordable, and secure energy for people and businesses.
The agreement, signed today at the first Mongolia-EU Business and Investment Forum in Ulaanbaatar, sets the stage for closer cooperation between Mongolia and EIB Global under the EU Global Gateway strategy and Mongolia’s Vision 2050. It places a particular focus on diversifying Mongolia’s energy mix and ensuring clean, affordable, and secure energy, while also creating opportunities for cooperation in other Global Gateway priority areas, including digital, transport, health, education, and research.
EIB Vice-President Teresa Czerwińska, who oversees the Bank’s operations in Mongolia, said: “Mongolia has vast potential for renewable energy, from wind and solar to infrastructure designed for sustainability and climate resilience. By partnering under the Global Gateway framework, we can help accelerate the country’s green transition, strengthen energy security, and create opportunities for communities and businesses.”
Ambassador of the European Union to Mongolia Ina Marčiulionyte added: “This Memorandum of Understanding deepens the strategic partnership between the European Union and Mongolia while delivering real benefits for people and communities. By combining European expertise with Mongolia’s renewable potential, we are advancing innovation, energy security, and sustainable growth that create quality jobs, build essential skills, will strengthen the country’s future and its role in the region.”
Deputy Prime Minister of Mongolia Dorjkhand Togmid concluded: “Diversifying our energy mix and ensuring secure and affordable power for households and firms is a national priority. The partnership with EIB Global and the European Union – unlocking up to EUR 1 billion – will help Mongolia harness its renewable potential, support private sector development, modernise our power systems, and create jobs in the green economy. This cooperation is a milestone in our journey towards a sustainable and resilient future, and a key step in Mongolia’s clean energy transition.”
Under the Memorandum of Understanding, EIB Global will work with Mongolian authorities and partners to identify and prepare eligible projects in priority areas, with a particular focus on clean energy and private sector development, while also supporting collaboration across other Global Gateway and Vision Mongolia 2025 sectors. Final investment volumes will depend on the pipeline of projects developed jointly with Mongolian stakeholders, with support from the European Union. The reference to up to EUR 1 billion in investment is indicative and does not constitute a binding financial commitment.

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Uranium supplies, mega refinery, defence in focus at India-Mongolia meeting www.hindustantimes.com

The sourcing of uranium, a $1.7-billion oil refinery and steps to bolster defence cooperation figured in talks on Tuesday between Mongolian President Khurelsukh Ukhnaa and Prime Minister Narendra Modi, who gave an assurance that India will be a “strong and reliable partner” for Mongolia’s development.
Khurelsukh arrived in New Delhi on Monday for the first visit by a Mongolian president in six years, with the focus on strengthening bilateral ties in a range of areas. Ten agreements to bolster cooperation in key sectors such as digital solutions, exploration of mineral resources and quick impact projects were finalised during the meeting between the leaders.
India and Mongolia upgraded their ties to a strategic partnership during a visit a decade ago by Modi, who said bilateral defence and security cooperation has steadily grown. “We stand as close partners…supporting a free, open, inclusive and rules-based Indo-Pacific. Together, we work to amplify the voice of the Global South,” he told a joint media interaction, speaking in Hindi.
“Even though we do not share a border, India has always considered Mongolia a close neighbour,” Modi said. “India has been a strong and reliable partner in Mongolia’s development.”
Khurelsukh emphasised the importance of exploring new transport and logistics gateways to enhance trade and economic cooperation.
The Indian side expressed interest in sourcing uranium and other minerals, including copper, gold and zinc, from Mongolia, officials said. Mongolia has up to 90,000 tonnes of uranium reserves and finalised an agreement with France in January for extracting 2,500 tonnes a year.
“We have offered our interest in partnering with Mongolia for uranium. We will be taking up the dialogue in the coming months,” P Kumaran, secretary (East) in the external affairs ministry, told a media briefing.
Both Modi and Khurelsukh highlighted the importance of Mongol Refinery, the country’s first refinery being built with a $1.7-billion Indian line of credit that is expected to begin operations in 2028. It will have the capacity to process 1.5 million tonnes of crude oil a year, or 30,000 barrels a day.
Noting that the refinery will strengthen Mongolia’s energy security, Modi said: “It is India’s largest development partnership project globally, with over 2,500 Indian professionals working alongside their Mongolian counterparts to make it a reality.”
Khurelsukh described the project as a “flagship symbol of cooperation” that is of strategic importance for ensuring Mongolia’s economic security.
Kumaran said India is keen to complete the refinery by 2028 because of the importance attached by Mongolia to making use of its own crude oil resources, instead of exporting them, and becoming “as energy independent as possible”. He said: “It is coming up very well, almost all the civil work is over. The refinery equipment is being manufactured in India and will be shipped to Mongolia.”
The two sides also unveiled a range of steps to bolster defence and security cooperation, including the posting of a resident Indian defence attaché in Ulaanbaatar and expansion of training programmes and military exercises. Khurelsukh also met defence minister Rajnath Singh to discuss ways to enhance security cooperation.
“We have launched several new initiatives, from training programmes to the appointment of a defense attaché at the embassy. India will also launch a new capacity building programme for Mongolia’s border security forces,” Modi said.
India currently sends military trainers to Mongolia to train the country’s officers, and the two sides participate in joint exercises such as Nomadic Elephant and Khaan Quest. The Mongolian side is also interested in working with India on the use of drones, Kumaran said.
“They see a lot of benefit in training with us. They would like us to continue with existing programmes and also offer more support in terms of training,” Kuamran said, noting that India has set up a cyber-security training centre for Mongolia’s armed forces. “We also provide some kinds of equipment as part of our grant assistance to Mongolia and we propose to continue that,” he said.
The two sides finalised 10 memorandums of understanding (MoUs) covering immigration cooperation, digital solutions, humanitarian aid, geology and mineral resources, quick impact projects, cultural exchanges, promotion of cooperatives, and renovation of the Bogd Khan winter palace. One agreement will facilitate cooperation between India’s Ladakh region and Mongolia’s Arkhangai province.
The Indian side also announced it will send relics of two disciples of Lord Buddha to Mongolia in 2026 in keeping with the Buddhist heritage of the two countries, and provide free e-visas for Mongolian nationals. Khurelsukh announced that a Mongolian carrier plans to launch charter flights to New Delhi and Amritsar this year to boost tourism.

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Mongolia Sees Increase in Newborn Livestock Survival www.montsame.mn

 Of the 26.7 million breeding livestock counted nationwide at the end of 2024, a total of 21.4 million gave birth during the first nine months of 2025. To date, 21.1 million offspring, or 98.4 percent of the newborn livestock, have been raised.
By breeding animal type, 83.4 percent of ewes, 80.2 percent of does, 47.1 percent of female camels, 72.1 percent of cows, and 69.7 percent of mares calved or foaled.
Currently, herders across the country are raising 9.8 million lambs, 8.5 million kids, 1.5 million calves, 1.2 million foals, and 86.8 thousand camel calves. The number of surviving young livestock has increased by 5.6 million compared to the same period in 2024.

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Mongolia and European Investment Bank to pen cooperation agreement for 1 billion euros www.akipress.com

State Secretary of the Ministry of Finance of Mongolia Ganbat Jigjid met with Vice-President of the European Investment Bank (EIB) Tereza Czerwińska, who is visiting Mongolia to discuss ongoing cooperation and future partnership opportunities, Montsame reported.
The sides underlined that expanding bilateral cooperation would make a significant contribution to Mongolia's sustainable development, infrastructure advancement, and green transition.
The government of Mongolia, the European Union, and the EIB will sign a Memorandum of Understanding on Cooperation to secure 1 billion euros in financing. The cooperation will focus on priority sectors, including digital transformation, climate and energy, transportation, healthcare, and education, and will support Mongolia's green and sustainable growth, according to the Ministry of Economy and Development.
The MoU will be signed by EIB Vice-President Tereza Czerwińska and Deputy Prime Minister of Mongolia Dorjkhand Togmid during the Mongolia–EU Business and Investment Forum in Ulaanbaatar on October 15.
Mongolia has been cooperating with the EIB since 2014 and has received a total of 144 million euros in loans and grant financing. Projects being implemented under this partnership include the Aimag and Soum Regional Green Development Investment Program, which promotes climate-resilient, low-carbon development, and the Ulaanbaatar Ger Area Development Program, which supports polycentric urban planning and infrastructure improvement in ger districts.

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2 die in suspected carbon monoxide poisoning in Mongolia's capital www.xinhuanet.com

Two people have died from suspected carbon monoxide poisoning in Mongolia's capital Ulan Bator since the beginning of October, the country's National Center for Public Health reported Tuesday.
The victims were found in a house and a traditional round-shaped dwelling, known as a ger, in slums on the outskirts of Ulan Bator. Both were believed to have died while sleeping during the nighttime, the center said in a statement.
A preliminary investigation suggested the deaths may have been caused by smoke leaking from stove chimneys.
Mongolia is the world's most sparsely populated country. However, housing is one of the most pressing issues in Mongolia, especially in the capital city, home to over half of the country's population of 3.5 million.
More than half of Ulan Bator's residents live in the city's ger districts, with no running water, central heating, or sewerage systems.

 

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India, Mongolia ink 10 pacts, ties elevated to strategic partnership www.indianexpress.com

India on Tuesday decided to fund an oil refinery project, give training to Mongolian armed forces, give free e-visas to Mongolian citizens and have cultural ties between Ladakh and a province of the east Asian nation as Prime Minister Narendra Modi and visiting Mongolian President Khurelsukh Ukhnaa met Tuesday.
After the bilateral meeting at Hyderabad House, PM Modi said the two countries had elevated their ties to a strategic partnership of about 10 years. They signed 10 pacts in the area of cultural exchange, immigration cooperation, promotion of cooperatives, humanitarian aid, geology and mineral resources, yoga and renovation of the Bogd Khan Palace.
“Our defence and security cooperation is also steadily strengthening. We have launched several new initiatives, from training programmes to the appointment of a Defence Attaché at the Embassy. India will also launch a new capacity-building programme for Mongolia’s border security forces,” he said.
“India has been a strong and reliable partner in Mongolia’s development. The Oil Refinery Project, supported by India’s $1.7 billion line of credit, will strengthen Mongolia’s energy security. It is India’s largest development partnership project globally, with over 2,500 Indian professionals working alongside Mongolian counterparts,” Modi said.
Terming the two nations “spiritual siblings” as they share the age-old bond of Buddhism, the PM said, “Next year, the holy relics of two great disciples of Lord Buddha — Sariputra and Maudgalyayana — will be sent from India to Mongolia.”
He said India will also send a Sanskrit teacher to Gandan Monastery to support in-depth study of Buddhist texts. “We have decided to soon launch a project to digitize one million ancient manuscripts. Nalanda University has played a vital role in Buddhism in Mongolia, and today we have agreed to strengthen this historic connection by linking Nalanda with Gandan Monastery.”
Modi said the MoU signed today between the Ladakh Autonomous Hill Development Council and Mongolia’s Arkhangai Province will give a fresh boost to cultural ties. He said their approach to global issues is based on “shared values”. “We stand as close partners in international forums, supporting a free, open, inclusive and rules-based Indo-Pacific. Together, we also work to amplify the voice of the Global South.”
He said, “We have also strengthened our cooperation in skill development. Through the Atal Bihari Vajpayee Centre of Excellence for IT and the India-Mongolia Friendship School, the aspirations of Mongolia’s youth are reaching new heights.”
President Khurelsukh planted a banyan tree in honour of his late mother as part of the initiative “Ek Ped Maa Ke Naam”. “Our relations are built on a solid foundation of trust and friendship between two ancient civilizations. They are nurtured by a shared cultural heritage, democratic values, and a shared commitment to development. I am confident that together we will take this strategic partnership to new heights,” he said. He hailed India’s leading role in the clean energy sector and specifically referred to the New Delhi-led International Solar Alliance.
MEA’s Secretary (East) P Kumaran said, “Critical minerals and renewable energy… Mongolia has large reserves of coking coal… and India buys coking coal from a variety of partners including Canada, Indonesia, Australia etc. Mongolia offers itself as a potential partner for this. The difficulty of course happens to be the fact that Mongolia is landlocked and depends on ports and neighboring countries to be able to ship out the coal. Most of their coal is currently exported to China.”
“If India is to buy coking coal from Mongolia, it will have to be either through Tianjin port in China or through Vladivostok in Russia. The economics need to be figured out. I understand that the Russian option is more expensive than the Chinese option. So, we are talking to the Russians and the Mongolians to see what kind of arrangements can be made to bring Mongolian coal through the Trans-Siberian Railway to Vladivostok and see how exactly the economics plays out.”

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India-backed oil refinery in Mongolia to begin operations by 2028 www.deccanherald.com

New Delhi: Mongolia’s first oil refinery, being supported by a Line of Credit extended by the Government of India, may start operations by 2028, four years behind schedule, and lessen the landlocked East Asian nation’s dependence on imports from Russia and China.
“The oil refinery project, supported by India's $1.7 billion Line of Credit, will strengthen the energy security of Mongolia,” Prime Minister Narendra Modi said after a meeting with President Khurelsukh Ukhnaa of the East Asian country in New Delhi on Tuesday.
The construction of the refinery started in 2018. Though it was expected to be completed by 2024, the construction was delayed. “Almost all the civil work is over. The refinery equipment is being manufactured in India and will be shipped to Mongolia. It seems to be on track, and we expect that by 2028, the refinery should be in operation,” P Kumaran, Secretary (East) at the Ministry of External Affairs, told journalists in New Delhi.
He was briefing the journalists about the meeting between Modi and Khurelsukh. “The Mongolians want to use their own crude, which is mostly exported now, to be fed into this refinery so that they can be as energy independent as possible. That is something we want to support, and we hope to see this through by 2028,” added Kumaran.
Modi noted that defence and security cooperation between India and Mongolia was also steadily strengthening. “We have launched several new initiatives, from training programs to the appointment of a Defence Attaché at the Embassy. India will also launch a new capacity-building program for Mongolia's border security forces,” he added.
"It is a deep, soulful, and spiritual bond. The depth and scope of our partnership is reflected in our people-to-people ties," said the president of Mongolia. “Both our countries share the age-old bond of Buddhism, which is why we are also called spiritual siblings," he added.

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Troy Minerals Inches Closer to Mine Permit at Silica Project in Mongolia www.investingnews.com

“If all goes well, as we planned with our team in Mongolia and in Canada, we hope to receive that (permit) sometime in early 2026, and initiate mining operations as early as late February to early March,” said Troy Minerals President Yannis Tsitos.
Troy Minerals (CSE:TROY,OTCQB:TROYF,FWB:VJ3) is expecting to receive a complete mining permit to commence production at its high-purity silica project in Mongolia by early 2026. This as the company recently reached a key milestone in the permitting process for the Tsagaan Zalaa project, according to Troy Minerals President Yannis Tsitos.
“This is the most important step in terms of a milestone, because it was (the result) of a specific council of 15 members that the ministry appoints to check your project, the data, the requirements, but also the deliverables, community relations, all the other aspects in relation to the environment,” Tsitos said in an interview with the Investing News Network.
He explained it’s now just a matter of months, if not several weeks, to complete the remaining administrative steps toward a full mine operating license, which the company expects to receive at the beginning of next year.
“If all goes well, as we planned with our team in Mongolia and in Canada, we hope to receive that (permit) sometime in early 2026, and initiate mining operations as early as late February to early March,” Tsitos said.
The Tsagaan Zalaa high-purity silica project is located in Saikhandulaan soum, Dornogovi province, in Southeastern Mongolia. It’s strategically positioned to serve the growing regional demand for high-purity quartz silica, particularly in China and other parts of Asia.

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Central Bank Discusses Future of Digital Payments in Mongolia www.montsame.mn

The Central Bank of Mongolia recently held a regular meeting of the National Payment System Council, bringing together representatives from banks, fintech companies involved in the payment system, government agencies, and law firms.
In the opening session, the Bank of Mongolia presented upcoming legal reforms and work plans to be developed within the National Payment System next year. The bank welcomed feedback and suggestions from all participants and facilitated an open roundtable discussion.
Anar Enhkbold, Director of the Settlement Department of the Central Bank of Mongolia, a leading authority in digital transaction systems, noted that at the SIBOS 2025 conference (SWIFT International Banking Operations Seminar), held in Frankfurt, Germany, and focused on integrated banking and financial sectors, there was extensive discussion on the future of blockchain-based electronic wallets, stablecoins, tokenized savings to align with global trends in payment technologies.
In its draft monetary policy for 2026, the Bank of Mongolia announced plans to “support new financial products and services and explore the possibility of using stablecoins as a means of payment.” Accordingly, the meeting also addressed global developments in payment systems and financial markets, and explored the potential for introducing stablecoins and tokenized savings in Mongolia.

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Teachers to go on strike starting Thursday www.gogo.mn

Education sector workers nationwide have announced an indefinite strike to demand higher wages. The strike is set to begin at 8:00 AM on October 16, 2025.
On September 24, representatives of Mongolian teachers marched in Sukhbaatar Square, calling for a salary increase. Last week, they circled the State Palace and held a peaceful sit-in in the square to continue pressing their demands.
Teacher representatives had earlier stated that they would initiate a strike if their protests did not bring concrete results. 
Some schools have already notified parents that classes will be suspended starting Thursday due to the strike.

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