The Mongolian Mining Journal

MONGOLIA YET TO ANNOUNCE ITS LIST OF CRITICAL MINERALS Rare earth elements are essential for R producing magnets used in wind turbines and electric motors, making them a cornerstone of high-tech renewable energy systems.

Bayan Khundii Gold Project Expects First Production in Q3 2025 Peter C. Akerley, President and CEO of Canada’s Erdene Resource Development Corporation, has issued a letter to investors emphasizing that the company’s Bayan Khundii Gold Project in Mongolia is nearing the production stage.

MONGOLIAN PARLIAMENT TO VOTE ON SPECIAL LICENSE TRANSFER FROM ENTRÉE RESOURCES TO OYU TOLGOI In 2004, Turquoise Hill Resources and Entrée Resources Ltd entered into a Profit Sharing Agreement, preceding the signing of the Oyu Tolgoi Project Investment Agreement.

Cabinet reclaims 535.9 billion MNT in unused budget funds to boost efficiency and accountability An extraordinary session of the cabinet was held on June 20, during which key fiscal issues were reviewed and resolved.

T .BATMUNKH: ERDENET PLANT TO PROCESS A RECORD 40 MILLION TONS OF ORE The Erdenet Mining Corporation, commonly known as the Erdenet Plant, is a cornerstone of Mongolia's mining industry, operating continuously for over 40 years.

CANADIAN AMBASSADOR VISITS 'BAYAN KHUNDII' GOLD PROJECT SITE On June 9, 2025, Ambassador Choufani visited the Bayankhundii Gold Mine in Bayankhongor province, operated by Erdene Mongol LLC — a joint venture between Canada’s Erdene Resource Development Corporation and Mongol Mining Corporation (MMC).

THE MONGOLIA ECONOMIC FORUM 2025 TO TAKE PLACE THIS JULY The Mongolia Economic Forum is a leading national conference focused on tackling the nation's key economic and social challenges, aimed at accelerating Mongolia's development.

CONSTRUCTION BEGINS ON THE GASHUUNSUKHAIT–GANTSMOD CROSS-BORDER RAILWAY PROJECT The construction of the Gashuunsukhait–Gantsmod cross-border railway officially commenced on June 15, 2025, with the drilling of the first foundation piles for a column bridge on both sides of the Mongolia–China border.

AGREEMENT SIGNED FOR THE CONSTRUCTION OF THE GASHUUNSUKHAIT–GANTSMOD CROSS-BORDER RAILWAY A signing ceremony was held today at the Ministry of Roads and Transport for the enterprise agreement on the construction of the Gashuunsukhait–Gantsmod cross-border railway. This agreement marks a significant milestone in developing a new railway link connecting Mongolia and China through the Gashuunsukhait–Gantsmod border crossing.

COPPER PRICES HIT A TWO-MONTH HIGH AS INVENTORIES AT THE LONDON METAL EXCHANGE DECLINED Copper prices surged to a two-month high of 9,800 USD per ton on Thursday, driven by a sharp decline in inventories on the London Metal Exchange (LME). By Friday, prices had eased slightly to 9,739.50 USD per ton.

IFC AND FRC EXPAND PARTNERSHIP TO BUILD SUSTAINABLE FINANCE MARKET IN MONGOLIA Ulaanbaatar, Mongolia, June 5, 2025—The International Finance Corporation (IFC) and the Financial Regulatory Commission (FRC) of Mongolia have renewed their partnership to further advance sustainable finance in Mongolia by signing a new Memorandum of Understanding (MOU). This agreement also marks the launch of the second phase of the IFC Green Finance Market Development Project.

UK READY TO PARTNER WITH MONGOLIA ON CRITICAL MINERALS The Mongolian Critical Minerals Association (MCMA) held its 3rd Annual Seminar last week under the theme "Roadmap for Mongolian Critical Minerals Development: Shaping Mongolia's Role in the Global Transition." The event brought together global experts, government representatives, and academics to discuss the global outlook for critical minerals, Mongolia’s economic opportunities through 2050, ESG standards, sustainable sourcing, and the investment climate.

MONGOLIAN GOVERNMENT BOND PRICES REBOUND SLIGHTLY AFTER POLITICAL UNCERTAINTY Mongolian government bonds traded on international markets have shown a modest recovery following a sharp decline on May 23. The downturn was triggered by the Mongolian People's Party's (MPP) decision to expel the Democratic Party from the coalition government, announced during a conference on May 22.

$658 MILLION TPP-5 PROJECT FUNDED PRIMARILY BY PRIVATE SECTOR As part of 24 major development projects to develop Ulaanbaatar, Thermal Power Plant No. 5 (TPP-5) is planned for construction in the 20th sub-district of Bayangol District. The plant will have an installed capacity of 340 Gcal for heating and 300 MW for electricity generation.

A. ENKHJIN: RISING GOLD PRICES ARE EXPECTED TO STABILIZE AROUND $3,000 A. Enkhjin, Director of the Financial Market Department at the Mongol Bank, shared insights on the current state and future prospects of the gold market.

MONGOLIA TO BUILD THE WORLD'S FIFTH LARGEST URANIUM MINING PLANT To find out, we spoke with D. Dalaijargal, Executive Director of the state-owned Mon-Atom LLC, the government's implementing agency for the project.

INDIA REVIEWS PROGRESS OF MONGOLIA’S OIL REFINERY PROJECT A delegation of around 20 officials from the Government of India visited the construction site of the Oil Refinery Project, which is being implemented in Mongolia with India’s Line of Credit (LoC) financing.

LOANS ISSUED TO GOLD COMPANIES IN MNT WITH REPAYMENTS IN GOLD Gold prices on the global market G have surged to historic highs, with 1 ounce (31.5 grams) reaching $3,000 and climbing further to $3,300 by the last week of March.

EBRD LOWERS MONGOLIA’S GROWTH FORECAST FOR 2025 The European Bank for Reconstruction and Development (EBRD) has revised its regional economic forecast for 2025 downward by 0.2 percentage points compared to its projections from February 2025.

CONSTRUCTION OF CROSS-BORDER RAILWAY BEGINS AT GASHUUNSUKHAIT–GANTSMOD PORT Construction has officially commenced on the Gashuunsukhait–Gantsmod cross-border railway, a first-class line featuring dual tracks with both 1520 mm broad gauge and 1435 mm standard gauge.