This weekly digest showcases just 10 stories. Daily subscribers receive comprehensive intelligence briefs with 40 of the top stories organized by category. Don't miss the stories that matter.
Subscribe to Daily →
October 10, 2025 to October 16, 2025
This week's top 10 stories from Mongolia, selected from our daily intelligence briefs.
1. EU lenders line up €1 billion for Mongolia’s clean energy shift with broader investment push
At the EU–Mongolia Business and Investment Forum in Ulaanbaatar on October 15–16, 2025, European financing institutions moved to scale up support for Mongolia’s green transition, with EIB Global signing a memorandum of understanding with Deputy Prime Minister T. Dorjkhand to commit up to €1 billion for clean energy and related green initiatives. The EBRD separately confirmed a US$1 billion package for private‑sector energy projects announced at Davos, creating a combined pipeline of roughly MNT 8 trillion over five years and signaling a major step‑change in EU development finance in Mongolia.
Organised with participation from some 700 attendees and more than 70 EU investors, the forum prioritised digitalisation, climate and energy, transport, health and education, and aims to channel foreign direct investment into infrastructure and industrial build‑out (including mining, housing and electric rail). Officials project outcomes such as energy self‑sufficiency and the creation of about 10,000 green jobs; the move also reflects growing Europe‑Mongolia trade ties—EU exports to Mongolia reached €819 million in 2024—and a strategic push to align financing with sustainable development objectives.
Local Coverage: unuudur.mn, gogo.mn, ikon.mn, montsame.mn, itoim.mn, news.mn
From daily briefs: 2025-10-11, 2025-10-15, 2025-10-16, 2025-10-17
2. Ruling Party Power Struggle Triggers Probes Into Coal Deals, Secrecy Orders, and Tax Changes
Mongolia’s ruling Mongolian People’s Party (MPP) is locked in a leadership battle that has spilled into Parliament, where legislators this week began debating a motion to dismiss Prime Minister G. Zandanshatar amid accusations over opaque coal off‑take contracts, regulatory favoritism and tax changes. Central to the dispute is a contested 2023 cross‑border “triad” deal at Gashuunsukhait with China Energy that critics say fixes coal prices about 40% below current market rates for 16 years—potentially costing up to MNT 35 trillion—and has prompted calls for a temporary parliamentary inquiry. Former PM and current MP L. Oyun‑Erdene and others argue national‑security classifications were used to shield off‑take contracts (many linked to Bodigroup) from scrutiny; MPs and MPP figures including J. Bat‑Erdene and D. Amarbayasgalan have demanded declassification of rail and procurement decisions and full public hearings.
The dispute has broader governance implications: proponents of dismissal say the PM has politicized state institutions and mishandled party leadership contests, while Zandanshatar defends his anti‑corruption measures (including exchange‑based coal sales and full royalties for traded coal) and insists secrecy designations followed legal intelligence advice. Allegations also include bribery and forgery probes tied to associates of Speaker D. Amarbayasgalan and claims of lobbying to alter mineral taxation. Further hearings are scheduled next week, underscoring risks to investor confidence and Mongolia’s international reputation amid accusations of “coal theft” and politicized oversight.
Local Coverage: itoim.mn, gogo.mn, unuudur.mn, urug.mn, ikon.mn, news.mn
From daily briefs: 2025-10-11, 2025-10-14
3. Government Appoints D. Tsolmon to Oyu Tolgoi Board, Replacing E. Bayasgalan Following Investor Complaints
The Mongolian government has replaced E. Bayasgalan with D. Tsolmon as one of its three representatives on Oyu Tolgoi LLC’s Board of Directors. Bayasgalan, who was appointed in October 2020, said she was removed without prior notice after Rio Tinto reportedly sent multiple letters alleging she disclosed confidential information; local outlet Eguur.mn said the dismissal followed investor requests. Bayasgalan stated she learned of her removal and the reasons from the media.
D. Tsolmon, deputy chief of the Cabinet Secretariat and an international law specialist with prior roles in the Justice Ministry and on Oyu Tolgoi negotiation teams, takes the seat as three government-led working groups prepare for upcoming talks with the investor. The move signals a shift to legally focused, investor-responsive board representation ahead of negotiations, potentially tightening government compliance with investor concerns and influencing the dynamics of forthcoming discussions.
Local Coverage: itoim.mn
From daily brief: 2025-10-10
4. Economic Outlook Cut as Policy Uncertainty Threatens Investment and Debt Refinancing
The Asian Development Bank cut Mongolia’s 2025 and 2026 GDP growth forecasts to 5.7% (from 6.6% and 5.9% in April), citing weak household incomes, export concentration in coal and copper, and rising policy uncertainty that is suppressing consumption and delaying investment-led recovery. Inflation has eased from earlier peaks but remained near 9% in mid‑2025, real incomes are stagnant, and parliament is pressuring the Bank of Mongolia for clearer disinflation tactics, stronger independence and tighter consumer lending standards; the central bank projects inflation at 6% ±2 in 2026 and a 5% midpoint target from 2027.
External vulnerabilities amplify the outlook: Mongolia’s roughly $33 billion external debt includes substantial public and SOE liabilities (about half), with clustered bond repayments—including the “Nomad” bond—over the next two years that could raise borrowing costs and pressure the togrog if the 2026 budget is delayed or ratings are cut. China’s slowdown has already hit export receipts (coal revenues were $2.7 billion lower in Jan–Aug year‑on‑year), widening the current account. Authorities and the central bank warn major projects must not strain FX reserves and urge counter‑cyclical fiscal policy to preserve price stability.
Local Coverage: news.mn, gogo.mn
From daily briefs: 2025-10-11, 2025-10-14
5. Erdenes Mongol Explores Coking Coal Exports to India as SAIL Signals Trial Shipment Readiness
During President U. Khurelsukh’s state visit to India, Erdenes Mongol CEO S. Narantsogt and SAIL General Manager Pankaj Puri discussed potential coking coal exports from Mongolia, with Steel Authority of India Limited (SAIL) indicating readiness to accept an initial trial shipment. The meeting at a Mongolia–India business forum—attended by 43 Mongolian firms across 13 sectors and about 100 Indian companies—could open a strategic foothold for Mongolian coal in India’s steel supply chain, introducing a new export market for Mongolia and diversification options for Indian raw-material sourcing.
In parallel, the Mongolia–India joint refinery project (1.5 million tpa) reported substantial progress on feedstock logistics: the 527 km crude pipeline from Toson-Uul XIX to the Dornogovi refinery is 87% complete, with 521 km welded and buried. Once commissioned, the refinery is expected to produce gasoline, diesel, jet fuel and furnace fuel, strengthening energy cooperation and regional fuel security between the two countries.
Local Coverage: montsame.mn
From daily brief: 2025-10-16
6. Parliament Speaker D. Amarbaysgalan Submits Resignation; Committee Backs Move as Political Standoff Deepens
Parliament Speaker D. Amarbaysgalan has submitted his resignation, which the Standing Committee on State Structure unanimously approved (23 members) for referral to a plenary vote, amid weeks of intense factional conflict that also targets Prime Minister G. Zandanshatar. A cross‑party bloc of 67 lawmakers (reported as 34–35 from the ruling MPP, 31–32 from the Democratic Party and two from smaller parties) has formally moved to dismiss Amarbayasgalan, citing allegations linked to “coal theft,” bribery and abuse of office; passage will require a majority of attending MPs at the plenary. Amarbayasgalan framed his resignation as a measure to prevent institutional paralysis and defend the rule of law, while DP caucus leader O. Tsogtgerel said the process is being treated as a resignation request rather than impeachment.
Analysts warn the episode could precipitate a broader government reshuffle: commentary alleges a coordinated effort to unseat PM Zandanshatar and elevate Cabinet Secretary D. Amarbayasgalan or other figures via a coalition deal with the DP, risking constitutional strain and stalling the administration’s anti‑corruption and resource‑distribution agenda. No definitive timelines or official confirmations of subsequent leadership changes have been announced; a plenary vote is expected to decide the Speaker’s fate and may include debate on the Prime Minister’s position.
Local Coverage: eagle.mn, ikon.mn, gogo.mn, news.mn, itoim.mn, urug.mn, montsame.mn, unuudur.mn
From daily briefs: 2025-10-11, 2025-10-17
7. Government Plans 10% Cut to Discretionary Spending to Fund Wage and Pension Hike; OT Loan Interest Talks Move to In-Person Stage
Mongolia’s government, led by Finance Minister B. Javkhlan, plans to free ₮831 billion within the proposed 2025 ₮32 trillion budget by cutting roughly 10% from non-essential operational spending to fund salary increases for teachers and medical staff and pension hikes, while protecting core items such as child benefits and debt service. Officials say capital investment is set at ₮8 trillion; they warn reallocations and potential program delays are likely if ministries must trim spending, and that a direct cash injection could add 1.5–2 percentage points to inflation unless offset by targeted reclassification and coordination with the Bank of Mongolia. The draft budget has been submitted to parliament but is behind schedule for its second reading, and ministers urge timely passage to avoid winter economic strains.
Separately, Javkhlan announced a government task force has moved Oyu Tolgoi (OT) loan-interest negotiations with Rio Tinto to formal in-person talks, aiming to reduce an 11.1% shareholder loan rate set in 2009; compound interest on Rio Tinto’s roughly US$6.1 billion loan has grown to about US$12 billion. The push leverages Mongolia’s improved sovereign credit rating and a stabilized underground mine to seek market-aligned rates, potentially accelerating state dividends; proposals under discussion include revisiting the state’s 34% equity stake and the project’s royalty framework.
Local Coverage: gogo.mn, ikon.mn, urug.mn, news.mn
From daily briefs: 2025-10-10, 2025-10-14, 2025-10-16
8. Government Publishes Coal and Cross-Border Rail Deal Files; Political Tensions Rise Over Off‑take Contracts
Mongolia’s Cabinet has ordered the declassification and public posting of documents on the Gashuunsukhait–Gantsmod cross‑border rail project and related coal offtake agreements, directing state miner Erdenes Tavantolgoi (ETT) to publish contracts and records. ETT has released 32 supply and off‑take agreements from 2020–2022 and the government disclosed 36–39 previously secret coal contracts signed between 2019–2022, 31 of which are alleged to be linked to Bod Group; Bod is reported to have held rights to 22.5 million tonnes and exported 8.2 million tonnes to China. Economists cited in media estimates (using a notional $200/ton) put potential receipts at about $1.6 billion, while global spot prices peaked much higher (up to ~$600/ton), and the rail line meant to support exports remains incomplete.
The move toward transparency comes amid escalating political confrontation: Parliament’s Standing Committee is considering a motion to dismiss Prime Minister G. Zandanshatar, with Speaker D. Amarbaysgalan and others publicly demanding explanations for past off‑take decisions and rail gauge choices. Media and commentators link the contracts to networks around former president Khaltmaa Battulga and other political actors, framing the disclosures as evidence of systemic access by private interests during a period of record coal prices and raising questions about governance, accountability, and Mongolia’s economic sovereignty.
Local Coverage: ikon.mn, gogo.mn, unuudur.mn, urug.mn, news.mn
From daily brief: 2025-10-10
9. Heat Supply Law Readied to Attract Private Investment as Energy Rules Overhaul Advances
Mongolian lawmakers are preparing a standalone Heat Supply Law intended to modernize a sector still governed by the outdated 2001 Energy Law and more than 800 frequently changing regulations that, MPs say, deter investment and blur responsibilities. At a national energy-sector conference, MP M. Enkhtsetseg highlighted constraints in current rules — for example, distribution companies may sell electricity but lack the right to purchase power — and argued a new law would reduce state involvement and open opportunities for private providers to serve areas the state cannot.
The draft Heat Supply Law, compiled with 859 proposals from 47 organizations, aims to attract private capital, introduce metering so consumers pay for actual heat usage, and increase market flexibility; it has been prepared for submission to parliament. For international investors and energy-sector professionals, the initiative signals a policy pivot toward liberalization and private participation, though precise implementation timelines and regulatory details remain to be seen.
Local Coverage: ikon.mn
From daily brief: 2025-10-10
10. Parliamentary Panel Orders Oversight on Waste Law as Hazardous Output Rises in Power and Mining Sectors
Mongolia’s parliamentary Environment, Food and Agriculture Standing Committee has ordered strengthened oversight of the country’s Waste Law, creating a working group after reviewing enforcement gaps and rising hazardous output in some sectors. Nationally hazardous waste fell 23.5% year‑on‑year to 433.9 thousand tonnes in 2023—largely driven by a 46.8% reduction in post‑pandemic medical waste—but waste from power and heat generation rose by 1.8 thousand tonnes, mining by 2.5 thousand tonnes, and leather/textile processing by 0.1 thousand tonnes. In 2023, 43.3% of hazardous waste came from power and heat production, 36.1% from healthcare and 20.1% from mining.
The committee highlighted infrastructure and funding shortfalls: temporary storage sites exist in several provinces, but disposal projects in 10 aimags and parts of Ulaanbaatar are stalled with completion rates between 0–80%. The Environment and Climate Change Minister pledged to engage aimag, soum and district leaders to enforce primary cleaning and disposal rules under the current law, signaling tighter local enforcement and potential prioritization of financing and capacity measures to address sectoral increases in hazardous outputs.
Local Coverage: unuudur.mn
From daily brief: 2025-10-10
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.
These weekly highlights are a small sample of what's happening. Daily subscribers get comprehensive briefings with 40 top stories that connect the dots between events, track developing stories, and provide the context you need for informed decision-making.
Upgrade to Daily →
