Mongolia Weekly: Mongolia reshuffles leadership, advances EAEU steps, probes Oyu Tolgoi

November 22, 2025 to November 28, 2025

This week's top 10 stories from Mongolia, selected from our daily intelligence briefs.

1. Former Rio Tinto Executives Summoned as Witnesses in Oyu Tolgoi Hearing After Investor Settlement

Former Rio Tinto executives have been summoned to testify in proceedings tied to the Oyu Tolgoi underground project after a US$138.75 million settlement with investors led by Pentwater Capital Management, who accused Rio and former officials of concealing a US$1.9 billion cost overrun and a 2–2.5 year schedule delay and retaliating against whistleblowers. Court filings cite testimony from former OT strategic projects manager Richard Bowley and consultant Maurice Duffy, and reference an International Consulting Group review that purportedly validates management failures; named witnesses include ex-CEO Jean-Sébastien Jacques, copper chief Arnaud Soirat, former OT head Cameron McRae, and several Turquoise Hill and Pentwater executives.

The developments carry geopolitical and financial implications for Mongolia, which holds a 34% stake in Oyu Tolgoi and has seen delayed dividends and rising state debt linked to the project. The witness list and supporting documentary claims may increase scrutiny of past project governance, timing and cost disclosures and potential liability for executives and firms involved, with consequences for investor confidence and Mongolia’s fiscal exposure.

Local Coverage: urug.mn

From daily brief: 2025-11-28

2. Ruling Party Reshuffles Top Posts Across Presidency, Parliament, and Cabinet After Party Congress

Following the MPP Congress, Mongolia’s ruling party has initiated a broad reshuffle that is repositioning senior officials across the President’s Office, Parliament and Cabinet, signaling consolidation of party control over key state institutions. In the President’s Office, A. Uilstuguldur (formerly deputy chief) is promoted to chief of staff, with ex-deputy minister of Construction E. Zolboo named deputy chief; ex-city councilor D. Ikhbayar is reportedly tapped as environmental policy adviser, while the presidential spokesperson slot is vacant after O. Zolbayar became an MPP secretary.

Parliamentary and cabinet moves are coordinated with party leadership: Speaker N. Uchral has nominated Erdenes Mongol CEO S. Narantsogt to be central bank governor, with MPP backing and a vote expected this week as B. Lkhagvasuren’s term ends on 27 November. Budget Committee chair H. Gankhuyag is to become deputy prime minister, leaving MP D. Uuriintuya as acting chair amid reports she may be confirmed; Government Oversight Agency head B. Battsetseg is slated to become Parliament’s secretary-general. The Cabinet nominations include Minister J. Enkhbayar for Deputy PM and Economy and Development Minister, and MP M. Badamsuren for Minister of Food, Agriculture and Light Industry, with parliamentary swearing-in anticipated this week. These changes concentrate policy-making personnel within MPP ranks and may speed implementation of the party’s economic and governance agenda.

Local Coverage: eagle.mn

From daily brief: 2025-11-26

3. PM Pledges to Expedite EAEU Accession Steps After Meeting with Putin

Mongolian Prime Minister G. Zandanshatar told President Vladimir Putin in Moscow he will accelerate steps toward Mongolia’s engagement with the Russia-led Eurasian Economic Union (EAEU), including a proposed temporary accession deal penciled for December 2024, despite the plan not yet clearing a parliamentary standing committee and facing domestic opposition. Critics among MPs and business groups argue the move threatens small and medium enterprises and agriculture; analysts cited by Bloomberg estimate tariff-free access could widen Mongolia’s trade deficit with EAEU members (2024: exports $110.1m vs imports $2.9bn), cut industrial output by as much as 17.9% and reduce GDP growth by about 6.1%.

The accession debate also raises policy conflicts with Mongolia’s “Food Revolution” self-sufficiency goals and exposes fiscal tensions from differing VAT rates (Russia 20% vs Mongolia 10%). The Kremlin, meanwhile, emphasised advancing the China-bound gas pipeline route through Mongolia. The dispute underscores the political and economic trade-offs for Ulaanbaatar between deeper ties with Russia and protecting domestic industry and fiscal stability ahead of the planned December timeline.

Local Coverage: isee.mn

From daily brief: 2025-11-25

4. Golomt Bank Issues ¥15 Billion, SMBC-Guaranteed Samurai Bond to Broaden Funding Base

Golomt Bank on Nov. 26, 2025 issued a three-year ¥15 billion Samurai bond to professional investors in Japan, underwritten by Sumitomo Mitsui Banking Corporation (SMBC) and SMBC Nikko Securities. The transaction—oversubscribed and carrying an AA rating via an SMBC guarantee—was signed during the 12th Mongolia–Japan Public‑Private Consultative Meeting in Tokyo; Golomt reported participation from more than 30 Japanese professional investors. Management said proceeds will finance projects and expand corporate lending in Mongolia.

The deal signals a strategic diversification of Golomt’s hard‑currency funding and deeper access for Mongolian corporates to Japan’s capital markets. SMBC and SMBC Nikko framed the issuance as a platform for future Mongolian bonds in Japan, citing strong demand from asset managers, regional investors, public entities and banks—an indicator of growing investor appetite for higher‑rated emerging‑market paper backed by international guarantors.

Local Coverage: ikon.mn, news.mn

From daily brief: 2025-11-27

5. Seoul–Ulaanbaatar Joint Committee Weighs Visa Easing, Eyes Health-Travel Waiver and Long-Term Visa-Free Regime

At the 9th Mongolia–South Korea Joint Committee meeting, held recently (date unspecified), Mongolian Foreign Minister B. Battsetseg pushed for immediate visa facilitation—most notably a humanitarian waiver for patients traveling to Korea for medical care—and urged a path toward a longer-term mutual visa‑free regime to address rising bilateral travel and reported increased scrutiny of Mongolian travelers at Korean entry points. Vice Foreign Minister Kim Jin‑a signaled Seoul’s willingness to advance agreed ODA projects and expand cooperation in rare earths, supply chains and AI, framing visa relief as part of broader efforts to boost trade and people‑to‑people exchanges; the discussions follow prior high‑level outreach, including a presidential call in which Seoul indicated openness to easing entry conditions for Mongolian nationals.

Implications: swift adoption of a patient waiver would reduce humanitarian turn‑backs and could serve as a low‑risk pilot toward reciprocal visa liberalization, while linkage to ODA, strategic supply‑chain and critical‑materials cooperation suggests Seoul sees mobility measures as enabling deeper commercial and security‑adjacent ties with Ulaanbaatar.

Local Coverage: isee.mn

From daily brief: 2025-11-23

6. Tokyo Talks Advance Japan–Mongolia Economic Agenda with Airport Expansion Loan and Investment Push

Japan and Mongolia held their 12th public–private consultative meeting in Tokyo on November 24–28, co‑chaired by Mongolia’s Deputy Prime Minister Kh. Gankhuyag and Japan’s METI Vice‑Minister Kenji Yamada, with about 170 government and business participants including JICA, JETRO and the Japan–Mongolia Economic Committee. Delegates prioritized regulatory reform, green finance, critical‑minerals cooperation, renewable energy, digital innovation and start‑up ecosystems as Mongolia pitched major “mega” infrastructure projects and sought Japanese technology and capital. Officials highlighted legal reforms to improve the investment climate (including the Economic Freedom Law) and noted that bilateral trade has increased fivefold since the 2016 EPA.

A concrete outcome was Japan’s agreement to revive concessional lending to support expansion of Chinggis Khaan International Airport, signaling renewed infrastructure financing and enhanced private‑sector engagement; an MoU between Khan Bank and Mynavi Bridge illustrated growing deal flow. An investment forum branded “Mongolia Day” further emphasized banking‑sector access and urban infrastructure pipelines. The consultative process — in place since 2007 — will reconvene for its 13th meeting in Ulaanbaatar in 2026, underlining sustained momentum in trade, FDI and technology transfer between the two countries.

Local Coverage: montsame.mn, isee.mn, gogo.mn

From daily briefs: 2025-11-25, 2025-11-27, 2025-11-28

7. Health Ministry warns against purchasing or using ByHeart infant formula after U.S. recall over botulism risk

Mongolia’s Ministry of Health has issued a public advisory warning consumers not to buy or use ByHeart-branded infant formula after the U.S. Food and Drug Administration announced a recall over possible contamination with bacteria that can cause botulism. Customs officials said no official imports of ByHeart have entered Mongolia, but warned some units may have been acquired via cross‑border e‑commerce and online marketplaces; no related illnesses have been reported domestically to date.

The notice highlights the challenge that international online sales pose to national import controls and safety surveillance: parents and caregivers were urged to verify product provenance and immediately discontinue any ByHeart formula, while online retailers were asked to review inventories and suspend listings. Health authorities did not provide a date for the domestic advisory but referenced the FDA recall as the trigger for the warning.

Local Coverage: isee.mn, isee.mn

From daily brief: 2025-11-22

8. Intelligence Agency Probes Three Lawmakers Over Alleged Unconstitutional Move to Oust PM

Mongolia’s General Intelligence Agency has opened an investigation into three MPs—Deputy Speaker Kh. Bulgantuya, State Structure Committee Chair Ts. Sandag-Ochir, and MP P. Sainzorig—over alleged constitutional violations tied to parliamentary proceedings to dismiss the prime minister. The probe, initiated after a complaint by citizen O. Otgontugs and transferred by the Prosecutor General’s Office to the intelligence service on 24 October, examines potential offences under Criminal Code Art. 19.2 (unlawful seizure or obstruction of state power), which carries a 12–15 year sentence.

The inquiry cites the Constitutional Court’s 22 October 2025 Grand Chamber ruling that found Deputy Speaker Bulgantuya breached the Constitution during deliberations on a no-confidence motion. No formal charges have been filed and the matter remains at the investigative stage, raising political and legal stakes for parliamentary procedure and separation-of-powers norms in Mongolia.

Local Coverage: isee.mn

From daily brief: 2025-11-26

9. Mineral Exchange Turnover Jumps 226% in H2 2025 on Logistics Fixes and Price Tailwinds

Mongolia’s mineral exchange saw a dramatic rebound in H2 2025 after government interventions to clear border coal stockpiles, optimize transport and expand crossing capacity, combined with stronger global commodity prices. By November 24, 2025 the exchange had run 937 electronic auctions for 23.4 million tonnes of minerals worth MNT 5.95 trillion; H1 volumes were 5.33 million tonnes for MNT 1.4 trillion while July 1–Nov 24 volumes reached 18.1 million tonnes worth MNT 4.55 trillion. Compared with H1, H2 volumes rose ~239% and turnover ~226%, and sellers realized incremental auction-driven revenues of MNT 270.1 billion in H2 (MNT 21.97 billion in H1), signaling improved liquidity and pricing power for coal and iron‑ore exporters.

Broader capital‑market metrics point to a maturing financial ecosystem: Q3 2025 market capitalization stood at about MNT 13.2 trillion—roughly four times its size five years earlier—and quarterly trading on the Mongolian Stock Exchange climbed to MNT 848 billion (versus MNT 65 billion in 2020). Regulators and market operators have diversified instruments since 2020 (asset‑backed securities, deposit certificates, crowdfunding), with 189 issuers registering 374 OTC debt instruments raising MNT 1.13 trillion. Concurrently, governance tightening removed 224 joint‑stock companies from listings over 15 years, underscoring both deeper funding channels and more stringent oversight.

Local Coverage: ikon.mn, gogo.mn, unuudur.mn

From daily brief: 2025-11-26

10. Parliament Schedules Open Hearings on Oyu Tolgoi Group Deposit; Registration Opens for Participants

A special parliamentary inquiry committee in Mongolia will hold open hearings on the Oyu Tolgoi group deposit from 8–12 December 2025 at the State Palace to examine state equity claims over the “Javkhlant” (MV-15225) and “Shivee Tolgoi” (MV-15226) licences and the financing terms of the Oyu Tolgoi LLC Shareholders’ Agreement, including efforts to align interest rates with international benchmarks. High-profile witnesses include three former presidents—N. Bagabandi, N. Enkhbayar and Ts. Elbegdorj—seven former prime ministers (G. Zandanshatar, L. Oyun-Erdene, M. Enkhbold, N. Altankhuyag, S. Batbold, S. Bayar and Ch. Saikhanbileg), 25 former cabinet ministers and 39 former MPs, underscoring the political sensitivity and potential economic implications for Mongolia’s flagship mining project.

Registration for citizens and legal entities is open until 17:30 on 4 December 2025; submissions must be made at least two working days before the hearings and attendance will be confirmed on a first-come, first-served basis due to limited seating. Media organisations must apply via official letter to the Parliamentary Secretariat. For international stakeholders and investors, the hearings could influence future state–private arrangements, financing costs and project governance, making the outcomes material to risk assessments and contractual negotiations.

Local Coverage: ikon.mn

From daily brief: 2025-11-25

About This Weekly Digest

The stories above represent the most significant developments from Mongolia this week, selected through our AI-powered analysis of hundreds of local news articles.

Stories are drawn from our daily intelligence briefs, which synthesize reporting from Mongolia's leading news sources to provide comprehensive situational awareness for international decision-makers.