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In today’s newsletter:

• ⚡ South Gobi’s New Bond

• 🇲🇳🇹🇭 Wellness-Focused Partnership 

• ⚖️ Tax Dispute Passed Down to Orbminco

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

MARKET

MDDIC: Mongolia to launch an ADB-backed special program to support startups. 

MNG: Umnugobi Province to issue ₮500 billion bond for New Power Plant Construction. 

ETT: Erdenes Tavantolgoi JSC posted $43.8 million in coal sales in a single day after 15 months, setting a new daily record for 2025. 

🧑‍🤝‍🧑 MNG and Thai Strengthen Wellness-Focused Partnerships

Marking over 5 decades of diplomatic relations, Thailand and Mongolia are entering a new phase of economic and cultural engagement. Last week, a high-level Thai business delegation visited Ulaanbaatar to explore investment opportunities and collaborations. 

• 👑 The “Chinggis Khan Mission,” organized by the Thai Cultural Council in Mongolia, was the first private-sector initiative of its kind, sparking immediate interest in joint ventures.

🏥 Healthcare: Building a Medical Corridor

Thailand, a leader in medical and wellness tourism with a $40.5 billion market in 2023, showcased advanced healthcare for Mongolian patients. Bumrungrad International Hospital focused on diagnostics and cross-border collaboration with UB Songdo Hospital, Bangkok Hospital highlighted specialized treatments and wellness packages with travel-linked discounts via MIAT Mongolian Airlines.

• ✈️ Tourism & Wellness - Integrated Experiences: Wellness real estate, resorts, and medical tourism are becoming premium investments for Mongolian travelers. Next Goal Marketing showcased MGallery MontAzure, blending beachfront real estate with wellness tourism, while N2A Longevity Partner plans to develop a wellness tourism network in Mongolia, noting strong local interest.

• 💼 Aviation, ICT & Finance: Furthermore, Thai companies like Bangkok Aviation Fuel Services, VST ECS, and Star Money highlighted opportunities in aviation, digital distribution, and specialized finance, supported by potential year-round direct flights and growing demand for wellness-focused investments in Mongolia.

📈 Why Now?

Improved connectivity and frequent direct flights between Ulaanbaatar and Bangkok make cross-border healthcare and tourism increasingly accessible. Mongolia’s demand for advanced medical treatment and wellness services aligns with Thailand’s global reputation for high-quality, cost-effective care. Beyond healthcare, Thai companies are exploring opportunities in hospitality, ICT, aviation, and niche financial sectors, diversifying bilateral trade.

Looking Ahead… The success of the “Chinggis Khan Mission” lays the groundwork for a follow-up delegation in September 2026, expanding into new industries and cultural exchanges. For both nations, this initiative represents a long-term strategy to strengthen private-sector ties and drive sustainable economic growth.

⭐ Selected for you

ECONOMY & BUSINESS

• Hunnu Air Orders Mongolia’s First-Ever Cessna SkyCouriers from Textron. (Aerotime)

• Mongolian Cashmere Export Data 2025: Mongolia Exports of Cashmere Wool. (Tradeimex)

• The First Pedigree Sheep Were Delivered to Uzbekistan From Mongolia. (Zamin)

POLITICS

• How a Cup of Tea Led to The UK Heading up The First Metro System in Mongolia. (Metro)

• Mongolia’s Diplomacy and Development: Small Power Balancing in a Divided World. (EAYSA)

• Deputy PM N. Uchral Invites ADB Delegates to Join Development Bank of Mongolia Board. (MED)

• China, Mongolia Conduct Joint Drill Against Cross-Border Crimes. (BastillePost)

• UNICEF and UK Join Forces to Build Climate-Smart Early Childhood Development Centre. (UNICEF)

CULTURE & LIFESTYLE

• Scientists From Kyrgyzstan Heading to Mongolia for Scientific Research. (24.KG)

• The Wildlife Conservation Society Opened The New Gobi Ecological Research Station (GERS) in  Dornogobi Province. (WCS)

• Mongolia Featured in Forbes’ 5 New Life-Changing Adventures For 2026. (Forbes)

• New Bird-Like Dinosaur from Mongolia Had Extremely Robust Hands. (SciNews)

• Divorce and Depression: Mongolia’s New Social Dilemma. (TheDiplomat)

👀 Orbminco Pushes Ahead at Bronze Fox, but Tax Clouds Remain

Orbminco (OB1.AX) has wrapped up a major geophysical survey at its Bronze Fox Copper-Gold Project in just 2 months. 

• ☝🏻 The survey, which included induced polarisation and gravity survey identified new anomalies west of the existing resource and at Shuteen North, paving the way for a near-term drilling program and bolstering Orbminco’s mining lease application over the western deposit, potentially enabling full-scale exploitation of Bronze Fox.

⚖️ Don’t Celebrate Too Soon

Despite strong technical momentum, the Bronze Fox Project is shadowed by a ₮2.7 billion tax dispute, originally raised against Kincora Copper (KCC.AX) but now effectively impacting Orbminco as the current operator. The dispute, stemming from a lower court ruling in favor of the Mongolian Tax Authority (MTA), has been appealed to the Supreme Court of Mongolia.

• 😬 While both Kincora and Orbminco maintain the claim lacks merit, the unresolved case introduces regulatory uncertainty that could affect project timelines and investor confidence.

📉 Why Kincora Walked Away

The dispute was central to Kincora’s exit from Mongolia in August 2024, when it signed a joint venture with Woomera Mining, later renamed Orbminco. Under the deal, Orbminco can earn up to 80% equity in Bronze Fox by investing $4 million over 5 years, with an option to move to full ownership thereafter. For Kincora, the tax battle marked the end of a long pursuit of a Tier-1 copper-gold discovery in Mongolia.

Finally… Bronze Fox remains one of Mongolia’s most promising undeveloped copper-gold projects. The tax dispute, originating from Kincora Copper and now affecting Orbminco, underscores a broader challenge. While Mongolia has introduced measures like ring-fencing to improve tax predictability, retrospective assessments still pose risks to investors. The case highlights Mongolia’s delicate balancing act, attracting foreign capital to the Gobi region while enforcing robust taxation. For Orbminco, navigating these regulatory complexities will be key to unlocking the project’s full potential.

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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.