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Hey there! Mongolia has released its first-ever national brand film, “Go Mongolia.” Featuring the country’s stunning landscapes, rich culture, and the energy of its people, the film is gaining global attention and highlighting Mongolia as a destination for travelers and investors alike. Watch it HERE. 📽️🎬

Today’s Highlights:

• 💰 Gov Debt Rises 12.7% to $39.6B

• ⛏️ Aspire Mining Reclaims Mongolian Coal Projects

• ⚡ Energy Crisis in Ulaanbaatar

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

MARKET

NSO: Mongolia’s external debt climbed 12.7% from a year earlier to $39.6 billion in the second quarter.

BANKING: CEO of Khan Bank (KHAN), R.Munkhtuya, has been appointed as a member of the Forbes Finance Council.

MNG: The Parliament of Mongolia commences its Fall session today.

 🏗️ Aspire Mining Reclaims Ovoot & Nuurstei Projects

Aspire Mining (AKM.AX) is regaining full control of its Mongolian coking coal projects, clearing legacy agreements and seeing a major shareholder exit in a $13.5 million deal that strengthens the company’s position in Asia’s coal market.

📈 Exclusive Marketing Rights Secured

As a result, Aspire will now hold exclusive marketing rights for coal from its Ovoot and Nuurstei coking coal projects after agreements with Talaxis and related parties were restructured. Talaxis, which previously held more than 13% of Aspire’s shares, is selling its entire stake to NordSteppe Private Investment Fund, with the deal expected to close by March 2026. Under the new arrangement, Aspire will also reclaim a 20% stake in key infrastructure for just $1, while former partners waive future revenue claims. In return, Aspire will pay NordSteppe a 0.75% royalty on Ovoot coal sales.

• The restructuring lifted investor confidence, with Aspire shares up 13%, positioning the company to capture more profits amid strong Asian demand for Mongolian coking coal.

🛣️ Government-Backed Infrastructure Support

Aspire is set to benefit from government-backed infrastructure that could further de-risk its operations. The Mongolian government has agreed to construct the Murun-Uliastai Highway, intersecting with a haulage road connected to the Ovoot Coking Coal Project. Developed as part of a Public-Private Partnership Agreement, Aspire is the main private partner and is preparing to submit a bid for project execution. A tender agreement is expected within 6 months. This highway is critical for logistics, improving transportation efficiency, and potentially lowering capital expenditure.  

• 👔 Strategic Leadership Change: Aspire also announced a leadership change, with D.Achit-Erdene appointed as Executive Chairman, succeeding Michael Avery, who remains on the board as a Non-Executive Director to advance the Ovoot Project.

Overall… Aspire Mining is solidifying its role as a top supplier of Mongolian coking coal. The Ovoot deposit, often called the “little brother” of Oyu Tolgoi, boasts 130 million tons of total reserves, 76.8 million proven and 53.3 million inferred, underscoring its world-class potential. With strategic control, strong infrastructure support, and growing demand in Asia, Aspire is well-positioned to turn this potential into lasting value.

⭐ Selected for you

ECONOMY & BUSINESS

• NBCUniversal Formats Brings Interactive Game Show ‘Don’t Ask Me’ to Mongolia With Central TV Partnership. (Variety)

• Aspire Mining Reclaims Control Over Mongolian Coal Projects. (Finimize)

• Mom's Touch Expands 'Mom's Pizza' to Mongolia. (AsiaBusinessDaily)

• Mongolian Businesses Meet South Korean Construction and Food Industry Entrepreneurs. (Montsame)

POLITICS

• China’s Pipeline Diplomacy a US Gas Nightmare. (TaipeiTimes)

• City officials suspend Car-Free Day as rain continues. (Ulaanbaatar) 

• 7 Countries with the Weakest Militaries in Asia. (WionNews)

• China, Russia, and Mongolia Team up for First-Ever Border Defence Drill. (SCMP)

• Mongolia’s Largest Mining Event Highlights Investment and Responsible Mining. (Montsame)

• The United States and Mongolia Celebrate the Preservation of Ancient Tibetan Manuscripts. (U.S.Embassy)

CULTURE & LIFESTYLE

• Mongolia Launches First Ever Brand Film. (CreativeSalon)

• Mongolia Makes Historic T-Ball Festival Debut. (TheChosun)

• Steppe Fire Destroys 2,000 Hectares of Land in Eastern Mongolia. (XinhuaNews)

• Global Experts Convene in Ulaanbaatar for 'Bone and Muscle Health 2025'. (Montsame)

• First-Ever Research Findings on Men's Gender Equality Presented. (PressReader)

⛑️ Hello, Winter Crisis: Ulaanbaatar on the Edge of a Freeze!

Every winter, Mongolia faces a harsh energy crisis that overshadows even its extreme cold. This year, the situation could worsen, not due to the weather, but because Power Plant III, the country’s second-largest energy source, has been damaged.

🔗 Infrastructure Upgrades: A Step Toward Energy Efficiency

For the first time in 30 years, Ulaanbaatar is upgrading 87.8 km of pipelines and insulating 200 prefabricated buildings, saving an estimated 10 MW of energy. Heating tariffs, set to double to ₮84,000 for a 50 m² apartment, are frozen until year-end. The city will phase out raw coal, shifting to improved briquettes at ₮3,750 and semi-coked coal at ₮5,000. 

• 🤔 The cleaner fuel burns longer and cuts emissions by 40%–50%, but Ulaanbaatar will import 306,000 tons of semi-coked coal and 40,000–45,000 tons of briquettes from China, costing ₮226 billion and potentially straining foreign reserves.

🔍 The Energy Balance

Despite these measures, Mongolia remains highly dependent on energy imports. Last year, Mongolia imported 2.9 billion kWh of energy, accounting for 24.6% of total consumption. While domestic energy production has grown 22.5% over the past 5 years to 8.8 billion kWh, imports have surged 68% in the same period. 

• ⁉️ Will Imports Skyrocket?: Power Plant III normally supplies 21% of Mongolia’s thermal energy, second only to Power Plant IV. Although emergency repairs are underway, 70% of the plant’s equipment has already exceeded its service life, limiting the benefits of any short-term fixes. If production falters, Mongolia will be forced to increase electricity imports from China.

Overall… Governors are banking on the Buuruljuult power plant, scheduled to begin operations in December, while also relying on infrastructure upgrades and cleaner imported fuel to manage winter energy needs. In the long term, heavy dependence on imported coal and aging domestic power plants exposes structural vulnerabilities, and without accelerated domestic energy development, Mongolia’s energy security remains at risk.

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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.