AGP Executive Report

Mining: Rio Tinto paused underground work at Oyu Tolgoi after a seismic event injured three workers; surface operations continue while the company reviews safety. Separately, copper exports to China have fallen 70% amid border restrictions, with reported losses of $300 million that could reach $1.2 billion by year-end. Tourism: Mongolia welcomed a record 919,104 visitors through Oct. 29, reaching 91.9% of its one-million target. Water Investment: Prime Minister Uchral called for coordinated, long-term investment in drinking-water safety, groundwater surveys, storage and strategic infrastructure as demand and climate pressures grow. Agriculture: Flour producers bought 185,300 tonnes of the autumn wheat harvest, backed by MNT 120 billion in government working-capital loans to support domestic supply. Retail: E-Mart opened its seventh Mongolian store, with an eighth planned for November. Trade and Investment: Mongolia and Belarus signed 17 business deals worth a reported $50 million.

Mining: Rio Tinto paused underground work at Oyu Tolgoi after a seismic event caused a rockfall and injured workers. The company is conducting a safety review; surface mining and milling continue. Copper Exports: Border restrictions have cut Oyu Tolgoi’s copper shipments to China by about 70%. The disruption could mean $300 million in lost exports so far, rising to $1.2 billion if it lasts through year-end. Agriculture: Flour producers bought 185,300 tonnes of this year’s wheat harvest, backed by MNT 120 billion in government working-capital loans. Retail: South Korea’s E-Mart opened its seventh Mongolian store in Ulaanbaatar and plans an eighth in November. Finance: Khan Bank secured a $130 million green loan. Trade: A Mongolia-Belarus business forum produced 17 agreements valued at $50 million.

Copper Exports: Oyu Tolgoi says copper-concentrate shipments to China have fallen about 70% as border upgrades cut truck convoys to three or four a day. The disruption is estimated to have reduced exports by $300 million; losses could reach $1.2 billion by year-end if it continues. Mine Safety: A seismic event and rockfall at Oyu Tolgoi injured 15 workers. No deaths were reported, and the operator is assessing the situation. Retail Growth: E-Mart opened its seventh Mongolian store in Ulaanbaatar and plans an eighth next month, while expanding its No Brand outlets. Agriculture: Mongolia’s autumn harvest reached 88.1% by October 26, with 569,500 tonnes of grain collected. Trade & Finance: Kyrgyzstan and Mongolia are exploring trade and industrial links under their EAEU interim trade agreement, including cooperation in garment-making and wool and cashmere processing. Khan Bank also secured a $130 million green loan.

Copper Exports: Oyu Tolgoi says China border restrictions have cut copper-concentrate shipments by about 70%, from 13–15 truck convoys a day to three or four. The disruption has already reduced exports by an estimated $300 million; losses could reach $1.2 billion if it lasts through year-end. Retail: E-Mart opened its seventh Mongolian store in Ulaanbaatar and plans an eighth in November, while expanding its No Brand chain. Harvest: Mongolia had gathered 88.1% of its autumn crops by October 26, including 569,500 tonnes of grain. Cashmere Industry: An ILO productivity program reported gains at participating firms, including output increases of 179.4% and 76.5% at two companies, fewer defects at another and 17% lower energy use at a fourth. Investment & Trade: Khan Bank secured a $130 million green loan, while a Mongolia-Belarus business forum produced 17 deals valued at $50 million.

Mining: Azzuro Resources is drilling its Red Hill copper-gold targets in Mongolia after a strategic investment; assay results are pending, and the company says the targets are conceptual, not a mineral resource. Cashmere: An ILO program reported productivity gains of up to 179% at participating Mongolian firms, alongside fewer defects and lower energy use, as it expands efforts to improve skills and working conditions. Tourism: South Korea is piloting group tourist visas for Mongolians, including corporate incentive trips and training tours, in a move to ease travel and encourage exchanges. Finance: Khan Bank secured a $130 million green loan. Trade: A Mongolia-Belarus business forum produced 17 deals worth $50 million, while mining contractor Thiess won two five-year contracts in Mongolia.

Cashmere Productivity: An ILO program is helping five Mongolian wool and cashmere firms improve skills and working conditions. In earlier pilots, productivity rose 179.4% at Blue Sky Cashmere and 76.5% at Capra D’Oro; Evseg cut production defects by 66.6%. Tourism Access: South Korea will pilot group tourist visas for Mongolians, simplifying travel for groups of at least five, including corporate and training trips. Wildfire Fallout: Authorities are assessing damage after a fire burned 528,800 hectares in and around Dornod’s Numrug Strictly Protected Area. KDDI has apologised over the blaze, which investigators say may be linked to its subsidiary Mobicom’s activities. Trade and Finance: Mongolia-Belarus talks produced 17 deals worth $50 million, while Khan Bank secured a $130 million green loan. A Mongolia-Germany business forum also drew more than 270 participants.

Corporate Accountability: Mongolia is assessing damage from the Numrug reserve fire, which burned about 528,800 hectares. KDDI says the blaze was linked to activities by its subsidiary Mobicom, and Mongolia is considering seeking compensation. Trade & Investment: A Mongolia-Belarus business forum produced 17 agreements and memorandums worth $50 million, as the two countries pledged to expand trade and investment. Coal Exports: Mongolia’s thermal coal exports rose 73% to 24 million tonnes in January–September, the fastest growth among major suppliers. Finance & Infrastructure: Khan Bank secured a $130 million green loan, while Toshiba is pairing battery systems for Mongolia’s power grid.

Corporate Accountability: Mongolia is considering compensation claims against KDDI subsidiary Mobicom after a fire allegedly linked to its convoy burned about 530,000 hectares, including nearly 80% of the Numrug Strictly Protected Area. Prime Minister Nyam-Osor Uchral says investigators must establish responsibility. Energy Investment: Toshiba is preparing a hybrid battery system for a Darkhan substation, pairing fast-response storage with a longer-duration battery linked to a 10 MW solar plant; operations are scheduled for December 2027. Finance and Mining: Khan Bank secured a $130 million green loan, while Thiess won two five-year mining contracts in Mongolia. Tourism: International arrivals have reached 856,636, surpassing the 2025 record; ITM Mongolia’s expo drew more than 20,000 visitors and tourism businesses from several countries. Trade and Small Business: Mongolia has harvested nearly 90% of its grain and vegetables, and export-focused microbusinesses are set to receive 2.4 billion MNT in loans. International Ties: Mongolia and Finland signed 10 cooperation documents, while a Mongolia-Germany business forum in Berlin drew more than 270 participants.

Tourism: ITM Mongolia 2026 drew more than 20,000 visitors to Ulaanbaatar, with companies from seven countries pitching travel products and partnerships. Trade: Mongolia and Belarus set a goal to triple bilateral trade by 2029 and signed a 2027–29 cooperation roadmap, including plans for agriculture and customs. Green Finance: Khan Bank secured a five-year, $130 million green loan from AIIB to expand financing for Mongolian green projects. Power: Toshiba is preparing a hybrid battery system for the Darkhan grid, pairing fast-response storage with a longer-duration battery to support solar power; it is due to begin operating in 2027. European Ties: Mongolia and Germany reaffirmed their strategic partnership, while a Berlin business forum brought together more than 270 participants.

Green Finance: Khan Bank secured a five-year, $130 million green loan from the Asian Infrastructure Investment Bank and Korea Development Bank to expand financing for Mongolia’s green projects. Trade & Investment: Mongolia stepped up outreach across Europe: a Finland visit produced 10 cooperation documents and a business forum, while the president’s first visit to Belarus included plans for a 2027–29 cooperation roadmap. A Mongolia-Germany business forum drew more than 270 participants. Wildfire Liability: The government is considering compensation claims over a grassland fire linked to a Mobicom convoy; KDDI apologized and said it would cooperate with the investigation, while stating employees had not violated Mongolian rules. Business & Exports: Mongolia allocated MNT 2.4 billion in loans for export-focused microbusinesses, and researchers found EAEU membership was associated with stronger bilateral exports. Grain and vegetable harvesting reached nearly 90%.

Copper Outlook: Analysts warned that AI data-center and Indian demand forecasts may overstate future copper consumption, while China’s growth is expected to slow to 1–1.5% annually by 2030—a key watchpoint for Mongolia’s mining sector. Belarus Ties: President Khürelsükh’s first state visit to Belarus includes a business forum and plans for a 2027–29 cooperation roadmap focused on trade, industry and agriculture. Finland Partnerships: Mongolia and Finland signed 10 cooperation documents, while leaders at a business forum highlighted opportunities in mining, minerals, clean energy and digitalisation. Wildfire Liability: Mobicom’s Japanese parent, KDDI, faces compensation claims after a fire linked to its subsidiary burned about 530,000 hectares, including most of the Numrug Strictly Protected Area. Business and Agriculture: A Mongolia-Germany business forum drew more than 270 participants, while Mongolia reported harvesting nearly 90% of its grain and vegetables.

Finland ties: Mongolia and Finland signed 10 cooperation documents, while President Khürelsükh’s Helsinki visit included a business forum focused on trade, investment, mining, clean energy and digitalisation. Belarus outreach: Khürelsükh’s first state visit to Belarus is set to include a business forum and a 2027–29 cooperation roadmap, with trade, industry and agriculture on the agenda. Wildfire liabilities: KDDI-owned Mobicom faces potential compensation claims after a fire linked to its vehicles burned about 530,000 hectares, including nearly 80% of the Numrug protected area. Mining contracts: Thiess secured two five-year mining contracts in Mongolia, extending its local work. Germany business links: A Mongolia-Germany forum drew more than 270 participants during Khürelsükh’s state visit, as the countries reaffirmed plans to deepen their strategic partnership. Domestic economy: Budget revenue and grants rose by MNT 3.8 trillion; meanwhile, Mongolia had harvested nearly 90% of grain and vegetables, and export-focused microbusinesses are set to receive MNT 2.4 billion in loans.

Belarus Trade: President Khürelsükh’s first visit to Belarus includes a business forum and plans for a 2027–29 cooperation roadmap, with talks focused on trade, industry and agriculture. Finland Partnership: Mongolia and Finland signed 10 cooperation documents, while a business forum explored opportunities in mining, clean energy, digitalisation and education. Mining Contracts: Thiess secured two five-year deals at Oyu Tolgoi and Ukhaa Khudag; the Oyu Tolgoi work is expected to add more than 110 jobs. Wildfire Liability: Japan’s KDDI apologised after its Mongolian subsidiary Mobicom was linked to a fire that burned about 530,000 hectares, including nearly 80% of the Numrug Strictly Protected Area; the damage is under assessment. Harvest: Mongolia has gathered nearly 90% of its grain and vegetables, with the government forecasting 555,300 tonnes of grain this year.

Finland Trade: Mongolia and Finland signed 10 cooperation documents as President Khurelsukh’s visit included a business forum focused on trade, investment and opportunities in mining, clean energy and digitalisation. Wildfire Liability: Mobicom, the Japanese-invested telecom company linked to a blaze that burned about 530,000 hectares, faces compensation claims; parent KDDI has apologised, and an investigation is under way. Mining Contracts: Thiess secured two five-year deals at Oyu Tolgoi and Ukhaa Khudag, including underground development work expected to add more than 110 jobs. Agriculture: Mongolia has harvested nearly 90% of its grain and vegetables and completed its potato harvest, with final grain output forecast at 555,300 tonnes. Germany Ties: A Mongolia-Germany business forum in Berlin drew more than 270 participants as the two countries reaffirmed plans to deepen their strategic partnership.

Mining: Thiess won two five-year contracts at Oyu Tolgoi and Ukhaa Khudag; its Oyu Tolgoi work is expected to add more than 110 jobs. Agriculture: Mongolia has completed its potato harvest and gathered nearly 90% of its grain and vegetables, with preliminary forecasts pointing to 555,300 tonnes of grain. Germany ties: A Mongolia-Germany business forum drew more than 270 participants as the countries discussed investment and cooperation in mining, technology and renewable energy. Corporate accountability: Mobicom faces compensation claims after a fire linked to its executives’ visit scorched about 80% of the Numrug reserve; an investigation is underway. Trade and finance: Mongolia imported 40,800 tonnes of AI-92 gasoline in October, while export-focused microbusinesses are set to receive MNT 2.4 billion in loans.

Mobicom Fire Fallout: Japan’s KDDI apologized after its Mongolian subsidiary was linked to a blaze that burned about 530,000 hectares, including nearly 80% of Numrug Strictly Protected Area. Compensation claims and an official investigation are pending. Germany Business Ties: A Mongolia-Germany forum in Berlin drew more than 270 participants, with talks on investment, manufacturing, wool and cashmere, and value-added exports. The countries also pledged to deepen their strategic partnership. Trade and Finance: Mongolia imported 40,800 tonnes of AI-92 gasoline in October, while export-focused microbusinesses are set to receive MNT 2.4 billion in loans. Budget revenue and grants rose by MNT 3.8 trillion, and a public poll is gathering views on how to use potential Oyu Tolgoi dividends. Coal Trading: Luda Technology Group announced plans to enter Mongolia-China coal trading as part of a longer-term commodity strategy.