The Mongolian Mining Journal

T. MUNKHBAT: INVESTING IN GEOLOGY BRINGS BENEFITS BEYOND MINING We spoke with T. Munkhbat, Chairman of the Joint Council of Mongolian Geological Associations, about the current state of the geology and exploration sector.

“MINING IN MONGOLIA” DAY HIGHLIGHTS OPPORTUNITIES AT THE “CHINA MINING 2025” CONFERENCE On the opening day of the China Mining 2025 event held in Tianjin, People’s Republic of China, a dedicated session titled “Mining in Mongolia” was successfully organized. This special event was collaboratively hosted by the Embassy of Mongolia in China, the Ministry of Industry and Mineral Resources, and the Mongolian National Mining Association (MNMA), with strong support from Oyut Ulaan LLC and the Erdenes Mongol Group.

MONGOLIA TO INCREASE FUEL IMPORTS FROM RUSSIA On October 22, 2025, Minister of Industry and Mineral Resources G. Damdinnyam met with H.E. Evsikov Alexey Nikolayevich, Ambassador Extraordinary and Plenipotentiary of the Russian Federation to Mongolia.

ORANO'S STRATEGIC GROWTH IN MONGOLIA The Zuuvch Ovoo project represents $1.6 billion in direct investment for Orano Mining over the lifetime of the project. It will produce 2,500 tU per year (amounting to 4% of the world's current production) and employ 1,600 people, both directly and indirectly.

WORLD-RENOWNED SHELL BRAND OFFICIALLY LAUNCHED IN MONGOLIA On the evening of October 17, 2025, Eurasian Lube Systems LLC hosted a customer appreciation event in the Ballroom of the Shangri-La Hotel, marking the official launch of the globally recognized Shell brand in Mongolia.

MONGOLIA’S COAL EXPORTS HIT RECORD HIGH IN SEPTEMBER: OVER 9 MILLION TONS SHIPPED According to the General Customs Administration of Mongolia, the country’s coal exports reached approximately 58.4 million tons in the first nine months of this year — nearly the same level as during the same period last year, down by just 1.3%.

CHE CHANGBO: THE CHINESE GOVERNMENT PRIORITIZES GREEN EXPLORATION, GREEN MINING, AND ECOSYSTEM RESTORATION The participation of mining associations from China and Canada in Mining Week & MinePro 2025—Mongolia’s largest mining sector event—marked a new chapter in international cooperation for the country’s mining industry. Notably, China took part as the event’s “Focus Country,” lending the occasion added significance. On this occasion, we spoke with Mr. Che ChangBo, Secretary General of the China Mining Association, about current trends in the mining sector, key challenges, and opportunities for China–Mongolia cooperation.

WBG Supports Golomt Bank to Pilot Blue Finance, Promote Green Projects and SMEs Ulaanbaatar, Mongolia, Oct 2, 2025— In support of water management, energy efficiency, small and medium-sized enterprises (SMEs), and women-led businesses, Golomt Bank will receive a $160 million financing package led by IFC, a member of the World Bank Group (WBG) supporting the private sector, with co-financing from Proparco, private sector finance financing arm of the group Agence Française de Développement (AFD).

THE 'GOLD-3' PROGRAM MUST LEARN FROM PREVIOUS EXPERIENCES In the early 1990s, Mongolia's economy had completely collapsed. In 1991, aid from the Soviet Union - which had accounted for roughly one-third of the country's GDP - was abruptly halted, plunging the economy into a rapid downturn. Losing its main trading partner, which had made up over 80% of foreign trade, factories faced severe shortages of raw materials and spare parts, and many were forced to close.

THE ERA OF CLEAN MINING: SUSTAINABLE PRACTICES FOR A LOW-CARBON FUTURE Climate change and global warming have become one of the greatest challenges of our time. According to international studies, the mining sector alone accounts for around 9-10% of global greenhouse gas emissions. As a fuel- and energy-intensive industry, mining is now among the key sectors that must reduce its carbon footprint.

MATES HELPING MATES: PRIORITIZING MENTAL HEALTH IN UNDERGROUND MINES As of 2025, the development of the global mining industry is moving towards a new, human- centered era- that prioritizes not only the extraction of resources from deep beneath the surface, but also the mental well- being, job satisfaction, and personal development of workers.

BAYAN KHUNDII GOLD MINE AND PROCESSING COMPLEX COMMISSIONED IN BAYANKHONGOR PROVINCE The Bayan Khundii gold mine and processing complex, located in Shinejinst soum of Bayankhongor Province, has been officially commissioned, with its first batch of products delivered to the Central Bank of Mongolia.

ERDENES TAVANTOLGOI JSC TO REPROCESS WASTE COAL FROM COAL PREPARATION PLANT Erdenes Tavantolgoi JSC has signed a Memorandum of Understanding with Erdenes Industrial and Technology Park LLC to reprocess waste coal from its Coal Preparation Plant and produce value-added products.

G. DAMDINNYAM: MONGOLIA HAS TWICE AS MANY MINING LICENSES AS EXPLORATION LICENSES-A SERIOUS IMBALANCE We spoke with G.Damdinnyam, the Minister of Industry and Mineral Resources

NEW COPPER DEPOSIT “OYUUT” DISCOVERED IN ORKHON PROVINCE A new copper deposit named Oyuut has been discovered in Orkhon Province, covering the territories of Bayan-Undur and Jargalant soums, as a result of recent exploration activities. Preliminary estimates indicate that the deposit holds 357 million tonnes of ore reserves.

“MININGWEEK & MINEPRO 2025” SET FOR NALAIKH ON SEPTEMBER 11–13 The Ministry of Industry and Mineral Resources, the Mineral Resources and Petroleum Authority, and the Mongolian National Mining Association will jointly host the fourth edition of the “MiningWeek & MinePro 2025” international conference and exhibition on September 11–13 at Taij Khairkhan in Nalaikh District.

THE KEY REASON FOR BUDGET ADJUSTMENT From the outset, Mongolia's 2025 state budget has drawn criticism. Now, just six months later, the government has been forced to face economic reality. Under the leadership of the new administration - and particularly at the initiative of the Prime Minister - a decision has been made to revise the budget, signaling a possible shift in broader macroeconomic policy.

WATER IS NOT JUST A NATURAL RESOURCE BUT AT THE CORE OF SOCIAL RESPONSIBILITY Water is not only the foundation of life. It constitutes, without exaggeration, a key ethical benchmark and a central pillar of responsibility in modern mining operations. Around the world, water scarcity is growing more acute, and access to clean water has become one of humanity's most urgent challenges.

Bayan Khundii Gold Project Nears Completion at 99% Erdene Resource Development announced that as of June 30, 2025, construction of the Bayan Khundii Gold Project is 99% complete and approaching its final stages. Earlier, on June 12, the company secured permits for the processing plant, mining operations, and related non-industrial facilities, including storage and chemical handling infrastructure.

ERDENES TAVAN TOLGOI PLACED UNDER SPECIAL REGIME AS REVENUE FALL According to preliminary results for the first half of 2025, total revenue and aid in the General State Budget amounted to 14 trillion MNT a decrease of 914.4 billion MNT, or 6.1%, compared to the same period last year, the National Statistics Office reported.