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Good Morning! Last Saturday, May 10th, the “Ulaanbaatar Marathon” brought together over 30,000 runners. 🇲🇳 Kenyan athlete Anderson Seroy Saitoti claimed victory in the 42 km race with an impressive time of 2 hours and 12 minutes. 🏅 This beloved event keeps growing in scale — this is how Mongolia runs a marathon! 🏃‍♂️🔥

Today’s highlights in 3 sentences…

• 👀 Rio Tinto’s Next CEO?

• ⚖️ Political Shake-Up

• ⛽ Unexplained Gas Price Hike

Ready to Dive in?

MARKET

MMHI: The Ministry of Industry and Mineral Resources announces its condemnation of the unauthorized ₮200 increase in AI-92 gasoline prices by some enterprises and confirms that steps are underway to stabilize and reduce fuel costs.

AUS: The Federal President of the Republic of Austria arrives in Mongolia for a state visit. 

MNG: Mongolia's industrial output expands 18% in the first 4 months.

👀 Next Rio Tinto CEO: A Mongolian?

In a surprise announcement on Thursday, Rio Tinto (RIO), the world’s largest iron ore producer, revealed that CEO Jakob Stausholm will step down later this year, once a successor is appointed.

• 🤫 Behind the scenes, succession planning appears well underway. According to Reuters, Rio Tinto’s board has been actively working with executive search firm MWM Consulting to evaluate a shortlist of candidates. The search includes both internal and external contenders, with internal names such as Bold Baatar, Simon Trott, and Jérôme Pécresse under careful consideration.

🤵🏻‍♂️ A Mongolian Executive in the Global Spotlight

Among the rising names, one stands out: B. Bold. As the only Mongolian on the executive committee of a major global mining firm, B. Bold has drawn increasing attention for his rapid ascent within Rio Tinto. Since joining the company in 2013, he has earned 5 promotions. In September 2023, he was appointed Chief Commercial Officer, placing him at the forefront of Rio Tinto’s global strategy, commercial partnerships, and customer relations.

⏭️ The Road Ahead for Rio Tinto

Whoever steps into the CEO role will inherit a company at a critical inflection point. Rio Tinto is ramping up production of iron ore, copper, and aluminium materials essential to the global energy transition and infrastructure boom. The miner plans to invest $10 billion annually between 2024 and 2026, with a major focus on the long-delayed Simandou iron ore project in Guinea, expected to begin production by 2025.

• 🤓 The incoming CEO will be tasked with not only scaling operations but also navigating an increasingly complex landscape of environmental, social, and governance (ESG) responsibilities, as well as geopolitical risks. Strong leadership will be required to balance long-term shareholder value with sustainable development and stakeholder trust.

Finally… As Rio Tinto intensifies its search for a new leader, the emergence of B. Bold as a serious candidate marks a historic moment, not just for the company, but for Mongolia. Seeing a Mongolian executive considered for the helm of one of the world’s most influential mining giants is a powerful symbol of global recognition and possibility.

⭐ Selected for you

ECONOMY & BUSINESS

• ADB Launches New Partnership Strategy to Support Mongolia’s Diversified, Inclusive, and Sustainable Growth. (ADB)

• BD's Mongolian Grill on Coventry Has Closed After Nearly 30 Years in Business. (Scene)

• Mongolia Faces Fiscal Strain as Growth Slows and Project Debt Mounts. (MongoliaWeekly)

POLITICS

• After Protests Force a Shake-up, Who Would Become Mongolia’s Next Prime Minister? (TheDiplomat)

• The Government of Mongolia and Orano Reaffirm Their Partnership for Sustainable Mining Development. (BusinessWire)

• Alaska Guard, Mongolia Team Up for Best Warrior Competition Debut. (YourAleskaLink)

• Factbox-World Leaders Who Studied at Harvard. (StreetInsider)

• India Restores Mongolia's Sacred Buddhist Texts, Plans First Official Sanskrit-Mongolian Dictionary. (EconomicTimes)

CULTURE & LIFESTYLE

• Mongolia Rising, But Critically Linked to China. (BNEIntelliNews)

• Inside a New Generation’s Return to Mongolian Shamanism. (AtmosEarth)

• Understanding the Divide: A Deep Dive Into Health Care in Mongolia. (MedicalXpress)

🏛️ Inside the Government: DP Kicked Out, HUN Barely Clings On

What began as public demands for the Prime Minister to explain his son’s and future daughter-in-law’s unexplained luxury lifestyle has triggered the collapse of Mongolia’s coalition government. The protests have now entered their 13th consecutive day.

🧑‍🤝‍🧑 Outside the Grey Palace
On Saturday, May 17, Prime Minister L. Oyun-Erdene gave a limited interview to select mainstream media regarding his son’s finances. Far from easing tensions, the move sparked further outrage. As the week began, crowds grew, calling for his resignation.

• 🙂‍↕️ In a key moment, President U. Khurelsukh met with the PM on Monday, reportedly offering 2 choices: resign or form a new government excluding the Democratic and HUN Parties, effectively dissolving the coalition. The PM declined, deferring the decision to the Mongolian People’s Party conference.

• 🥸 Meanwhile, a rally dubbed “Bring Back Ukhaa Khudag,” allegedly state-backed and calling for the nationalization of key resources, was widely seen as a counter to the youth-led movement. Criticism followed as elderly participants attempted to disrupt the peaceful protests.

🏛️ Inside the Grey Palace
On Wednesday, the ruling party held a tense, 10-hour internal conference, ultimately voted to expel the Democratic Party and continue with a new alliance of smaller parties. On Friday, the Cabinet was expected to meet for a final session where L. Oyun-Erdene would resign, but the meeting was abruptly postponed, deepening uncertainty.

• 🎭 Behind the Scenes: L. Oyun-Erdene’s potential resignation was never framed as a concession to public demand, but as conditional on coalition breakdown. This strategic framing allowed him to control the optics, presenting himself not as a leader ousted by protest, but as one stepping down amid political realignment.

Finally… Once entrusted with the role of parliamentary opposition, the Democratic Party compromised its political integrity by aligning with the ruling Mongolian People’s Party. In the aftermath, party leader L. Gantumur announced his resignation. Yet beyond individual resignations, the moment underscores a deeper structural issue in Mongolia’s entrenched bureaucratic system. Without systemic reform, future leaders risk repeating the very failures that led to this crisis.

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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.