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J&A Global Consulting, Ulaanbaatar (2026)

27/07/2026

❓ What Will Mongolia’s Critical-Minerals Success Look Like by 2031?

The success of Mongolia’s critical-minerals strategy should not be measured by the number of:

📄 Memoranda signed
🤝 Dialogues held
📢 Announcements made

The real indicators should be:

✅ Bankable feasibility studies
✅ Financing commitments
✅ Construction started
✅ New processing capacity
✅ Long-term offtake agreements
✅ Commercial production
✅ Diversified export markets
✅ More domestic value addition

By 2031, the critical question will be:
How many Mongolian mineral projects have moved from strategic discussion to commercial production?
Mongolia has the geological potential.

The next challenge is ex*****on.
From:
Resource → Project → Finance → Infrastructure → Production → Market

The country that successfully manages this chain will capture the greatest value from the global critical-minerals transformation.

27/07/2026

🇲🇳 Mongolia Does Not Have to Choose One Partner

Mongolia’s critical-minerals strategy is increasingly being discussed in the context of competition between major powers.
But Mongolia’s best strategy may not be to choose one partner over another.
Mongolia can cooperate with:

🇨🇳 China — markets, infrastructure and processing capacity
🇺🇸 United States — technology, finance, standards and supply-chain diversification
🇰🇷 Republic of Korea — advanced manufacturing and processing
🇯🇵 Japan — technology, investment and long-term resource partnerships
🇪🇺 Europe — technology, environmental standards and strategic investment
🇷🇺 Russia — energy, transport and regional connectivity

The principle should be:
Diversify partners, not eliminate partners.
Mongolia should seek:
🔹 Multiple buyers
🔹 Multiple investors
🔹 Multiple technology providers
🔹 Multiple transport routes
🔹 Multiple sources of financing

Strategic autonomy does not mean isolation.
For a landlocked country, economic resilience comes from creating options.

27/07/2026

🇲🇳🇺🇸 Mongolia-U.S. Critical Minerals Cooperation: What Comes Next?

Since 2023, Mongolia and the United States have significantly expanded cooperation in critical minerals, energy and economic diversification.
The cooperation has included:
📌 Economic policy dialogue
📌 Critical-minerals cooperation
📌 Trilateral engagement with the Republic of Korea
📌 Energy dialogue
📌 Technical assistance and geological cooperation
📌 Broader strategic dialogue
This creates an important foundation.
But the next question is more difficult:
👉 Which cooperation initiatives can actually become projects?
Mongolia offers:
⛏️ Significant mineral resources
🌏 Strategic location between major markets
⚡ Strong renewable-energy potential
📈 Growing interest in value-added production

But it also faces serious constraints:
⚠️ Landlocked geography
⚠️ Limited infrastructure
⚠️ Energy constraints
⚠️ Water scarcity
⚠️ Policy uncertainty
⚠️ Limited processing capacity

For Mongolia-U.S. cooperation to produce tangible results, the focus should increasingly move from broad discussions to specific projects.
The most promising areas could include:
🔹 Copper and copper by-products
🔹 Molybdenum
🔹 Fluorspar
🔹 Rare earth elements
🔹 Renewable energy for mining
🔹 Geological and technical cooperation

The goal should be simple:
Turn strategic cooperation into bankable projects.

21/07/2026

🇲🇳🟠 KHARMAGTAI: A LOW-COST, LONG-LIFE COPPER-GOLD PROJECT IN MONGOLIA

Located in Umnugovi Province, the Kharmagtai copper-gold project is attracting growing international investor interest.
The project is being advanced through a partnership between Xanadu Mines, listed on the Australian Securities Exchange, and China’s state-owned Zijin Mining Group.

Zijin Mining has already committed approximately USD 35 million toward exploration, feasibility studies and early-stage project development.
The preliminary feasibility study points to a potentially significant project:
⛏️ Mine life of at least 29 years
🔶 Approximately 60,000–80,000 tonnes of copper annually during expansion phases
🟡 Approximately 165,000–170,000 ounces of gold annually
💰 Initial development capital of approximately USD 890 million
One of the most notable features of Kharmagtai is its projected low operating cost.
After accounting for the value of by-product gold, the projected net copper production cost during the first eight years is approximately USD 0.70 per pound.
This could position Kharmagtai among the world’s lowest-cost copper projects.
But Kharmagtai is more than a single mining project.
It represents the type of copper project Mongolia may need to attract:
🌍 International capital
🤝 Strategic partnerships
🏗️ Long-term infrastructure investment
⚙️ New technology and expertise
📈 Sustainable export growth
As the global economy moves toward electrification, renewable energy and digital infrastructure, copper is becoming increasingly strategic.
For Mongolia, projects such as Kharmagtai could help establish copper as a new long-term pillar of economic growth.
However, project development will depend not only on geology and copper prices.
It will also require:
⚡ Reliable power supply
💧 Sustainable water access
🚛 Efficient transportation infrastructure
📜 Stable and competitive taxation
🏛️ Predictable investment policies
Mongolia has the copper resources. The next challenge is creating the conditions to develop them competitively and responsibly.

Source: Mongolian Mining Journal

21/07/2026

🇲🇳⛏️ TSAAGAAN SUVARGA: MONGOLIA’S NEXT MAJOR COPPER PROJECT

As Mongolia prepares for a structural shift from coal-driven growth toward copper and other strategic minerals, the Tsagaan Suvarga copper-molybdenum deposit is emerging as one of the country’s most significant future mining projects.
Located in Mandakh soum of Dornogovi Province and being developed by MAK, the project is expected to process approximately 14.6 million tonnes of ore annually.

Once operational, Tsagaan Suvarga is designed to produce approximately:
🔹 310,000–320,000 tonnes of copper concentrate annually
🔹 4,000–5,000 tonnes of molybdenum concentrate annually

This would make Tsagaan Suvarga Mongolia’s third-largest copper production project, following Erdenet and Oyu Tolgoi.

The project also has significant potential economic impact:

👷 Approximately 1,300 direct permanent jobs
🔗 An estimated 5,000–7,500 indirect jobs through supply chains and services
💰 Around USD 150 million in annual tax and fee revenues for national and local budgets
The global energy transition, electrification and expansion of data centres are expected to drive long-term demand for copper.
For Mongolia, the opportunity is clear:
Can the country transform its copper resources into long-term economic growth, jobs, domestic value creation and national wealth?
Tsagaan Suvarga is not only a mining project.
It is part of Mongolia’s broader transition toward a copper-led growth strategy.
The key challenge now is to ensure that major projects are supported by:
⚡ Reliable energy
💧 Sustainable water solutions
🚛 Efficient logistics
📜 Stable and competitive policies
🌍 Responsible investment
Mongolia’s next phase of growth may not be built on coal alone.
Copper could become one of the pillars of the next 20–30 years of Mongolia’s economic development.

Source: Mongolian Mining Journal

21/07/2026

🇲🇳🤝🇹🇯 MONGOLIA–TAJIKISTAN RELATIONS ENTER A NEW PHASE

Mongolia is hosting the President of the Republic of Tajikistan, Emomali Rahmon, on a State Visit from 20–22 July 2026.

The visit is particularly significant as it takes place 17 years after President Rahmon’s previous State Visit to Mongolia and follows President Ukhnaa Khurelsukh’s State Visit to Tajikistan in 2025.
This reciprocal high-level engagement signals a renewed momentum in bilateral relations between the two landlocked countries.
The discussions are expected to focus on expanding cooperation in areas including:
🤝 Trade and investment
🌾 Agriculture and food production
🚛 Transport and logistics
⚡ Energy
🏭 Industry and joint ventures
🎓 Education and culture
For Mongolia, stronger engagement with Tajikistan is also part of a broader effort to deepen relations with Central Asia.
Both countries face similar structural challenges as landlocked economies and share an interest in improving connectivity, expanding trade and attracting investment.
The real opportunity now is to move beyond diplomatic exchanges and build practical economic partnerships.
Can Mongolia and Tajikistan develop stronger cooperation in:
🔹 Food security and agricultural production?
🔹 Renewable energy and energy infrastructure?
🔹 Mining and value-added processing?
🔹 Logistics and connectivity?
🔹 Tourism and cultural exchange?
The signing of new agreements and the expansion of bilateral cooperation can provide the framework.
The next step is implementation.
For two landlocked countries, stronger partnerships can help create new routes to markets, new investment opportunities and new avenues for economic cooperation.

20/07/2026

🇲🇳📈 MONGOLIA RECORDS A POSITIVE FOREIGN TRADE BALANCE

Mongolia’s total foreign trade turnover reached USD 16.5 billion in the first six months of 2026, increasing by 36.3% compared with the same period last year.

Exports exceeded imports by USD 4.3 billion, resulting in a positive foreign trade balance.
📈 Mongolia exported USD 10.3 billion worth of goods and raw materials, a 57.9% year-on-year increase.
Mining products remained the main driver of export growth:
🔹 Copper concentrate exports increased by 24.1% to 1.31 million tonnes;
🔹 Coal exports increased by 62% to 56.8 million tonnes;
🔹 Iron ore exports increased by approximately 13% to 4.36 million tonnes;
🔹 Scoured cashmere exports more than doubled, increasing 2.1 times.
At the same time, meat and animal by-product exports declined by 11.3%, while gold exports fell by 33%.
Imports were driven largely by fuel and food products. Petrol imports increased by 26.3%, while imports of fruits and nuts rose by 34.6% and poultry and pork products by approximately 30%.
A strong trade surplus can support Mongolia’s foreign exchange reserves, balance of payments and exchange-rate stability.
However, the strategic challenge remains clear:
Mongolia’s export growth is still heavily dependent on mining products and demand from a single market — China.
The next step is to use this strong trade position to accelerate:
🌾 Value-added agricultural exports
🧶 Cashmere and textile processing
🌍 Export market diversification
⚙️ Domestic value creation
🚛 Trade and logistics infrastructure
A positive trade balance is a welcome development. But sustainable economic resilience will depend on whether Mongolia can convert today’s commodity-driven export growth into a more diversified and value-added export economy.

20/07/2026

🇲🇳🌍 MONGOLIA’S INTERIM TRADE AGREEMENT WITH THE EURASIAN ECONOMIC UNION TAKES EFFECT ON 22 JULY 2026

Mongolia has joined the Interim Trade Agreement with the Eurasian Economic Union (EAEU), which will officially enter into force on 22 July 2026.

The agreement will be implemented for an initial period of two years and opens new opportunities for Mongolia to export to and import from the EAEU member states — Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan — under preferential tariff conditions.

Under the agreement:
🔹 Customs tariffs on 367 categories of Mongolian products will be eliminated or reduced;
🔹 Preferential access will cover livestock and agricultural products, ready-made garments, knitwear, leather, wool and cashmere products;
🔹 Tariffs on certain products will be reduced by up to 50%;
🔹 97.5% of the 367 products eligible for preferential access are agricultural and livestock-origin products.
This agreement creates a potentially important opportunity for Mongolia to diversify its export markets and move beyond the traditional dependence on mineral exports.
The real opportunity now lies in implementation.
Can Mongolia:
🇲🇳 Increase the volume and quality of value-added agricultural exports?
🐑 Build reliable supply chains for livestock-based products?
🧶 Expand international markets for wool and cashmere?
👕 Develop competitive textile and apparel production?
🚛 Overcome logistics and transportation challenges across the Eurasian market?
Preferential tariffs can open the door.
But competitiveness, product quality, standards, certification and logistics will determine whether Mongolian businesses can truly walk through it.

The next two years should be used strategically — not simply to increase exports, but to build long-term market access and competitive Mongolian brands across Eurasia.

11/07/2026

🇲🇳 Mongolia Moves to Modernize State-Owned Enterprises with Franklin Templeton

Mongolia has taken another major step toward strengthening its investment climate.

The Government has signed a Memorandum of Understanding (MoU) with Franklin Templeton, one of the world's leading investment management firms with US$1.78 trillion in assets under management, to support the reform of Mongolia's state-owned enterprises (SOEs).
The reform aims to:
✅ Improve corporate governance of SOEs in line with international standards;
✅ Evaluate state-owned companies using globally recognized methodologies;
✅ Enhance financial and operational performance;
✅ Prepare selected SOEs for listing on the Mongolian and international capital markets by 2027 under a proposed National Investment Fund framework.
Mongolia currently has 108 state-owned enterprises employing over 60,700 people and managing assets worth approximately MNT 60 trillion.

Importantly, the Government emphasized that this is not a rapid privatization program. Instead, the focus is on increasing transparency, accountability, efficiency, and investment readiness before accessing capital markets.

Franklin Templeton brings valuable international experience, having advised governments such as Romania and Uzbekistan on SOE governance reforms and capital market development.
If successfully implemented, this initiative could mark a significant milestone in Mongolia's economic reform agenda, strengthening investor confidence, deepening capital markets, and unlocking greater value from state-owned assets.

J&A Global Consulting will continue to monitor these reforms and provide insights into their implications for foreign investors and strategic partners.

10/07/2026

🇲🇳🇰🇷 A New Golden Age for Mongolia–Republic of Korea Relations

The State Visit of President Lee Jae Myung to Mongolia marks a historic milestone in bilateral relations. Taking place during the 36th anniversary of diplomatic relations, the visit is also the first by a South Korean President to Mongolia in 15 years, underscoring the growing strategic importance of the partnership.

The decision to elevate bilateral ties to a "Golden Age Strategic Partnership" reflects a shared vision for deeper cooperation in an increasingly complex global environment.
Beyond traditional diplomatic engagement, the two countries are expected to expand cooperation in:

🔹 Critical minerals and resilient supply chains
🔹 Trade and investment
🔹 Renewable energy and green growth
🔹 Infrastructure and logistics
🔹 Digital transformation and advanced technologies
🔹 Education, innovation, and people-to-people exchanges

For Mongolia, this partnership presents an opportunity to attract high-quality investment, advanced technologies, and greater value-added development in the mining sector. For the Republic of Korea, it strengthens access to reliable sources of critical minerals that are essential for semiconductors, batteries, electric vehicles, and other strategic industries.
As global competition for critical minerals intensifies, the Mongolia–Republic of Korea partnership has the potential to become a model of mutually beneficial cooperation—supporting economic resilience, sustainable development, and regional prosperity.

Congratulations to both nations on this new chapter of cooperation.

J&A Global Consulting

27/07/2026

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