The Mongolian Mining Journal

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.

ORICA MONGOLIA LLC: DRIVING INNOVATION AND DIGITAL TRANSFORMATION IN MONGOLIA'S MINING SECTOR Orica Mongolia LLC, a subsidiary of the Australia-based Orica Group, has been operating in Mongolia since 2004. With a legacy spanning over 150 years, the Orica Group is a global leader in the construction and mining blasting industries, operating in more than 100 countries worldwide.

DOES MONGOLIA NEED AN AVIATION FUEL DEAL WITH RUSSIA? The proposed 20-year agreement has set off a firestorm within Mongolian politics, highlighting sensitive issues of dependency and neutrality.

Second Agreement to Link Mongolia and China by Rail Approved After 70 Years On March 27, Parliament discussed and approved the draft Law on Ratification of the Agreement between the Government of Mongolia and the Government of the People’s Republic of China. This focuses on cooperation for the construction of the Gashuunsukhait-Gantsmod cross-border railway, boosting coal trade, and expanding the capacity of the Tavan Tolgoi coal mine.

RIO TINTO WEIGHS UP RARE EARTHS MARKET Rio Tinto (ASX: RIO) is weighing a move into rare earths and other critical minerals as it responds to shifting global market dynamics and trade tensions. Following the company’s annual general meeting in Perth on Thursday, chief executive Jakob Stausholm said the board had discussed rare earths this week and would take a “serious look” at their potential role in Rio Tinto’s portfolio.

UNITED AIRLINES TO LAUNCH FLIGHTS TO MONGOLIA In 2023, Mongolia and the United States signed a long-anticipated “Open Sky” agreement after more than 20 years of negotiations. This intergovernmental aviation deal paved the way for stronger air connectivity between the two countries.

ERDENES TAVAN TOLGOI JSC RECORDED A NET PROFIT OF 4.5 TRILLION MNT IN 2024 The regular shareholders' meeting of Erdenes Tavan Tolgoi JSC was held on April 28, 2025. The meeting was chaired by S. Narantsogt, Executive Director of Erdenes Mongol LLC, which exercises the state’s ownership rights in the company.

DEPUTY PRIME MINISTER T. DORJKHAND SECURES USD 2.0 BILLION IN CLEAN ENERGY INVESTMENT In a major step toward energy sector reform, the Government of Mongolia has launched a bold initiative to expand the country's renewable energy capacity. During a recent investment forum in New York, Prime Minister T. Dorjkhand secured USD 2.0 billion in foreign investment to accelerate Mongolia’s transition to clean energy.

Rio Tinto paid 482 million USD in Mongolian taxes and royalties in 2024 Rio Tinto is committed to ensuring that all stakeholders benefit from the company’s success. This commitment is reflected in the way the company prioritizes the well-being of its employees, protects the environment, supports the communities in which it operates, and responsibly rehabilitates land at the end of its operational life.

UBS Group revises dollar forecast amid trade war concerns UBS Group has revised its dollar outlook for the second time in just over two months, citing the growing economic impact of the ongoing U.S.-China trade conflict.

B. DULGUUN: CHANGES TO TRADING REGULATIONS WILL BOOST COAL EXCHANGE ACTIVITY In an interview with B. Dulguun, the Acting CEO of the Mongolian Stock Exchange, we discussed the current demand for minerals, market needs, and the future of trading on the Mining Products Exchange.

Gold price surges past 3,400 USD amid rising global trade and geopolitical tensions Gold soared to a new all-time high on Monday, breaching the 3,400 USD mark as mounting geopolitical tensions and renewed economic uncertainty drove investors toward safe-haven assets.

Mongolian Mining Corporation (MMC) reports Q1 2025 operational update Mongolian Mining Corporation (MMC), the largest internationally listed private mining company in Mongolia, has released its unaudited operational update for the quarter ended March 31, 2025.

Australian operator eyes LNG project to exploit Mongolian unconventional gas Australian junior Jade Gas has come up trumps with its recent production drilling campaign on the Red Lake coal seam gas (coalbed methane) field in the South Gobi region of Mongolia, and is eyeing near-term commercialisation opportunities via a compressed natural gas (CNG) project.

T. BATTULGA: "MONGOLIA MINING-2025" EXHIBITION TO BE HELD UNDER THE SLOGAN "SMARTER TECH – STRONGER MINES" The 14th edition of Mongolia Mining-2025, the country’s premier international mining exhibition, will take place this spring from April 17 to 19 at the Buyant-Ukhaa Sports Palace. We interviewed Mr. T. Battulga, General Director of Minex Mongolia LLC, the organizer of the exhibition.

Preliminary Estimates of Economic Risks It is impossible to predict with certainty the changes that may unfold in the global economy in the second half of 2025, or whether the direction of Mongolia's economy situation worsen or improve. It is equally difficult to calculate how the U.S. President's tariff policy, which is putting pressure on our neighboring countries and key business partners, will impact Mongolia, particularly through our main export market, China.

MONGOLIA’S GDP COULD FALL BY 6.1% UNDER PROPOSED FREE TRADE AGREEMENT WITH THE EURASIAN ECONOMIC UNION Mongolia is in talks to sign a three-year “Interim Free Trade Agreement” with the Eurasian Economic Union (EAEU). According to a study conducted by the Policy Research Laboratory of the National University of Mongolia, it is warned that Mongolia’s Gross Domestic Product (GDP) could drop by approximately 6.1% as a result of signing this agreement.