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What’s inside today’s edition…

• 🌍 Foreign Trade Turnover

• 👥 Foreign Population in Mongolia

• ⚒️ Gov Plan For Borteeg Coal Deposit

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

MARKET

MSE: Khan Bank (KHAN) announces a selection process for an independent member of the board of directors. 

MNG: In 2025, Mongolia’s total foreign trade turnover reached $27 billion, representing a 1.4% decline compared to the same period of the previous year. As a result, the foreign trade balance stood at a surplus of $4.4 million.

BANKING: M Bank officially entered the international capital markets through the successful issuance of a $100 million bond on the Singapore Exchange (SGX).

🌍  Foreign Population in Mongolia

More than 34,000 foreigners from 136 countries lived in Mongolia as of late 2025. The number of officially registered foreign nationals increased by 7.4% from the previous year, indicating steady growth rather than a temporary spike.

• 🍰 Chinese citizens form the largest resident group by a wide margin. At the same time, Russia, India, South Korea, and the United States round out the top 5.

⚖️ Regulatory Limits

Under Mongolia’s Law on the Legal Status of Foreign Nationals, foreigners residing for personal reasons may not exceed 3% of the national population, with any single nationality capped at 1%. As of now, foreign residents represent just 0.9% of Mongolia’s population, indicating substantial legal headroom for further inflows. Among nationalities, Chinese citizens represent 0.6% of the total population, followed by Russians 0.09%, Indians 0.06%, South Koreans 0.04%, and Americans 0.03%.

🏗️ Work, Capital, and Classrooms

The data show Mongolia’s foreign community is driven primarily by labor demand and investment activity. Most foreign residents are employed across sectors ranging from mining and construction to services and logistics. Investors and students represent the next largest cohorts, reinforcing Mongolia’s role as both a project destination and a regional learning hub.

📈 Why Does It Matter?

The rise in foreign residents mirrors structural shifts in Mongolia’s economy. Constrained domestic labor supply, capital-intensive projects, and deeper integration with regional markets. While the absolute numbers remain modest, the trend suggests foreign participation will play a growing role in Mongolia’s workforce, investment landscape, and urban economy in the years ahead.

⭐ Selected for you

ECONOMY & BUSINESS

• Ard Financial Group JSC Has Undergone a Rebranding, Introducing a Renewed Corporate Identity. (LemonPress) 

• Erdene Resource Development CEO Talks Bayan Khundii Mine. (TMXGroup)

• Master Time LLC Has Officially Introduced World-Class Luxury Jewelry Brands Cartier and Messika to the Mongolian Market. (LemonPress)

• MICC Issues a Hold Recommendation on Premium Nexus JSC with a 12-Month Target. (MICC)

• Mongolia Energy Faces ₮412.3 Billion Tax Liability After Losing Mongolian Court Case. (TipRanks)

• Techno9 Targets Mining Expansion With Mongolia Asset Injection. (JakartaGLobe)

POLITICS

• Government to Press Rio Tinto for Stronger Oyu Tolgoi Terms and Clear Dividend Timeline. (GOV)

• COP17 to be Held Under 'Restore Our Motherland, Renew Our Hope' Theme. (MECC) 

• NGO Initiative for Household Awareness on Solar Heating Systems in Mongolia. (FundsforNGOs)

• This Year, Mongolia Celebrates the 820th Anniversary of the Founding of the Great Mongol Empire. (Open.kg)

CULTURE & LIFESTYLE

• This Sacred Site is One of the World’s Oldest Nature Reserves. (NationalGeography) 

⚒️ Borteeg Coal Deposit to Enter Production

Mongolia’s Cabinet has set up a working group to prepare the Borteeg block of the Tavan Tolgoi coal deposit for investor-led development, launching an international Expression of Interest (EOI) on January 9 to invite proposals.

🔭 How large is the deposit?

Borteeg is part of the sixth group of deposits at Tavan Tolgoi. According to the 2020 feasibility study, the deposit contains 424 million tons of coal reserves, of which 95% is low grade coking coal and 5% is thermal coal. A new feasibility study is scheduled to be completed in the first quarter of this year. The deposit lies within the special license area owned by Erdenes Tavan Tolgoi JSC, which also controls other major Tavan Tolgoi deposits, including Tsankhi, Bortolgoi, and Onchharaat.

🕵🏻‍♂️ Recent Case

Last year, MTAS Partnership, which includes Admineral, allegedly affiliated with former Speaker of Parliament D. Amarbayasgalan, was awarded a tender in 2021 to provide soil stripping, coal mining, drilling, blasting, and coal enrichment services at Borteeg within the Tavan Tolgoi deposit group. However, the contract was terminated in 2025.

🧮 Let’s Do Math

In 2024, Mongolia’s coal exports rose 14.4% year-on-year to 95.8 million tons, bringing total coal exports over the past 8 years to 412.3 million tons. This volume is roughly equivalent to the entire coal reserves of the Borteeg deposit, meaning that, once brought into economic circulation, Borteeg alone could match 8 years of Mongolia’s coal exports.

Finally… The fact that low grade coking coal dominates the Borteeg deposit is a strong positive signal. Low grade coking coal commands higher prices and enjoys stronger demand than thermal coal. The government believes that developing Borteeg could significantly increase state revenues, enhance the national wealth fund, and ultimately expand the benefits of natural resources to the public, helping address key social challenges.

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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.