Mongolia calls public hearings ahead of likely push to renegotiate Rio Tinto terms on giant copper mine www.intellinews.com

Mongolia is scheduled to launch a series of public hearings next week to examine the Oyu Tolgoi copper and gold mine, a project projected to become one of the world’s top copper producers, as lawmakers question whether the country is receiving its fair share of its profits.
The Parliamentary Oversight Committee on Oyu Tolgoi, established earlier this year under a legislative resolution, is investigating whether the state has benefitted adequately from the multibillion-dollar mine.
The mine’s initial open-pit development and surface facilities carried a price tag of about $6.4bn, while the ongoing underground expansion, expected to drive most of its future output, has been budgeted at more than $7bn.
Lawmakers say the hearings will focus on resource valuations, licensing decisions and the financing structure behind the underground build-out. 
A key point for lawmakers is how Mongolia will benefit from the resources within Entrée LLC’s concession areas, including the Javkhlant and Shivee Tolgoi licences. The licences are registered to Entrée LLC, a Mongolian subsidiary of Entrée Resources, though they are managed as part of the Oyu Tolgoi joint venture.
Oyu Tolgoi LLC, the project’s operator and a majority-owned subsidiary of Anglo-Australian mining giant Rio Tinto, has faced heightened scrutiny in recent months. The company launched an internal investigation into alleged procurement irregularities earlier this year, prompting lawmakers to increase oversight. Company officials say they are cooperating with information requests but have raised concerns about security issues surrounding the committee’s proceedings.
Up to 300 witnesses, including former prime ministers, senior mining officials and industry executives, are expected to be called during the hearings. Parliamentary leaders say the testimony will help determine whether past agreements and financing terms, including shareholder loans used to fund the underground mine, should be renegotiated.
Batnairamdal Otgonshar, chair of the oversight committee, says he has faced heightened pressure in recent weeks, reporting to authorities that he has been followed by unmarked vehicles.
“This act not only infringes upon my individual rights but also undermines the immunity and integrity of Parliament and attempts to interfere with an official parliamentary oversight process,” Batnairamdal said in an email to bne IntelliNews. “The matter has been formally referred to the relevant law-enforcement bodies.”
In addition to the licence review, Batnairamdal said another focus is the shareholders’ agreement, which outlines the project’s financing. He said it includes a $12bn loan from Rio Tinto to Oyu Tolgoi LLC with an interest rate of 11.3%.
“This high loan interest means that by the time the principal is repaid, cumulative interest costs could exceed the borrowed amount — delaying Mongolia’s share of profits, or dividends, until the 2030s or even 2040s,” Batnairamdal said.
The agreement allows the interest rate to be renegotiated every seven years.
“If we miss this opportunity, we lose the chance to renegotiate for another seven years,” he said.
“Our oversight committee will push for the government to act now to reduce the interest rate, in line with international standards. This is a matter of national economic security and falls squarely within our committee’s mandate,” Batnairamdal said.
The Oyu Tolgoi project has long been a source of political debate in Mongolia, where many citizens see the mine as essential to national growth but worry the country has not captured enough of its value. The underground expansion is expected to boost Oyu Tolgoi into the ranks of the world’s top copper producers amid rising global demand for the metal.
Rio Tinto did not immediately respond to questions from bne IntelliNews related to the upcoming hearings and the possibility that Mongolia might seek new investment terms.  
The committee’s findings, expected in early 2026, could shape future investment in Mongolia’s mining sector and influence the government’s relationship with one of its largest foreign partners.
By Michael Kohn

Mongolia receives highest number of foreign tourists since the beginning of 2025 www.xinhuanet.com

Mongolia received the highest number of foreign tourists since the beginning of this year, with a total of 810,389 visitors, according to official data released by the Mongolian Tourism Organization on Thursday.
This surpasses the previous record of 1,433 set in December 2024, the data showed.
During the period, China has remained the leading source of foreign tourists to Mongolia.
Currently, Mongolia's economy relies most heavily on the export of mineral resources. Tourism promotion is considered one of the priorities for diversifying the country's economy and increasing the competitiveness of its tourism in the context of global competition.
According to the country's Ministry of Culture, Sport, Tourism and Youth, the Mongolian government has decided to continue the "Years to Visit Mongolia" tourism program until 2028 to promote the development of four-season tourism in the country.
It is expected that by 2028, Mongolia plans to receive a total of 2 million foreign tourists as part of its policy to support the tourism sector under the official motto "Go Mongolia."

Mongolia signals readiness to contribute to global fight against desertification www.qazinform.com

At a press briefing held during the 23rd session of the Committee for the Review of the Implementation of the UN Convention to Combat Desertification (UNCCD), Chief of the Secretariat of the Mongolian National Committee for Organizing COP17 Batmunkh Dondovdorj provided updates, MONTSAME reports. 
He presented Mongolia’s preparations for the 17th Session of the Conference of the Parties (COP17), which will take place in Ulaanbaatar in 2026, outlining expected outcomes and the international significance of the event. Mr. Batmunkh emphasized that Mongolia is ready to make an active contribution to the global effort to combat desertification.
The press briefing was attended by UNCCD Executive Secretary Yasmine Fouad, Panama’s Minister of Environment Juan Carlos Navarro, as well as Vice Minister for Environment, Agriculture, and Water of the Kingdom of Saudi Arabia Osama Fakihah, representing the presidency of COP16. They noted that, as desertification, land degradation, and the impacts of climate change intensify worldwide, global environmental policy is increasingly focusing on ecosystem restoration, sustainable land management, new mechanisms for climate-risk financing, water accessibility and climate resilience, and greater private-sector engagement.
According to the Ministry of Environment and Climate Change of Mongolia, these priorities have become integral to global efforts to prevent desertification, reduce ecosystem degradation, and protect biodiversity.
Participants also responded to journalists’ questions regarding the need to strengthen multilateral cooperation within the mandate of the Convention, improve cross-sectoral coordination, and advance long-term goals for sustainable development and global ecological balance.
It should be noted, Turkiye to host COP31 climate summit after Australia concedes bid.
BY
Zhanna Nurmaganbetova

Mongolia’s Foreign Exchange Reserves Reach USD 6 Billion www.montsame.mn

 Supported by improved sovereign credit ratings and a more favorable external financing environment, Mongolia’s foreign exchange reserves reached USD 6.014 billion as of end-day on December 2, marking an all-time high.
The Bank of Mongolia stated that the continued accumulation of reserves plays a crucial role in strengthening domestic economic and financial stability, as well as supporting the Central Bank’s objectives, including maintaining the stability of the tugrik.
The rapid growth of mineral exports has further strengthened Mongolia’s balance of payments, improved its foreign trade performance, and increased foreign currency inflows through the banking system. The Government and the Central Bank have also successfully implemented debt management measures by refinancing bonds issued on international markets and servicing large-scale external debt payments in line with macroeconomic conditions.

Fuel Supply Strengthened as December Purchase Orders Confirmed www.montsame.mn

State Secretary of the Ministry of Industry and Mineral Resources Dashpurev Buriad emphasized that Mongolia has confirmed its fuel purchase orders from the Russian Federation for December 2025, ensuring an uninterrupted and stable supply.
The Ministry also reported that Mongolia will purchase 10,000 tonnes of diesel fuel from the People’s Republic of China.
He noted, “To secure sufficient fuel supplies, Prime Minister Zandanshatar Gombojav and Minister of Industry and Mineral Resources Damdinyam Gongor led a delegation to the Russian Federation last month. As a result, imports will increase. For instance, Mongolia purchased 75,000 tonnes of AI-92 gasoline from Russia in November, raising monthly supply by an additional 10,000 tonnes.”
Regarding diesel fuel imports, he added, “Improved coal exports have increased diesel demand. Due to higher output of mining products, wholesale diesel prices have risen above retail prices, and the Government is taking measures to regulate this.”
He further stated that fuel supplied to the western region from the central region will return to normal soon. The eastern region continues to receive uninterrupted deliveries through the Ereentsav border checkpoint. As of December 1, 2025, a total of 16 rail tank wagons of AI-92 gasoline had been imported. The Government is also working with fuel-importing companies to increase deliveries to the Gobi region and to stabilize diesel availability in rural areas.

Mongolia Launches AI and Big Data Training Program in Collaboration with Oracle www.montsame.mn

Within the framework of the “Digital First” policy, Mongolia presented its National Strategy on Big Data and Artificial Intelligence to the Cabinet in September 2025. The Government planned to implement 66 projects and activities over the next five years to fulfil the four strategic objectives set out in the document.
According to the Ministry of Digital Development, Innovation and Communications of Mongolia, the second objective of the strategy is to establish an ethical and responsible artificial intelligence system based on cooperation between the public and private sectors. To advance this goal, Mongolia joined Oracle’s Skills Development Initiative and launched bilateral cooperation.
Through this cooperation, more than 60,000 public servants and citizens, including doctors and teachers, will have free access to international-level training programmes and digital platforms offered through Oracle Academy, the global technology leader’s educational programme.
The cooperation will enable young people to apply data and AI in their daily lives and acquire labour-market-ready skills in artificial intelligence, database systems, data management, data security, and information technology. It is also expected to play an important role in strengthening digital literacy among the public.
This partnership holds strategic significance for advancing Mongolia’s digital development and technological modernization to the next stage. It marks a major step toward building a long-term, stable partnership with a global corporation.

Netflix’s Reality Show Physical: Asia Brings Global Spotlight to Mongolia www.montsame.mn

Uzbekistan to lift import duties on goods from Saudi Arabia, Mongolia and Several North African countries www.kun.uz

Uzbekistan will gradually remove import duties on a range of goods from Saudi Arabia, Mongolia and several North African countries as part of a broader plan to expand the construction materials industry and boost foreign trade. The measures were approved by President Shavkat Mirziyoyev on 1 December.
Under the new policy, imported raw materials used in the production of construction materials will be exempt from customs duties until early 2028. Within two weeks, the interdepartmental commission responsible for cooperation with the World Trade Organization will finalize the list of eligible raw materials.
The government has set ambitious targets for the sector: annual construction materials output is expected to reach UZS 62 trillion, while exports are projected to climb to $1.5 billion. Priority will be given to scaling up the production of environmentally friendly and energy-efficient materials, as well as strengthening safety controls.
As part of the trade liberalization measures, Uzbekistan plans to abolish import duties by 2027 on goods from Morocco, Algeria, Tunisia, Egypt, Saudi Arabia, Qatar and Mongolia. The country will also introduce mutual recognition of certificates of origin with these partners, paving the way for smoother two-way trade.
Uzbekistan aims to launch new investment projects worth $3.5 billion in the construction materials sector. Deputy Prime Minister Jamshid Khodjaev, together with regional administrations and the Council of Ministers of Karakalpakstan, has been instructed to outline the consolidated parameters of these projects within one month.
The resolution also tasks border troops with ensuring the safe passage of Uzbek business representatives through the “Termez” checkpoint on the Afghan border, supporting logistics and access for companies engaged in cross-border trade.
In addition, the government is simplifying the export of ferrous metals and rolled steel (HS code 7210). These products will no longer be classified as goods requiring advance payment, a letter of credit, bank guarantee or insurance policy in order to qualify for foreign-currency export benefits.

Man arrested for poaching endangered black-tailed gazelle in Mongolia www.xinhuanet.com

Mongolian police have arrested a man involved in poaching endangered black-tailed gazelle, the country's Ecological Police Department said Wednesday.
The suspect was arrested recently while attempting to sell the skins of two black-tailed gazelle near the capital city of Ulan Bator, the department said in a statement.
The case is under further investigation, it added.
Under the law, a person convicted of poaching and killing endangered black-tailed gazelle will be fined up to 6.6 million tugrik (about 1,880 U.S. dollars) or punished by imprisonment of at least two years.

Mongolia, Italy Establish a Strategic Partnership www.montsame.mn

At the invitation of President of the Italian Republic Sergio Mattarella, President of Mongolia Khurelsukh Ukhnaa is paying a State Visit to the Republic of Italy.
During the visit, the two countries elevated their traditionally friendly relations to a Strategic Partnership, making Italy the second European Union member, after Germany, with which Mongolia has established such a partnership.
The two Presidents praised the steady growth of bilateral cooperation and highlighted major achievements across all sectors. The two Heads of State reaffirmed their commitment to strengthening multilateral cooperation, ensuring international peace and security, and advancing global sustainable development goals.
Under the framework of the strategic partnership, Mongolia and Italy agreed to:
Strengthen political dialogue through high-level reciprocal visits, intergovernmental political consultations between foreign ministries, and active relations between parliamentary groups.
Deepen multilateral cooperation, particularly within the United Nations, and continue the active collaboration established under the 2017 Mongolia–Italy–EU Partnership and Cooperation Agreement.
Enhance defense and armed forces cooperation.
Expand economic, investment, and trade ties through intergovernmental commissions for economic and technical cooperation, as well as direct engagement between the Mongolian National Chamber of Commerce and Industry and the Italian Trade Agency.
Explore new export opportunities and investment avenues, utilizing economic cooperation possibilities and capabilities.
Support cooperation of SMEs and industries in priority fields, including creating a stable supply chain in fashion and cashmere, and technology transfer in agriculture, renewable energy, and energy transition.
Support development in energy networks, transport, logistics, water and waste management, ICT, and health; boost smart solutions for government services, digital transformation, and safe and resilient information technology infrastructure, as well as enhance industrial competitiveness.
Foster cooperation in environmental protection, including sustainable management of economy, land, water, and waste resources.
Develop cooperation in the mining and raw materials sectors.
Finalize a bilateral intergovernmental agreement on international road freight transport.
Support collaboration in emergency management, civil protection, and risk management.
Receive Italian support in administration, judiciary, and legal system strengthening under EU projects and programs.
Strengthen cooperation in science, education, and culture, including expanding cooperation between universities and research centers and providing scholarships.
Develop sports and tourism cooperation leveraging the “Milan-Cortina 2026” Winter Olympics and Paralympics.
Mongolia currently maintains Comprehensive Strategic Partnerships with Russia and China; a Strategic Third-Neighbor Partnership with the United States; a Special Strategic Partnership for Peace and Development with Japan; and Strategic Partnerships with Germany, South Korea, Kazakhstan, Türkiye, and India.