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Did you know? 🌋 Over 14,000 earthquakes have been recordedacross Mongolia in the first ten months of 2025. Of these, 43 quakesmeasured between 3.5 and 5.2 magnitude, a 26% drop from last year. But the ground isn’t the only thing shaking… The MPP’s leadership battle is stirring up its own political earthquake. Stay alert! This week’s tremors could bring the biggest shake-up yet. 

What’s inside today’s edition

• 🏗️ Erdenes Tavan Tolgoi: CEO Search On 

• 🇮🇳 Presidential Visit to India

• 📉 MSE TOP-20 Dips 

No Time to Waste. Let’s Get Started! 🦘

MARKET

MNG: Asian Battery Metals (AZ9.AX) reported drill intercepts up to 6% copper and 3% nickel, with copper recoveries ranging from 89% to 95% using a straightforward flotation process.

GOV: The Standing Committee is set to vote today on a motion to dismiss the government. 

ETT: The Government has announced a transparent and merit-based selection process for the CEO of Erdenes Tavan Tolgoi JSC.

🇲🇳🇮🇳 7 Decades of Friendship

President U.Khurelsukh has embarked on a state visit to India from today until Thursday, marking 70 years since the establishment of diplomatic relations between the 2 nations. What began as a bond rooted in Buddhism and shared history now evolving into a modern strategic partnership shaped by trade, technology, and energy ambitions.

📜 A Partnership Rooted in History

The turning point came in 2015, when Indian Prime Minister Narendra Modi became the first Indian leader to visit Mongolia. His pledge of a $1 billion line of credit and the elevation of ties to a Strategic Partnership symbolized India’s growing engagement in Northeast Asia, and Mongolia’s importance within it.

🌏 A Visit of Strategic Importance

This week’s state visit goes beyond ceremonial gestures. Alongside cultural performances, exhibitions, and a Mongolia–India Business Forum, the 2 sides are expected to review progress on flagship projects financed by India and explore new areas of cooperation in renewable energy, defense, and digital transformation.

🤝 At the heart of the partnership lie 3 key projects:

• 🛢 Oil Refinery: Funded through India’s $1.7 billion concessional loan, the refinery, expected to start operations by 2026–2027, will mark a milestone in reducing Mongolia’s dependence on imported fuel.

• 💻 IT and Cybersecurity Center: Supported by a $20 million Indian loan, the training center at the Mongolian University of Science and Technology will open in 2025, equipping 800 students a year with digital skills.

• 🏫 Friendship School: Built with $5.3 million in Indian grant assistance, the new school will open in 2026, deepening cooperation in education and youth development.

Overall… Once defined largely by Buddhism and cultural exchange, Mongolia–India relations are now anchored in shared development goals. As global power dynamics shift toward a multipolar order, both nations see value in a partnership that blends historical kinship with pragmatic collaboration.

India’s interest in importing Mongolian coal, once a hot topic, has gone quiet in recent years. Whether this issue reemerges during the visit could signal the next stage of this evolving relationship.

⭐ Selected for you

ECONOMY & BUSINESS

• UK Embassy Partners with Zorig Foundation to Support Rural and Ger Area Youth Through the Youth for Change Programme. (BritishEmbassyUlaanbaatar) 

• Petro Matad Shares Surge After Mongolia Tests Exceeded Expectations. (UKInvestorMagazine)

• China-Mongolia Border Port Handles Over 3,000 China-Europe Freight Trains This Year. (BastillePost)

• Uzbekistan has Become One of the Main Buyers of Mongolian Meat. (Zamin)

• Singapore Signs Implementation Agreement on Carbon Credits Collaboration with Mongolia. (MTI)

POLITICS

• Japan's Likely Next Premier Takaichi, Raps China's Human Right Abuses. (TheMainichi) 

• Ambassador Fiona Blyth’s Visit to Uvs and Bayan-Ulgii Provinces. (BritishEmbassyUlaanbaatar) 

• Prime Minister Zandanshatar's 100 Days in Office. (PocketCasts)

• Mongolia and IUCN Sign Memorandum of Understanding to Enhance Cooperation Leading up to and Beyond UNCCD COP17. (IUCN)

CULTURE & LIFESTYLE

• Mental Health First Aid Program Launches in Mongolia. (MHFA)

• Australian Documentary About Modern Nomadic Mongolians Nominated for 2026 Oscars. (KazInform)

• Mongolia Records Hottest September Since 1940. (AKIPress)

• Sumo Wrestler Hakuho Sho Appointed Goodwill Ambassador for World Nomad Games. (24KG)

🔻 MSE TOP-20 Down 3.5%

The TOP-20 index, reflecting the mood of Mongolia’s capital markets, has fallen 3.5% since the start of the year, reaching 49,676 points. Investors may be feeling that this autumn is a bit chillier than expected.

🥶 Decliners: 14 Companies

14 companies have led the market decline. The Mongolian Stock Exchange (MSE) has fallen 22.1%, with Invescore (INV) following at 15.2%. On average, the share prices of these 14 companies have dropped 9.8%.

• 💼 New Leadership: Last week, B.Khash-Erdene was appointed acting CEO of the MSE. Investor reaction was mixed. The company’s share price fell 4.6% to ₮276.5 following the announcement.

• 👋🏻 Exiting Player: 2 months ago, Gobi (GOVI) announced its intention to delist from the MSE. The Financial Regulatory Commission opposed the move, but the company confirmed it would not reverse the decision. GOVI shares have fallen 9.4% year-to-date to ₮235.2.

🔥 Gainers: 6 Companies
6 companies posted gains last week, led by Suu (SUU) with a 31.2% increase. XasBank (XAC) and Khan Bank (KHAN) followed with 15.4% and 12.2% gains, respectively. Notably, 4 of the 6 gainers are financial sector companies, signaling potential sector strength.

• ⚡️ Sharp Rise: $XAC shares jumped 7.3% to ₮953.2 after the company announced ₮18 per share dividend payments from H1 profits and a ₮980 share buyback.

Overall… The TOP-20 companies are entering the colder months without fully benefiting from the earlier market momentum. How the index performs by year-end remains to be seen, will investors face a harsh winter in the market? 😬

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Publisher: Ts.Ankhbayar
Writer: M.Khulan
Graphics by: Ts.Tselmeg

Disclaimer: The information Inside Mongolia provides is for educational and informational purposes only. It is not intended to be or constitute financial advice, trading advice, or any other advice. The decision whether to consider the information we provide is solely our readers' independent decision.