According to the Minister, revisions to the Minerals Law have been discussed at both parliamentary and government levels since 2014. Developed under the Government’s “Liberate” initiative and related parliamentary resolutions, the current draft introduces amendments affecting more than 40 percent of the existing law.

Officials stated that the changes are intended to address growing challenges in regulating Mongolia’s rapidly expanding mining sector under the current Minerals Law adopted in 2006.

The proposed amendments focus on several major areas, including:

- reforming the exploration licensing framework,

- accelerating geological exploration activities,

- establishing policy and regulatory provisions for critical minerals,

- improving regulations related to mineral processing,

- strengthening local participation in the geology and mining sectors,

and increasing the share of royalty revenues allocated to the Local Development Fund.

The Government believes the amendments will create a more competitive and investment-friendly legal framework while supporting the long-term development of Mongolia’s mining sector.

“The discussion focused on the potential economic, investment, and competitiveness impacts of the draft one-time legislation currently being developed by the Government of Mongolia concerning state ownership shares in strategically important mineral deposits and secondary deposits, as well as special regulations related to the National Wealth Fund.”

A key feature of the discussion was its broader approach to defining economic benefits from mining. Rather than limiting the debate to tax revenues alone, participants examined the overall structure of mining benefits, the investment environment, and the appropriate role of state participation in the sector.

The discussion covered several major themes, including:

• The concept of economic benefits from strategic and mining deposits

• Investor expectations and the competitiveness of Mongolia’s mining projects

• The current impact and future options regarding state ownership, royalties, and surtax royalties

Participants also exchanged views on whether state ownership issues related to the 16 strategic deposits approved under Parliament Resolution No. 27 of 2007, as well as 39 additional deposits under consideration for strategic status, could be replaced with a special royalty framework depending on the mineral type. Related risks and potential impacts were also discussed.

Around 20 participants attended the discussion, including investment and capital market specialists, economists, researchers, professional associations, and representatives of companies holding licenses for strategic deposits. Participants shared perspectives on how potential policy changes could affect Mongolia’s economic environment and investment attractiveness.

Organizers emphasized that the purpose of the discussion was to create an open, multi-stakeholder platform for constructive dialogue on mining policy issues and to deliver balanced, professional perspectives and recommendations to both decision-makers and the public.

As an initial outcome, the Mongolian Government and Rio Tinto reached a preliminary agreement to cut Oyu Tolgoi’s project management fees by half and eliminate overlapping charges.

According to the Government, the revised structure could reduce total project costs by USD 2.2 billion while increasing Mongolia’s economic benefit from the project by approximately USD 1.5 billion.

Despite the progress, Minister of Industry and Mineral Resources and head of the working group, G. Damdinnyam, stated that the investor side has not yet responded sufficiently to fully meet the objectives set by the Government of Mongolia. He emphasized that the Government’s position remains unchanged as negotiations continue.

- Economic calculations are being conducted on how to allocate mineral royalty revenues between soums and aimags -

Mining Insight’s N. Ariuntuya spoke with B. Dashpurev, State Secretary of the Ministry of Industry and Mineral Resources.

The Ministry organized discussions on the draft amendments to the Minerals Law across all 21 provinces. What issues were most frequently raised during these discussions? Based on the feedback received, what principal changes are expected to be introduced in the draft?

The proposed amendments to the Minerals Law are supported not only by businesses but also by citizens. The main reason for this support is the demand for a fairer distribution of mineral royalty revenues (MRR) to local communities. A common concern raised is that MRR are currently distributed equally between provinces with mining activities and those without. Residents in mining regions are asking for changes so that the benefits of mining are more directly reflected in their local livelihoods. Second, environmental protection and mine rehabilitation were major issues raised by citizens. There are strong calls to establish a legal framework that ensures proper and high-quality mine closure. Third, citizens support policies aimed at expanding and diversifying Mongolia’s economy. At the same time, they emphasize that mining activities must be environmentally responsible. For example, proposals were made to use less water in gold extraction and processing technologies, to avoid the use of sodium cyanide, and to introduce dry processing technologies wherever possible. Within the framework of corporate social responsibility, citizens also emphasized that mining companies should support local businesses. Even when purchasing items such as work clothing, companies should prioritize local suppliers. It was also noted that companies should treat local administrative units and citizens with greater respect. Concerns were raised that some companies tend to disregard local communities by emphasizing that they operate under licenses granted by the central government.. These proposals are being reflected to a certain extent in the amendments to the law. There were also conflicting views. One key issue concerns disagreements among local authorities regarding which level of government should engage with mining companies. At the provincial level, it is argued that provincial citizens’ representative councils are elected from soums and therefore decisions should follow the principle of representation. Provinces believe they should ensure unified policy coordination so that each soum or bag does not pursue separate approaches. Meanwhile, soum and bag administrations argue that as the direct local authorities responsible for the territory, they must be the ones interacting with mining companies in order to protect the interests of local herder communities. Discussions are ongoing on how to clarify and better define this issue.

What concrete solutions are being developed regarding the issues discussed above?

Solutions are being developed for specific issues. In particular, economic calculations are being conducted on how MRR could be distributed between soums and aimags and what options exist for differentiated allocation. When gold prices are high and production increases, MRR also rise. As a result, some soums may receive large payments, potentially exceeding the revenues of their aimag. This raises questions about how such funds should be used and what they should finance. Therefore, the economic calculations are being refined. Regulations on mine closure will also be improved. First, the project operator will carry out rehabilitation and closure. A financial guarantee will be placed and used for rehabilitation and closure activities. Second, a new project can only begin once the previous project has been fully closed. If a new project is planned in parallel, it will only be allowed after verifying that closure and rehabilitation are being properly implemented according to the plan. Improving environmental rehabilitation will reduce the negative impacts of mining, which may also improve public attitudes toward the sector. Fair distribution of MRR is also expected to improve living conditions for people in mining regions. Companies often ask how domestic and foreign investments will be protected. In many cases, projects are delayed not because of legal regulation but because of local opposition. If these issues are addressed, projects may receive greater support.

Were there issues that could not be addressed within the amendments to the Minerals Law?

Local representatives raised concerns that baseline geological surveys are being conducted without consultation with local authorities. However, the ministry has taken a firm position that this cannot be changed. Mongolia must carry out baseline geological surveys and exploration in order to understand its mineral resource potential and define future prospects. Based on such information, the country plans its international cooperation and development strategies. Baseline geological surveys are not only related to minerals. They also assess the condition of the land and are therefore an important scientific activity. However, citizens often misunderstand these surveys as activities that disturb the subsoil, which leads to opposition and delays. For this reason, we explain that baseline geological surveys must be implemented consistently as part of state policy. During the consultations across the 21 provinces, one observation was that public understanding of mining has improved to some extent. In provinces that aim to develop mainly through livestock, agriculture, or tourism, there is increasing concern that they may fall behind provinces that develop through mining. Therefore, local authorities have expressed interest in implementing a limited number of responsible mining projects in an effective manner.

The Ministry of Industry and Mineral Resources and the Mongolian National Mining Association jointly organized the “Mining Week & MinePro 2026” event in London for foreign investors. How effective was this event? Some critics say that since there was no major new investment announcement, such meetings are unnecessary.

One of the key announcements we made was that the Government of Mongolia has launched the selection process for a strategic investor for the copper smelter project and has notified four shortlisted legal entities. In addition, the preliminary feasibility study for a plant producing 1 million tonnes of steel and 200,000 tonnes of pig iron has been approved, and preparations are underway to launch an open international tender for investors. The feasibility study for a coal pyrolysis plant based on the Baganuur mine has also been approved and preparations for investor selection are in progress. A working group has been established for the gold refinery project. We held meetings with two German companies and one British company. If Mongolia develops its own gold refining capacity, it will be able to separate not only gold and silver but also palladium. Furthermore, once the Erdenet copper processing plant is built, it will be possible to extract gold and silver that are currently not recoverable. An internationally accredited precious metals laboratory has also been established at the Geological Research Center. This will make it possible to analyze exploration results in a short time using advanced technologies. If a gold refinery is built, it will create new jobs, produce value added products, and support tourism by producing final products such as gold coins. Mongolia will also be able to produce 999 purity gold domestically and reduce the time and cost currently required to certify samples abroad. These initiatives were presented as part of a broader integrated project. We also introduced the planned amendments to the Minerals Law, which aim to intensify exploration by introducing different licensing mechanisms. By ensuring fair distribution of MRR and improving regulations on rehabilitation and mine closure, the basis for reducing local opposition will be created. Lowering the copper royalty rate to align with international levels will also enable copper projects to move forward. Globally, there is increasing attention to metals required for clean energy production, and exploration activities targeting these resources are expanding. Mongolia is working in parallel with these global trends and presenting opportunities for cooperation. For some time, due to changes in regulations and certain policy decisions, foreign investment interest in Mongolia slowed and the number of interested parties decreased. Internationally, there is growing interest in raw materials needed for clean energy production, and Mongolia is among the countries being considered. Therefore, we must actively communicate and present Mongolia’s opportunities to the international community. At the same time, many studies conducted ten years ago are no longer valid today. Conditions have changed, resource estimates and classifications have been updated, and technological progress has been rapid. For example, ten years ago studies suggested that building a gold refinery was not economically viable, that the technology was insufficient, that construction would take many years, and that building the facility alone would require about USD 70 million. Today the same facility can be built for USD 23–46 million and operated for seven years before being transferred to the state. When the copper processing plant was first discussed, recovering gold from copper tailings was not considered. Today it has become necessary. We need to recover gold and silver from Oyu Tolgoi tailings. Policies that focus on the future must be discussed and implemented. Only in this way can the country move forward. Without discussion and action, advanced technologies will never be introduced.

What were the main issues raised by investors?

Investors raised several common issues. First, they asked for measures to reduce local opposition. In this regard, we have taken a firm position with project developers. It is not only Mongolian citizens who oppose mining. This is a legitimate concern related to protecting the living environment and nature. Such issues also exist in mining countries like Australia and Canada. What is important is to establish legal regulations that ensure economic benefits for both sides while avoiding negative environmental impacts. Project developers should treat local communities with respect and work together to resolve issues. They also need to explain their projects clearly to local residents. The mining sector has not done enough to communicate and explain these issues. During the transition from exploration to production, project developers should explain to local communities what mining and exploration are and what benefits they bring to the local area and the country. In addition to focusing on exploration activities, they must also provide accurate information to citizens. Not only the Ministry of Industry and Mineral Resources but also project developers, professional associations, industry organizations, and researchers should work together to provide correct information to the public. Second, investors raised the issue of improving the investment environment. For example, they pointed to the case of copper production at Erdenet, where a 21 percent MRR is applied. They suggested reducing it to around 8–9 percent in line with international standards. Regulations are also being introduced so that state owned companies that sell domestically and process minerals into products are not subject to double MRR. These changes would lead to significant improvements. Investors also raised concerns about sudden state decisions to confiscate assets. Such issues must be addressed and protected through legal and regulatory frameworks.

ILLEGAL GOLD MINING WILL BE STOPPED

Gold prices and production reached historic highs in 2025–2026 due to global geopolitical conditions. The trend is expected to continue. Many countries are increasingly treating gold as a strategic asset to hedge against geopolitical risks and are increasing the share of gold in their foreign exchange reserves. What policy measures is Mongolia considering to increase its gold reserves?

Mongolia has previously delivered as much as 24.5 tonnes of gold to the Bank of Mongolia. In 2025, gold producers delivered 16.3 tonnes to the central bank. The target for this year is 20 tonnes. As of now, 2.2 tonnes have already been delivered, which is 22.1 percent higher compared with the same period last year. Gold prices have reached an unprecedented level and currently stand at around USD 5,186. Forecasts suggest that prices could rise to USD 6,000. In this context, the issue of increasing gold production will be discussed at the Government meeting on March 4, 2026. To support increased gold production, the Mineral Resources and Petroleum Authority has been instructed to approve mining work plans of gold mining companies within the first quarter. Early approval of mining plans will allow companies to attract investment and begin operations earlier. Second, the increase in gold prices has led to a rise in illegal gold mining activities. Since the autumn of 2025, the Ministry of Industry and Mineral Resources has established a joint working group with the Environmental Police and the Ministry of Environment and Climate Change. This work will continue. Illegal gold mining that damages the environment and contributes to the shadow economy must be stopped. In addition, to strengthen environmental responsibility, companies will be required to place 100 percent of rehabilitation financial guarantees. There have also been many complaints regarding projects affected by the “Long Name Law,” where measurement or mapping errors resulted in areas without rivers being classified as areas with rivers, leading to the suspension of certain projects. These areas will be re-measured. For projects that were operating before the law was adopted, or where reserves had already been established and plants were ready for construction, a joint working group from the Ministry of Industry and Mineral Resources and the Ministry of Environment and Climate Change will review the cases. If it is confirmed that discrepancies resulted from coordinate errors, operations may be allowed to start after a 100 percent rehabilitation financial guarantee is placed. At the same time, license holders will be required to operate responsibly, place financial guarantees, carry out rehabilitation and mine closure properly, maintain strong social responsibility, and cooperate effectively with local communities. The overall goal of these measures is to promote responsible mining, protect the environment, increase local benefits, and create a stable investment environment.

Many gold deposits with mining licenses exist but remain outside economic circulation. What factors are causing this situation? Does the ministry have plans to bring such deposits into economic circulation?

Mongolia has 441.5 tonnes of gold reserves in both primary and placer deposits. Although the number of mining licenses is high, the majority of these deposits remain inactive due to the coordinate discrepancies mentioned earlier. In addition, 54 licenses are located within the 15-kilometer border zone of Mongolia. A working group has been established and is conducting inspections and reviews in cooperation with relevant law enforcement and oversight authorities.

More than ten years have passed since the adoption of the Long Name Law. Why has this issue still not been resolved?

The cadastral registration systems of the Mineral Resources and Petroleum Authority and the Ministry of Environment and Climate Change do not match. In one system an area may appear to include water or forest resources, while in the other it may not. There are also disputes over cases where a river once existed but later disappeared. In addition, disagreements remain over whether coordinates were recorded in restricted zones that should not have been included. Because these disputes were not resolved, many projects have remained suspended for years. A working group will now work to integrate the systems and remove these inconsistencies. Once a decision is made at the Government meeting, preparations have been made to resolve the issue within 14 days.

How will gold reserves under state ownership be brought into economic circulation?

Erdenes Mongol LLC holds several gold licenses. The Government has assigned the company the task of bringing these deposits into economic circulation. Most of the projects are already prepared for development, although some require additional exploration work. Erdenes Alt Resource LLC has been tasked with carrying out this work and preparing the projects for development within a short period of time. Investment may be secured through the establishment of joint ventures.

What new regulations and monitoring mechanisms will be implemented to improve environmental responsibility in the mining sector?

Mine closure and rehabilitation will be subject to stricter accountability. Illegal activities will be addressed firmly. Stronger regulations related to illegal mining will be included in the Criminal Code, environmental legislation, and the amendments to the Minerals Law. Under the current legal framework, illegal mining is punished only with fines. The penalty is currently 500,000 tugriks. If rented equipment or heavy machinery is used, it has not previously been confiscated by the state, but regulations are now being discussed to allow such equipment to be seized as state property. Strengthening legal regulations is necessary to stop irresponsible mining and illegal extraction that damage the reputation of the mining sector. It is no secret that illegal mining is often organized by groups that include some local residents and, in some cases, certain law enforcement officials. To stop this, all responsible institutions will work together. Remote and difficult to access areas will be placed under constant monitoring using satellite data, drone detection and surveillance, and regular joint inspections.

GREATER RESPONSIBILITY WILL BE REQUIRED BEFORE MOVING TO A MINING LICENSE

What types of minerals will Mongolia consider critical? How will geological exploration policy be directed accordingly, and what special policies will be applied to those minerals considered critical?

At the international level, countries are identifying and announcing lists of geopolitically and strategically important minerals. Through amendments to the Minerals Law, a legal framework will be created to approve and publicly announce Mongolia’s list of critical minerals and to implement policies targeting them. Together with the National Geological Service, preparations are underway to classify and announce 19 types of minerals as critical. This will allow Mongolia to better identify its resource potential and implement its strategic policies more effectively. It will also help advance major projects such as the copper smelter and bring into circulation certain projects that have been stalled due to mineral royalty regulations. What is considered a critical mineral depends on each country’s resources and policy priorities. For Mongolia, coal remains important. However, considering global trends, commodity prices, and technological demand, copper is being included in the critical minerals list. Rare earth elements and non-ferrous metals will also be included. Since the list has not yet been finalized, it is not possible to specify the exact minerals at this stage. The main policy is to intensify exploration and research activities in these areas in order to determine resource potential. Regulations will be introduced to make exploration activities easier. Once the 19 minerals are defined, procedures related to licensing will be simplified to accelerate all stages of approval. Mongolia has also joined international conventions aimed at reducing greenhouse gas emissions. This direction will be reflected in the country’s mineral policy. At present, there are few conditions for major deposits to move into production. Apart from additional resource calculations at the Oyut deposit of Erdenet and the Erdene Mongol project entering production, no major new deposits are being discovered. This is largely due to the slowdown of exploration activities. Currently Mongolia has 2,817 valid licenses, of which 1,778 are mining licenses and 1,039 are exploration licenses. Exploration licenses are almost half the number of mining licenses. This situation limits the discovery of new major deposits like Erdenet, Oyu Tolgoi, or Tavan Tolgoi. Resource discovery largely depends on exploration financed by private investment. Exploration funded by the state budget is limited and therefore progresses slowly. However, the new government has significantly increased the budget for baseline geological surveys. At present exploration licenses are issued only through competitive tender. In many cases investors do not show interest in certain areas offered through tenders. To study these areas further, it is necessary to issue licenses through an application-based system. At the same time, when companies obtain exploration licenses and attempt to start work, local communities often oppose them. Exploration has minimal environmental impact, but people oppose it because they believe that exploration will inevitably lead to mining. If the transition from exploration to mining license is carefully assessed, including social and economic benefits for the region and the use of environmentally friendly technologies, and if discussions with local communities take place before granting a mining license, opposition to exploration activities may decrease.

How is this regulation reflected in the current amendments to the law?

Since mining operations involve disturbing the subsoil, companies will be required to place a closure guarantee before operating. This, together with the overlapping regulations mentioned earlier, will help eliminate negative environmental impacts. It will serve as a guarantee that both biological and technical rehabilitation will be completed 100 percent. In other words, greater responsibility will be required before moving into production. At the same time, the distribution of MRR will increase local investment, which will benefit the social and economic development of local communities. If project developers also improve their relations with local communities, the overall situation may improve significantly.

How are companies responding to the requirement to place 100 percent of closure and rehabilitation costs in advance?

When approving annual mining work plans, project developers will place the required guarantees in stages according to the work they plan to carry out each year. A mine that plans to operate for ten years will not pay the entire closure cost at the beginning. Instead, a certain portion of the total planned amount will be deposited, and once the rehabilitation work for that year is completed, the corresponding amount will be released. According to our calculations, if rehabilitation costs are estimated at 100 MNT, companies will place 130 MNT as a guarantee. If the work is carried out properly, 30 MNT will be released from the guarantee. Under the current system, there are cases where additional extraction or washing is conducted together with local actors, and rehabilitation is not carried out properly or is neglected. Therefore, since the responsibility for timely and proper rehabilitation lies with the project developer, the developer will carry out its own rehabilitation and closure work.

EXPLORATION ACTIVITIES NEAR BORDER AREAS WILL BE INTENSIFIED

Technological progress is making many previously impossible things possible. Opportunities are opening up to conduct large scale geological surveys in a short period of time. What policies and plans does the ministry have in this area?

There is a policy to intensify exploration activities in border areas. In this regard, memorandums of understanding have been signed with neighboring Russia and China. In addition, the National Geological Service will intensify baseline geological surveys funded by the state budget. A unified information system will also be established. Although a large amount of data exists, much of it has not been processed. In cooperation with the National Geological Service, data from exploration and research carried out with both public and private funding will be consolidated, processed, and made publicly accessible through a unified information terminal. To ensure the public’s right to information, data will be made available showing the history of granting and revoking mineral licenses, the status of licenses across different regions of Mongolia, areas approved by the Government for licensing, and areas placed under state protection. These processed data will be made publicly available starting in April. The system will provide comprehensive and open information for the public and investors. A press conference will be held in early April to officially announce the system. Cooperation with the General Authority for State Registration is also being strengthened to make information on beneficial ownership publicly accessible. Work is also ongoing with the Extractive Industries Transparency Initiative to make the large amount of collected information more understandable and easier to process. At present, such information is not sufficiently communicated internationally. It is necessary to make this information public, explain how it is processed, and present it to international evaluation institutions. For this reason, a comprehensive information system is being prepared that integrates relevant data from various government institutions. When I served as State Secretary of the Ministry of Economy and Development, we prepared an information package for investors while drafting the Investment Law. The package provided comprehensive guidance for foreign investors on how to establish a company and invest in Mongolia, including relevant laws, regulations, procedures, and available opportunities. Currently, Mongolia still lacks such consolidated information resources.

What will be the focus of the Ministry’s policy in 2026?

The Ministry has declared 2026 the “Year of Economic Expansion and Legal Reform.” Expanding the economy means implementing the Government’s priority policy measures. In this context, the ministry is working on the primary Law on Heavy Industry, amendments to the Minerals Law, a revised version of the Petroleum Law, and amendments to the Law on Petroleum Products. Petroleum is a strategic commodity. Mongolia is 100 percent dependent on imported petroleum products. At the same time that the oil refinery is scheduled to begin operations in the first quarter of 2028, it is necessary to increase petroleum production and expand reserves. To increase reserves, the Mineral Resources and Petroleum Authority has been instructed to announce open tenders for petroleum exploration blocks. Exploration and research activities in this area will be intensified, and companies currently producing oil will be required to increase production. Although exploration blocks are offered through open tenders, the Petroleum Law currently allows only production sharing agreements. However, internationally there is a trend toward tax and royalty systems, where revenue is shared through royalties and taxes. This system is considered simpler and more transparent. Therefore, depending on the project’s economic conditions and benefits, different contract models will be allowed. Recently, disruptions related to petroleum product reserves caused public concern. Therefore, the Petroleum Law will clarify the distinction between state reserves and company reserves, establish accountability and monitoring systems, and improve legal regulation related to the increasing use of gas. Currently, Mongolia has legal regulations mainly focused on heavy industry projects linked to industrial and technology parks. The Law on Heavy Industry will create a legal framework for industrial production outside such parks. This will support the transition from extraction to processing and beneficiation, the production of value added products, the creation of employment, and the development of downstream industries. These four laws are expected to provide key policy solutions for expanding Mongolia’s economy.

Thank you for the interview.

Mining Insight Magazine, February 2026 №02 (051)

E.MISHEEL

The amendment to the Minerals Law has been reduced from a major reform in the form of a revised version since the formation of the new Government to smaller “additions and amendments”. However, fundamental changes that are not minor are planned to be introduced. These include allowing provinces affected by mining activities to receive a greater share of the Mineral Resource Royalty (MRR), requiring artisanal miners to pay MRR, and introducing processing licenses, which the drafters believe will help establish responsible mining practices. As a result, they expect local communities to develop a more supportive and cooperative attitude toward mining activities. In addition, critical minerals, which have become a focus of global attention, are addressed as a separate topic and included in the proposed regulations. In this context, the amendments to the Minerals Law that have been continuously discussed since 2019 are now being expedited for submission to Parliament on March 15. Below is an overview of what is included in the proposed amendments to the Minerals Law.

HOW MANY TIMES HAS THE MINERALS LAW BEEN AMENDED?

Since 2019, discussions have intensified on making broad amendments to the Minerals Law. Since then, the draft law has been prepared three times in the form of revised versions and amendments. In 2021, a revised version of the law was drafted, but it did not lead to a final outcome. That draft was developed with a similarly broad scope as the original Mining Law draft that had been submitted to Parliament in 2017. This time, compared with previous drafts, the proposed changes are somewhat lighter but focus on improving the foundations for production and development in the mining sector. The Minerals Law was first adopted in 1997 and was revised on July 8, 2006, with 11 chapters and 66 articles. The current law in force contains more than 620 provisions, and since the 2006 revision more than 400 articles and clauses have been amended. In other words, since 2006 the Minerals Law has undergone changes approaching the level of a full revision. Specifically, amendments were made as follows: 61 in 2009, 15 in 2010, 8 in 2011, 28 in 2012, 6 in 2013, 79 in 2014, 26 in 2015, 16 in 2016, 26 in 2017, 3 in 2018, 30 in 2019, 2 in 2021, and 10 articles, sections, and provisions in 2022. During the implementation of the 2006 revised version of the Minerals Law, the law’s 11 chapters and 59 articles were affected in various ways through 16 rounds of amendments. Therefore, the current draft amendments plan to introduce changes to 209 articles, clauses, and provisions. This falls within the scope of amendments as defined by the Law on Legislation.

The proposed amendments to the Minerals Law include the following: Addition: Chapter 1, Articles 9, Sections 46, Clauses 75 Amendment: Articles 3, Sections 15, Clauses 9 Deletion: Article 1, Sections 5, Clauses 6 Invalidation: Sections 7, Clauses 6 will be repealed. The draft amendments have been posted on relevant government websites to gather comments before being submitted to Parliament. Mining activities can be conducted on approximately 25 percent of Mongolia’s territory, while the remaining areas are restricted under relevant laws or by decisions of authorized institutions. Last year, the mining sector accounted for 22 percent of GDP, 78 percent of industrial output, 93 percent of export revenues, 74 percent of foreign direct investment, and 27 percent of the state budget. The main regulatory framework for the mining sector is governed by the Minerals Law. Following discussions held in Ulaanbaatar, the Ministry of Industry and Mineral Resources, the Mineral Resources and Petroleum Authority (MRPA), the National Geological Service, and the Mongolian National Mining Association organized consultations in all 21 provinces. Eight working groups were formed, and discussions on the draft law were conducted over three days. The reason for this is that when revenues from the mining sector increase, state budget revenues tend to grow as well. Although mineral export volumes increased last year compared with 2024, coal exports in 2025 reached 90 million tonnes, copper concentrate 2.2 million tonnes, iron ore and concentrate 8.8 million tonnes, zinc concentrate 149 thousand tonnes, and fluorspar 1.8 million tonnes, exceeding planned targets. However, the more than 40 percent drop in coal prices dealt a major blow to the country’s budget and economy. It had been expected that higher copper output and prices would compensate for this decline. Nevertheless, the 2025 state budget had to be reduced by 2.2 trillion MNT. For this year, the budget is being maintained at the level of the previous year. This is partly because copper concentrate exports, which generated significant revenue last year, are expected to decrease by 300 thousand tonnes to 1.9 million tonnes. At the same time, coal exports are projected at 90 million tonnes, iron at 9.4 million tonnes, and zinc at 150 thousand tonnes, all higher than the previous year’s plan. In addition, critical minerals have been included in the draft amendments as a third pillar of economic development, aimed at supporting Mongolia’s economy more sustainably in the future.

WHAT ARE THE FOUR MAIN AMENDMENTS IN THE DRAFT LAW?

The amendments to the Minerals Law focus on four main areas: granting exploration licenses through an application process, establishing a legal framework for critical minerals, introducing licenses for mineral processing plants, and increasing the share of mineral royalty revenues allocated to local communities.

First: Exploration licenses will be granted through both application and competitive selection.

In Mongolia, exploration licenses were issued at their highest levels in the early 2000s, reaching more than 2,000 per year. However, between 2011 and 2013 no exploration licenses were issued at all. Since 2019, licenses have been granted through a competitive selection process. According to the relevant ministry, this approach has not yet achieved the intended results of bringing more projects into economic circulation. Over the past seven years, fewer than 100 exploration licenses have been issued annually on average, totaling just over 660. Since 1997, Mongolia has issued 16,881 mining licenses in total, of which 2,558 are mining licenses and 14,323 are exploration licenses. Of the exploration licenses issued, 13,499 were granted through applications, 738 through competitive selection, 51 under Government Resolution No. 216, and 35 under other government resolutions. Under the draft law to be submitted, competitive selection will be used when geological surveys funded by the state budget identify areas with promising mineral potential. At the same time, there are areas where surveys have been conducted but no promising prospects have been identified. These areas would be granted through an application process. If an area identified as promising is offered through competitive selection but receives no participants or interest, or if the tender fails after being announced several times, it may then be granted through an application process. However, this transition between mechanisms will be regulated through procedures approved by the Government. In general, there have been repeated attempts to reintroduce the provision allowing exploration licenses to be granted through applications, but these efforts have not yet been successful.

Second: A critical minerals list will be established.

Countries with abundant reserves, as well as those with advanced technology, are creating lists of such minerals and defining their legal and regulatory frameworks in their own way. In order to join the global critical minerals supply chain, Mongolia also needs to establish similar requirements. More than 20 countries have approached the Ministry of Foreign Affairs to cooperate on research and implement projects in the field of critical minerals. Although Mongolia does not yet have an official list, the need to define a policy has emerged from an economic perspective. Therefore, the draft law introduces policy provisions for critical minerals under the term “important minerals,” including the approval of a list, the form of support to be provided in this area, and ways to accelerate exploration and research. Under the principle set out in the so-called “long-named law,” critical minerals will not be classified as strategic deposits, and this principle is reflected in the related legislation. The concept of critical minerals was first introduced by the United States in 1939 in connection with defense and military-industrial raw materials and strategic stockpiling. From 1984 onward, Japan, the European Union, the United Kingdom, and the United States began to prioritize critical minerals in relation to high technology, renewable energy, and defense. More recently, from 2015 to 2025, countries have started to legislate and give priority importance to critical minerals in order to address the medium-term risk of shortages of mineral raw materials related to global climate change, advanced technology, the energy transition, and defense. According to the International Energy Agency, as of last year, 35 countries had adopted policies, regulations, or laws on critical minerals. The lists of important minerals adopted by various countries include around 30 to 50 elements and metals. Of these, about 20 elements appear on the lists of all countries and are considered global in nature. Another 20 elements are defined as critical at the regional or national level, depending on the industrial profile of a country, its demand, and the availability of raw materials. Battery materials such as lithium, cobalt, nickel, and rare earth elements have long been considered globally critical, while copper has been added over the past two years as a globally important raw material due to its essential role in clean energy.

Third: Processing licenses will be introduced.

Under this provision, if a mining license holder operates a processing plant, no additional license will be required. However, if an entity does not hold a mining license, it will be required to obtain a processing license. For secondary deposits, no license will be required and the current regulation will remain unchanged. According to the General Customs Administration, exports of processed products by companies without mining licenses reached 1.9 million tonnes in 2019, but declined to 366.3 thousand tonnes the following year. In 2025, exports slightly recovered to 679.4 thousand tonnes due to rising prices of some raw materials. As of last year, 96 companies exported processed products, but only 21 had their mining work plans and reports approved by the MRPA. The activities of the remaining 75 companies remain unclear. To address this, the draft amendment proposes introducing processing licenses in order to register these companies.

Fourth: Mineral royalty revenues will be allocated more to local governments.

All 21 provinces and 330 soums of Mongolia receive a share of revenues generated by the mining sector for the state budget in one form or another. More directly, they receive a portion of the MRR distributed through the Local Development Fund. In order to increase MRR revenues, the amendments propose requiring artisanal miners to become MRR payers. In addition, while 20 percent of MRR revenues currently go to the Local Development Fund, the share allocated to provinces and soums affected by mining activities will be increased to 30 percent. According to the sector ministry and experts, this will become a major lever for supporting local development and improving relationships and understanding between mining operations and local communities. In addition, the MRR for copper consists of a base rate of 5 percent for concentrate and an additional rate of up to 5 percent. The additional rate of up to 5 percent will vary depending on increases in market prices. However, the MRR rate applied to Erdenet Mining Corporation SOE will remain unchanged in the coming years. According to discussions with the Ministry of Finance, reducing the royalty rate for Erdenet could create pressure on the state budget. The base royalty rate applies regardless of whether the minerals are widely distributed minerals or produced by domestic energy mines, and this arrangement will remain unchanged. In Mongolia, there is also an unrealistic practice of imposing royalties on by-product elements. At Erdenet Mining Corporation and Darkhan Metallurgical Plant, royalties are sometimes imposed on by-products that could be considered economically unviable minerals. Currently, due to the rise in copper prices, Erdenet Mining Corporation is paying the highest royalty rate of 20 percent. In addition, the company pays a further 1.5 percent on by-products that have little economic value. To reduce the significant difference in royalty payments when processing plants purchase raw materials domestically, process them, and export the products, the amendments propose that royalties will not be charged twice and will instead be paid once. According to the sector ministry, this is expected to increase processing and refining activities. To implement this change, an amendment will be made to Article 59.1.2 of the Budget Law, which currently states that 10 percent of mineral royalty revenues, except those specified in Article 47.3 of the Minerals Law, shall be allocated accordingly.

WHAT OTHER LAWS AND REGULATIONS WILL BE AMENDED ALONGSIDE THE DRAFT AMENDMENTS?

In addition to the provisions mentioned above, the draft amendments include regulations, standards, requirements, and lists to be approved by Parliament, the Government, and the central government administrative body responsible for geology and mining. The State Great Khural will approve the list of economically significant by-product minerals subject to MRR. The Government of Mongolia will approve the list of critical minerals. The central administrative body responsible for geology and mining will approve the requirements for feasibility studies, the model agreement for the use of widely distributed minerals, and regulations related to licensing, renewal, revocation, and operational procedures for surveying activities and mining technology design. In addition:

» An amendment will be made to Article 11 of the Law on the National Wealth Fund, which concerns the sources of the Wealth Fund.

» The decision on the royalty rate for by-product elements in copper concentrate, currently regulated under Article 47.5 of the Minerals Law stating that the percentage may increase depending on market price growth and the level of processing, will be determined by Parliament.

The authority to issue licenses for widely distributed minerals will be transferred from local administrations to the MRPA. The reason for this change is that local administrative bodies have issued such licenses in areas of potential gold occurrences in provinces such as Uvurkhangai and Selenge. The economic viability of widely distributed minerals is generally considered profitable within a distance of around 25 km, yet licenses have sometimes been granted for locations as far as 100 km from the market. This has created problems. Therefore, since the MRPA concentrates baseline geological research, it is considered the most appropriate institution to organize this process, bring projects into economic circulation, and ensure realistic economic benefits. Exploration in border areas has long been discussed. In addition to domestic exploration companies, both Russia and China have proposed conducting joint exploration studies. In December last year, Russia submitted a proposal to Mongolia, which was accepted, and it was presented to the Government in January 2026. There are no legal obstacles to conducting such studies. Article 26.2.2 of the Law on the State Border of Mongolia states that issues related to constructing facilities, conducting activities, or using land in the border strip other than those intended for border protection shall be decided by the Government. Therefore, there is an opportunity to address such matters at a higher level. The mining sector generally supports issuing licenses in border areas. Currently, of the 54 licenses in border regions, 38 are mining licenses and 16 are exploration licenses.

The following 15 issues are included in the draft laws to repeal, amend, and supplement related legislation.

1. The Law on Common Minerals will be repealed. In connection with this, the second issue concerns amendments to the procedure for implementing the Minerals Law. Existing licenses will be registered, and future regulations will be governed under the Minerals Law.

2. Amendments will be made to the Law on the Mineral Products Exchange. The current law defines exchange trading as transactions related to exports. Since the law stipulates that exchange trading conditions are based on the border price of neighboring countries’ border ports, domestic supply of raw materials has been overlooked. Recently, Prime Minister G. Zandanshatar visited the steel complex in Altanshiree soum of Dornogovi province and noted the lack of raw materials. The reason is that state-owned companies are required to trade their products through the exchange, and exchange trading is defined as export-related transactions. Therefore, the amendment introduces a concept that allows continuous domestic supply of raw materials and more flexible delivery conditions. It also allows state-owned companies such as Erdenes Tavan Tolgoi JSC to lease areas at the Gantsmod border port and other ports to facilitate the export of their products. In other words, the amendment introduces flexibility in trade and delivery conditions, allowing sellers and buyers to arrange conditions depending on delivery terms.

3. Amendments will be made to the Budget Law. This will enable 20 percent of mineral royalty revenues to be directly allocated to the Local Development Fund.

4. Amendments will be made to the Law on the National Wealth Fund.

5. Further amendments will also be made to the Law on the National Wealth Fund and to the law governing its implementation procedures. The ministry proposes that a portion of the 65 percent of mineral royalty revenues currently allocated to the Future Heritage Fund, which is part of the National Wealth Fund, will be transferred to the Development Fund. The reason for this change is that if prioritized development projects are approved by Parliament and the Government, they can be financed through this fund. In addition, if the state budget runs a surplus, 50 percent of that surplus will continue to be allocated to the Development Fund. As a result, the Development Fund will have two sources of revenue.

6. Amendments will be made to the Law on Nuclear Energy. Currently, rare earth elements are confused with uranium and thorium in this law. The amendment will correct the terminology. Since rare earth elements are minerals, they should not be regulated under the Nuclear Energy Law but under the Minerals Law.

7. Amendments will be made to the Law on Permits.

8. Amendments will be made to the Law on Special Protected Areas. Previously, baseline geological research could be conducted in state special protected areas. However, amendments to the 2023 Budget Law halted such activities. The new amendments will restore the possibility of conducting geological baseline research in these areas.

9. Amendments to the so-called “Long-Named Law,” formally titled the Law on Prohibiting Mineral Exploration and Mining in Headwaters of Rivers, Water Reservoir Protection Zones, and Forested Areas, will support the development of critical minerals.

10. Amendments are planned for the Land Law. This will enable exploration and mining activities in areas designated for local special needs. The main objective

is to allow exploration and mining on up to 25 percent of Mongolia’s territory. It also addresses the issue of local administrations intentionally or unintentionally designating land for local needs in ways that restrict exploration, which will now be resolved at the Government level.

11. Amendments will be made to the Law on Violations.

12. Amendments will also be made to the Law on Procedures for Resolving Violations, in connection with the Minerals Law amendments.

In conclusion, since 2010, the mining sector has gradually contracted year by year. Several attempts have been made to support and expand the sector, but they have not been very successful. The current amendments to the Minerals Law and the related legislation are intended to expand the sector. As a result, revenues directed to local communities are expected to increase, and both domestic and foreign investment in exploration, mining, and mineral processing is anticipated to grow. MSight will continue to follow and report on this topic until the draft law is discussed and adopted.

Mining Insight Magazine, February 2026 №02 (051)

A striking contradiction became evident this month. Prime Minister N. Uchral announced that state budget revenues are falling short by MNT 1.4 trillion and that a budget amendment may be required. At the same time, public spending is rising, including salary increases for teachers and healthcare workers. In parallel, tax reform is being actively discussed, with proposals to reduce the tax burden on citizens and businesses. While this aligns with public expectations, it raises a fundamental question: if taxes are reduced, how will revenues be increased? In the first four months of the year, Mongolia’s mining sector has delivered record-breaking performance.

Oyu Tolgoi reported that its first-quarter production and revenue exceeded plan by at least 10 percent. If this momentum continues, the company could generate USD 2.6 billion in positive cash flow this year, accelerate debt repayment, and bring forward returns to shareholders. At the same time, coal exports have surged to unprecedented levels. In the first four months alone, Mongolia exported 39 million tonnes of coal, an extraordinary result. Until 2022, annual exports rarely exceeded 31 million tonnes. The recovery in exports by Erdenes Tavan Tolgoi has been a major driver. Taken together, Oyu Tolgoi is approaching full production capacity, while Erdenes Tavan Tolgoi’s exports are expected to increase by at least 5 million tonnes. Other major players, including Erdenet Mining Corporation and other producers, are also performing strongly. With gold and copper prices high and coal prices stable, Mongolia’s mining sector could be heading toward one of its strongest years on record. Yet despite this, budget revenues are still insufficient to cover expenditures, and deficits persist. This is occurring even as major strategic deposits such as Oyu Tolgoi, Tavan Tolgoi, Erdenet, and Nariin Sukhait are operating at or near full capacity. This contradiction leads to a broader realization: Mongolia’s mining base remains relatively small. In simple terms, the economy is relying on just a handful of major “cash-generating assets.” Beyond these few operations, many strategic deposits have yet to be developed and are not contributing to economic output. Bringing all strategic deposits into production, and accelerating the development of new resources, is therefore one of the most critical priorities for Mongolia in the coming years. However, this must not be driven solely by short-term fiscal needs, but by a long-term vision for building a stable and sustainable economy. In this context, allocating the Borteeg deposit within the Tavan Tolgoi to foreign investors would be a questionable decision.

Over the next 10 to 15 years, the main buyers of Erdenes Tavan Tolgoi’s coal are expected to remain large Chinese state-owned companies such as Chalco and Norinco. In addition, deposits such as Onch Kharat and Bor Tolgoi within the Tavan Tolgoi group have already been contracted to China Energy. Granting another deposit to a different Chinese state-owned company raises strategic and policy concerns. Against this backdrop, the Government has approved the draft amendments to the Law on Minerals and decided to submit them to Parliament. The core objective of these reforms is to move away from reliance on a limited number of mines and companies, and instead unlock new deposits, expand exploration, and bring stalled projects into economic circulation. This direction reflects the realities of the current situation, as highlighted in this issue of Mining Insight.

ESTABLISHING A LEGAL FRAMEWORK FOR THE HEAVY INDUSTRY SECTOR

The Law on Supporting Industrial Production, adopted in 2015 with the aim of promoting industrial development, was repealed in 2020. The currently applicable Minerals Law regulates relations from mineral exploration through beneficiation. Meanwhile, the Law on the Legal Status of Industrial and Technology Parks, adopted by the Parliament on July 5, 2022, provides support only for production activities carried out within industrial parks. As a result, heavy industry operations conducted outside these parks have been left without legal regulation. Due to the absence of a comprehensive legal and regulatory framework, opportunities to support and develop the heavy industry sector as a core branch of industry, attract investment, regulate industrial activities, and exercise effective oversight remain limited. This situation has led to conditions in which production costs are high, productivity is low, outdated and low-cost equipment and technologies are imported, and industrial activities are carried out that pose risks to human health, livestock, and the environment. Against this backdrop, the line ministry is working to establish a favorable legal environment to support and develop heavy industry based on advanced technology and innovation, through investment incentives as well as tax and non-tax policy measures. The objective is to increase the level of processing of key export commodities such as coal, petroleum, copper, and iron ore, and to expand the production of competitive value added products. Once the heavy industry sector is regulated by a dedicated legal framework, foreign direct investment is expected to increase, public private partnerships to expand, new value added industrial facilities to be commissioned, and the number of stable jobs to grow, generating positive social and economic impacts, including sustained growth in GDP per capita.

PROPOSED AMENDMENTS TO THE LAW ON MINERALS

The draft law proposes a series of amendments, covering the following key areas. First, it introduces comprehensive regulations governing mineral processing activities. This includes the issuance of processing licenses, the rights and obligations of license holders, and the overall legal framework for conducting mineral processing operations. Second, it sets out detailed procedures for applying for, registering, and reviewing exploration licenses. It also addresses issues related to the exploration and exploitation of critical minerals, public participation, and the definition of impact areas associated with mining activities. Third, the draft regulates the utilization of derivative deposits, engagement with local administrative authorities, royalties on mineral resource use, and the legal framework governing artisanal and small-scale mining. Fourth, it clarifies the rights, obligations, and payment-related arrangements between the Government, state administrative bodies, and holders of mining licenses. Fifth, it proposes that matters currently regulated under the Law on Common Minerals be integrated into and governed by the Law on Minerals. Sixth, it defines the benefits derived from mineral resources and regulates issues related to mineral ownership and associated legal relations. By incorporating these amendments, the draft law is expected to deliver several important outcomes. Once adopted, it will establish a legal framework that allows the benefits of subsoil resources to be channelled into the National Wealth Fund without infringing upon the constitutional right to private property. By clearly defining the benefits of state-owned public resources, the law will provide greater legal certainty for businesses operating in the mining sector, creating a more stable and predictable investment environment. In addition, the amendments are expected to accelerate the issuance of exploration licenses, expand Mongolia’s mineral resource base, and attract increased investment into the mining sector, thereby generating positive social and economic impacts. The draft also introduces revised legal regulations addressing issues such as coordination with local authorities, public and community participation, and the optimization of royalty rates for certain types of minerals. Furthermore, by adjusting license fees in line with exchange rate movements and inflation, requiring mineral processing plants to operate strictly under licensing arrangements, and refining the legal framework for artisanal mining, the amendments aim to further strengthen responsible mining practices. As a result, public understanding of the sector is expected to improve, trust to increase, and social opposition to mining activities to decline. Ultimately, the proposed amendments will create a legal environment in which the benefits of subsoil resources can be shared on equal and fair terms, regardless of the size of the deposit, while expanding revenue sources for the National Wealth Fund. This, in turn, will enhance both current and future generations’ ability to benefit from Mongolia’s natural resources and contribute to the consolidation of a responsible mining sector.

PROPOSED AMENDMENTS TO THE LAW ON PETROLEUM PRODUCTS

The Law on Petroleum Products was first adopted in 2005 and has been in force for nearly 20 years. Although several amendments have been introduced over this period, regulatory gaps and persistent challenges within the sector remain unresolved. Current sector conditions and the need for reform Research and analysis show that while the petroleum products sector plays a critical role in Mongolia’s social and economic development, the absence of a consistent long term policy, an appropriate tax framework, and a stable legal foundation has significantly constrained the country’s ability to reduce its dependence on imports. Two decades of experience clearly demonstrate these structural weaknesses. As a result, there is an urgent need to establish a legal environment that ensures the safety of gas supply, strengthens human resource capacity, and promotes transparent and efficient operations. Clarifying the roles and relationships among the state, citizens, and businesses in the gas fuel sector, and creating a policy framework that supports the development of this strategically important industry, has become a pressing necessity. Against this backdrop, amending the Law on Petroleum Products and introducing more detailed regulatory provisions is both timely and justified. Addressing inconsistencies, gaps, and overlaps in legislation Certain laws referenced in Article 2 of the Law on Petroleum Products have since been repealed, creating the need to align the law with updated legislation. For example, references to the Law on Prohibiting Unfair Competition, the Law on Protection from Toxic Chemicals, and the Law on Railway Transport Safety must be revised to correspond with the newly enacted Law on Competition, Law on Toxic and Hazardous Chemicals, and Law on Railway Transport. In addition, Article 5 grants the Government the authority to establish “state reserves,” yet the concept itself is not clearly defined. This has created legal ambiguity and highlighted the need to harmonize the provision with relevant regulations under the Law on State Reserves. The growing complexity of petroleum product production, pipeline construction and operation, air pollution reduction policies, and the rapidly expanding use of gas fuel further underscores the need for more detailed regulation. In this context, several issues require explicit legal clarification, including:

• establishing a unified system for monitoring fuel quality and standards

• strengthening regulation of the import, trade, and production of intermediate products

• restricting the sale of substandard petroleum products

• imposing excise taxes on raw materials that could be used to produce counterfeit fuel

• creating a professional advisory council to issue opinions and recommendations on licensing for import, production, wholesale, and retail activities, and clearly defining its mandate and authority

Accordingly, the drafting process for the amendments must carefully assess alignment with related legislation, identify overlaps, gaps, and contradictions, examine implementation challenges, and clearly define the rationale and expected impact of the proposed regulatory changes. Sector realities and quality control challenges The Law on Petroleum, which regulates the core relationships in the upstream sector, was revised in 2014. Since then, a number of foundational laws have been updated, including the Law on Permits (2022), Law on Metrology (2019), Law on Fire Safety (2015), Law on Construction (2016), Law on Competition (2010), and the Law on Standardization, Technical Regulation, and Conformity Assessment Accreditation (2017). These developments provide strong justification for a comprehensive revision of the Law on Petroleum Products. In recent years, repeated violations involving the import and sale of substandard fuel have been recorded, resulting in financial losses for citizens, vehicle damage, and adverse impacts on human health and the environment. Joint inspections conducted between 2018 and 2021 by the General Customs Administration, the General Agency for Specialized Inspection, the Civil Aviation Authority, and the Authority for Fair Competition and Consumer Protection identified 13–15 companies involved in importing and selling fuel that failed to meet quality standards, highlighting the seriousness of the issue. Furthermore, Supreme Court rulings issued on April 8, 2020 (No. 116) and December 9, 2019 (No. 406) upheld penalties imposed on companies that supplied products not meeting the MNS 0217:2017 standard. These developments make it imperative to tighten requirements for fuel import and sales, clearly define permitted product types and compositions as well as prohibited substances, strengthen the quality control system, and codify specific enforcement measures for violations. At the same time, reducing import dependence by developing domestic petroleum refining based on local raw materials, promoting public–private partnerships, and establishing a favorable tax and legal environment will be essential foundations for the sector’s sustainable development. Once adopted, the draft amendments are expected to eliminate overlaps, gaps, and inconsistencies in the current Law on Petroleum Products. For Mongolia, this would pave the way for the emergence of a new value-added petroleum products industry, reduce reliance on imports to a meaningful degree, contribute to exchange rate stability, and improve fuel quality and price stability, generating tangible positive social and economic impacts. Moreover, the establishment of a petroleum refinery would not only enable domestic fuel production but also lay the groundwork for the development of a broader chemical industry producing a range of chemical substances and products.

KEY CHANGES IN THE REVISED DRAFT OF THE LAW ON PETROLEUM

Based on an assessment of the impacts of the current implementation of the Law on Petroleum, a comprehensive revision has been initiated to eliminate overlaps, gaps, and inconsistencies in the legal framework, increase both foreign and domestic investment, and modernize regulation across the sector. The revised draft aims to expand the range of contractual arrangements under which petroleum and unconventional petroleum exploration and production may be conducted. In addition to the existing Production Sharing Agreement (PSA) model, the law would allow operations under other contract types, including tax–royalty agreements, service contracts, joint operation agreements, revenue-sharing agreements, and similar arrangements. It would also enable investors currently operating under PSAs to transition to other contract models provided for by law, reduce the level of direct state participation, and improve the legal framework governing unconventional petroleum resources, particularly coalbed methane. Further proposed changes focus on intensifying exploration and research activities and facilitating the discovery of new reserves. To this end, the draft seeks to simplify the procedures for granting exploration and production licenses, remove contractual fees and charges payable by investors during the exploration phase, and streamline the stages of oversight, inspection, and certification related to cost recovery under cost oil mechanisms. These measures are intended to lower entry barriers, reduce administrative burdens, and improve the overall investment climate. In line with the government’s policy for the petroleum sector, the revision of the legal and regulatory environment is seen as essential to accelerate exploration and research, discover new fields, increase reserves, and boost production. At the same time, it is critical to ensure a stable and reliable supply of crude oil once Mongolia’s oil refinery comes into operation, making uninterrupted feedstock supply a strategic priority. The overarching objective of the draft law is to energize exploration and research for both conventional and unconventional petroleum, discover new deposits, expand reserves, and increase production. Through these measures, Mongolia aims to secure a continuous and dependable supply of raw materials for its domestic oil refinery, reduce energy dependence, and contribute to lowering air pollution and environmental degradation. The revised draft of the Law on Petroleum introduces a comprehensive set of new regulatory measures aimed at accelerating exploration and research activities for petroleum and unconventional petroleum, discovering new deposits, expanding reserves, and increasing production. The main provisions include the following:

• Through reforms to the legal and regulatory framework governing the petroleum sector, overlaps, gaps, and inconsistencies across related legislation will be eliminated.

• Certain terms will be revised and new terminology introduced in line with the Petroleum Resources Management System (PRMS).

• To encourage investment in the petroleum sector and protect the legitimate interests of investors and contractors, liability will be imposed under relevant legislation where unlawful actions or omissions by state bodies or officials infringe upon lawful rights and interests.

• In order to intensify exploration and research for petroleum and unconventional petroleum, discover new deposits, expand reserves, and increase production thereby ensuring a continuous and reliable supply of feedstock to domestic oil refineries, reducing energy dependence, and lowering air pollution exploration and production activities will be carried out on the basis of contracts предусмотрed under the Law on Petroleum.

• Fees and charges payable by investors under such contracts during the exploration phase will be reduced.

• The law will allow petroleum and unconventional petroleum production to be conducted not only under Production Sharing Agreements (PSAs), but also under other contract types, including tax–royalty agreements, service contracts, joint operation agreements, revenue-sharing agreements, and similar arrangements.

• Investors currently operating under PSAs will be given the option to transition to other contract models provided for by law.

• The legal framework governing unconventional petroleum resources, including coalbed methane and oil shale, will be further developed and refined.

• The tax environment for the petroleum sector will be stabilized.

• Procedures for granting exploration and production licenses will be simplified.

• Where exploration and production activities are conducted under PSAs, oversight, inspection, and certification of cost recoverable expenditures will be carried out by the competent state administrative authority for petroleum, with the number of approval and verification stages reduced.

• The percentage of financial guarantees required to ensure full compliance with environmental rehabilitation obligations and the decommissioning of exploration and production facilities will be reduced, based on research and evidence.

• Certain legal provisions that impose undue burdens on business operations will be repealed, and issues that are difficult to implement within existing timeframes will be adjusted.

• The model Production Sharing Agreement will be updated to align with the revised version of the Law on Petroleum.

• Contracts addressing support for local development during the exploration and production phases will be concluded with the governors of the soum or district in which the licensed area is located. The level of such support will be determined as a percentage, based on annual investment during the exploration phase and production volumes during the extraction phase.

• To intensify petroleum and unconventional petroleum exploration, improve planning efficiency, and save costs and time, primary and final reports, data, and research materials related to petroleum exploration and production conducted across Mongolia will be made open and transparent.

• Conditions for the transfer of rights and obligations under Production Sharing Agreements will be made more flexible.

• Enterprises will be allowed to independently select and contract subcontractors.

• Contractors will be permitted to carry out production activities based on reserves approved by the Mineral Resources Professional Council.

• During the exploration phase, pilot production and the sale of extracted products will be permitted.

Once this draft law is adopted, it will provide a favorable and stable legal environment to implement the objectives set out in Mongolia’s long- and medium-term development policies— namely, to intensify petroleum exploration, expand reserves, and increase production. It will enable the attraction of investors to petroleum exploration projects, support the discovery of multiple large deposits, and bring them into economic circulation. Conditions will also be created to ensure a continuous and reliable supply of feedstock for the domestic oil refinery. Identifying economically viable coalbed methane resources would help reduce Mongolia’s energy dependence while lowering air and environmental pollution. For Mongolia, the reform would lead to the emergence of a new sector producing value-added petroleum products, reduce import dependence to a certain extent, stabilize the exchange rate, and improve the quality and price stability of petroleum products—delivering positive social and economic impacts. At the same time, the construction of an oil refinery would lay the foundation not only for petroleum product manufacturing, but also for the development of a chemical industry capable of producing a wide range of chemical substances and products.

LAW ON SUPPORTING THE SUPPLY AND DISTRIBUTION OF PRODUCTS OF STRATEGIC IMPORTANCE

Chapter One sets out the general provisions of the law, including its objectives, related legislation, scope of application, and guiding principles. The core purpose of these provisions is to support the supply and distribution of products deemed to be of strategic importance. Chapter Two introduces specific measures to be implemented by state authorities that are not covered under the Law on Petroleum Products. In particular, if the supply of a strategically important product is reduced by 50 percent or more by the supplier, the Government will deem that conditions for shortages or disruptions in domestic fuel supply have arisen. In such cases, it will take appropriate measures to diversify supply sources. This includes establishing an emergency task force to promptly organize oversight of wholesale storage facilities operated by importing companies, allocate imported fuel, and regulate retail distribution and sales volumes. Where necessary, reserves held by the emergency management and national defense sectors may also be released. In addition to these organizational measures, the law provides that the Bank of Mongolia may take steps to support the supply and distribution of strategically important products, increase foreign currency reserves, and reduce capital outflows. These measures include providing banks with concessional financing under repo transactions to support working capital for businesses, offering preferential financing or arranging external funding for the construction or expansion of storage facilities, transshipment infrastructure, and the establishment of an integrated system for quality and standards control of petroleum products.

Mining Insight Magazine, November 2025, №11 (048)

Mongolia is planning to include 21 minerals in its national list of critical minerals. If the proposed amendments to the Law on Minerals, currently being prepared for submission to Parliament, are approved and include provisions on critical minerals, the Ministry of Industry and Mineral Resources will submit its finalized list to the Government. The minerals proposed for inclusion are highlighted in the lead article of this issue.

Mongolia aims to bring reserves of high-demand, high-tech metals into economic circulation. This is intended to diversify mineral exports and elevate the mining sector to a new level. The Ministry of Industry and Mineral Resources has announced during its Open Door Day that the legal basis for declaring a national critical minerals list is being established, alongside the implementation of a dedicated policy. Experts often highlight Mongolia’s geopolitical potential in the global critical minerals market. At the same time, they point to limited new discoveries and insufficient geological exploration. One key objective of the proposed legal amendments is therefore to intensify exploration and expand geological research. Currently, 1,057 exploration licenses are active nationwide. This is significantly lower than the peak of nearly 6,000, indicating that the sector remains constrained. Opening the sector, attracting investment, and providing policy support are essential as global demand continues to grow.

This strategic shift coincides with the start of the People’s Republic of China’s 15th Five-Year Plan. The plan focuses on technological leadership, clean energy transition, and industrial digitalization. These trends are expected to drive a new wave of demand for critical minerals. According to China analyst Dr. T. Chuluun Erdene, the direction of Mongolia’s largest trading partner will create new strategic opportunities over the next five years.

At the same time, a major risk is emerging. Mongolia’s mining sector, which forms the backbone of the economy and a key source of budget revenue, faces potential disruption. Global tensions and fuel supply uncertainties highlight Mongolia’s dependence on imported petroleum products, especially diesel used in mining. The Government has submitted proposals to the Russian side to ensure stable and preferential fuel supply. The Minister of Industry and Mineral Resources, G. Damdinnyam is on an official visit to Moscow to address this issue.

Despite having crude oil reserves, Mongolia imports more than 99 percent of its petroleum products. The construction of the country’s first oil refinery has now entered its eighth year. The project aims to process domestic crude and supply more than half of national demand in its initial phase. It is financed through a concessional loan from the Government of India and has a total cost of over USD 1.6 billion. According to Director D. Altantsetseg, all contractors have been selected and contracts finalized, ensuring that costs will not increase. Further details on engineering complexity, equipment production, and policy challenges before commissioning are covered in this issue. At the same time, the Government is discussing a draft law to improve the efficiency and use of foreign loans. This is expected to support the progress of this major industrial project.

- A Strategic Partner for Europe’s Critical Raw Materials Agenda –

PROF. DR.-ING. THOMAS HOLLENBERG

DHC - Dr. Hollenberg Consulting GmbH, Oberhausen, Germany Vice President of DMUV (German-Mongolian Business Association), Ulaanbaatar, Mongolia Member of the University Council of GMIT (German-Mongolian Institute for Resources and Technology), Ulaanbaatar, Mongolia

ABSTRACT

Mongolia is emerging as a strategically relevant supplier of mineral resources in an increasingly fragmented global economy. Its abundant deposits of copper, coal, gold, and critical raw materials position the country as a potential partner of growing importance for Europe under the Critical Raw Materials Act (CRMA). However, structural constraints ranging from logistics to governance dynamics require a differentiated and long-term engagement strategy. This article provides a practitioner-based assessment of Mongolia’s mining sector, combining operational insights with a policy oriented perspective on EU–Mongolia cooperation.

FROM FRONTIER MARKET TO STRATEGIC PARTNER

For decades, Mongolia has been perceived primarily through the lens of geography and culture. Vast steppes landscapes, nomadic traditions, and low population density. While these characteristics remain defining features, they no longer capture the country’s economic trajectory. Mongolia has evolved into a resource-driven economy of global relevance. Its mineral wealth, combined with its geopolitical position between Russia and China, increasingly places the country at the intersection of competing supply chains and strategic interests. For Europe, in particular, Mongolia represents a potential partner in the diversification of critical raw material supply; an objective now formalized under the EU Critical Raw Materials Act (CRMA). Yet, Mongolia is not a straightforward investment destination. The country combines high geological attractiveness with operational complexity. Understanding this duality is essential for designing viable engagement strategies.

GEOGRAPHY, SCALE, AND CONSTRAINT

Mongolia’s structural characteristics define both its potential and its limitations. With a landmass approximately three times the size of Germany and a population of just 3.5 million, the country operates under extreme spatial conditions. Distances between mining sites, processing facilities, and export corridors routinely extend over several hundred kilometers. In many cases, infrastructure remains underdeveloped, particularly outside key mining regions. At the same time, the abundance of land and relatively low population pressure enable large-scale mining operations that would be difficult to realize in more densely populated jurisdictions. These conditions create a paradox: Mongolia offers exceptional resource potential, but accessing and monetizing these resources requires overcoming structural inefficiencies at scale.

ECONOMIC STRUCTURE AND RESOURCE BASE

The Mongolian economy is fundamentally shaped by the mining sector, which dominates exports, fiscal revenues, and investment flows. The following table summarizes key macroeconomic indicators relevant to the sector:

Major projects such as Oyu Tolgoi (copper-gold) and Tavan Tolgoi (coal) have defined Mongolia’s mining landscape over the past decade. These projects demonstrate both the scale of opportunity and the complexity of execution in the Mongolian context. From a European perspective, the increasing relevance of critical raw materials including copper, rare earth elements, and battery-related minerals places Mongolia firmly on the strategic map.

MONGOLIA IN THE CONTEXT OF THE EU CRITICAL RAW MATERIALS ACT

The EU Critical Raw Materials Act (CRMA) aims to reduce Europe’s dependency on concentrated supply chains, particularly those dominated by a small number of countries. The regulation sets clear targets for diversification, domestic processing, and strategic partnerships. Within this framework, Mongolia offers several advantages: First, the country possesses significant untapped geological potential across multiple CRMA-relevant materials. While exploration remains incomplete, existing data suggests substantial upside. Second, Mongolia has demonstrated a consistent openness to international investment, including Western partners. This distinguishes it from more restrictive jurisdictions. Third, Mongolia’s political positioning, often described as a “third neighbor policy” actively seeks to balance its economic dependence on China and Russia through broader international cooperation. This creates a window of opportunity for the European Union. However, translating geological potential into secure supply requires more than investment in extraction. It necessitates a holistic value-chain approach, including processing, logistics, and governance frameworks aligned with ESG standards.

OPERATIONAL REALITIES

From an operational standpoint, Mongolia presents a distinctive environment shaped by geography and institutional evolution.

Logistics and Transport

Transport remains one of the most critical cost drivers. The majority of exports are directed southward into China, often via limited rail and road corridors.

Seasonal effects further complicate operations. Extreme winter temperatures can disrupt material handling, while summer conditions affect road quality and dust management.

Infrastructure Development

While significant progress has been made, particularly in rail expansion, bottlenecks persist. Infrastructure development is therefore not merely supportive but often decisive for project viability.

INSTITUTIONAL AND HUMAN FACTORS

Beyond physical infrastructure, Mongolia’s business environment is shaped by institutional and cultural dynamics. Administrative processes can be time-consuming, and regulatory frameworks may evolve during project lifecycles. This requires a high degree of adaptability from investors. At the same time, Mongolia offers a young and increasingly well-educated workforce. However, shortages remain in highly specialized technical and managerial roles, particularly in complex mining operations and downstream processing. Equally important is the role of trust-based relationships. Business interactions in Mongolia are often less transactional and more relationship-driven than in Western contexts. Long-term engagement and consistent presence are therefore critical success factors.

FROM EXTRACTION TO VALUE CHAINS: A STRATEGIC IMPERATIVE

For Europe, the key question is not simply how to access Mongolian resources, but how to integrate them into resilient and sustainable value chains. This implies a shift from a purely extractive model toward:

• Local or regional processing capacities

• Joint ventures with Mongolian partners

• Technology transfer and skills development

• ESG-compliant project structures

Such an approach aligns with both Mongolian development priorities and EU policy objectives under the CRMA.

STRATEGIC SUCCESS FACTORS

Experience from existing projects suggests that successful engagement in Mongolia is less about optimizing individual parameters and more about aligning multiple dimensions over time. Projects that succeed typically share a long-term orientation, recognizing that initial inefficiencies may be offset by structural improvements and relationship building. They are also characterized by strong local integration, not only through partnerships but through active contribution to workforce development and community engagement. Finally, they demonstrate operational flexibility, adapting to evolving regulatory, logistical, and market conditions without losing strategic direction.

OUTLOOK: MONGOLIA’S ROLE IN A FRAGMENTED RESOURCE WORLD

Global demand for critical raw materials is expected to increase significantly over the coming decades, driven by decarbonization, electrification, and digitalization. At the same time, geopolitical fragmentation is reshaping supply chains. In this environment, countries like Mongolia - resource-rich, politically open, but structurally complex - will play an increasingly important role. For Europe, engagement with Mongolia offers a tangible opportunity to advance the objectives of the CRMA. However, success will depend on the ability to move beyond short-term procurement strategies toward long-term, partnership-based investment models.

CONCLUSION

Mongolia stands at a critical juncture. Its resource endowment positions it as a potentially key supplier in the global mining landscape, while its structural characteristics demand sophisticated and patient engagement. For European stakeholders, the country offers both an opportunity and a test case: whether diversification of critical raw material supply can be achieved through genuinely collaborative and sustainable partnerships. Those who approach Mongolia with a long-term perspective, institutional sensitivity, and strategic clarity are likely to find not only challenges, but also substantial and enduring opportunities.

Mining Insight Magazine, April 2026 №04 (053)

O.BATBOLD

VISITING MAADEN’S MANSOURAH MASSARAH GOLD MINE

Riyadh – Taif – Mansourah Massarah. 10-11 January 2026

At 07:30 in the morning, two helicopters lifted off from Taif Airport, heading northeast toward the central regions of Saudi Arabia. Within minutes, the city disappeared beneath us. In its place emerged an immense and ancient geological landscape stretching across the western part of the Arabian Peninsula. From the air, the terrain told a deeper story, one of mineral wealth shaped over hundreds of millions of years. Saudi Arabia has intensified exploration activities along its western belt, particularly near the Red Sea coast, where new deposits of gold, copper, zinc, nickel, and phosphate continue to be identified. This mineral-bearing zone, known as the Arabian Shield, has long carried the Kingdom’s geological heritage. Today, it stands at the center of Saudi Arabia’s economic transformation. This was not an ordinary flight to a mine. It was a journey into the emerging core of Saudi Arabia’s mining future. On board were just five mining journalists representing four continents: Mining Magazine from the United Kingdom, Mining. com.au from Australia, Mining Weekly from South Africa, Bloomberg Saudi Arabia, and myself representing Mongolia’s Mining Insight and Energy Insight. Selected as official media partners of the Future Minerals Forum, we were invited by Maaden to visit one of the Kingdom’s most strategically important gold operations, a site rarely opened to international media. For Maaden, this was far from a routine press tour. It was a deliberate and carefully planned strategic decision to open one of its flagship projects to professional scrutiny and allow the global mining community to see firsthand how Saudi Arabia is building its mining sector.

MAADEN AND SAUDI ARABIA’S MINING TRANSFORMATION

Saudi Arabia’s Vision 2030 aims to diversify the national economy and reduce dependence on hydrocarbons. Within this framework, mining has been identified as the country’s third major economic pillar. At the center of this transformation stands Maaden, the Saudi Arabian Mining Company. The company leads the development of the Kingdom’s most significant mineral projects and plays a defining role in shaping the future direction of the sector. Through the extraction, processing, and export of gold, copper, phosphate, and rare metals, Maaden directly contributes to economic diversification. Equally important is how Maaden operates. The company has introduced advanced mining and processing technologies, formed strategic partnerships with international mining firms, and aligned its operations with global industry standards. As a result, Maaden has strengthened its competitive position in international markets. Gold, in particular, holds strategic importance in Saudi Arabia’s mining strategy. It is a stable source of export revenue and foreign currency, and a key instrument in achieving Vision 2030 objectives. Beyond economics, gold mining serves as a platform for introducing advanced beneficiation and processing technologies, showcasing the Kingdom’s mining capabilities to the world and attracting international investment and partnerships. Within this context, the Mansourah Massarah gold mine stands out.

MANSOURAH MASSARAH: A NEW BENCHMARK FOR SAUDI MINING

Mansourah Massarah is not only Maaden’s largest and most modern gold mine. It is a tangible demonstration of how Saudi Arabia’s mining sector has entered a new phase. The operation integrates large-scale open-pit mining, advanced processing and smelting infrastructure, strict safety standards, and a long term exploration strategy aimed at continuously expanding the resource base. This integrated approach positions Mansourah Massarah not merely as a revenue generating asset, but as a strategic project underpinning economic diversification, technological advancement, and international competitiveness. The mine also plays a critical role in local development by supporting employment and contributing to infrastructure growth in surrounding regions. Before traveling to the site, reviewing background information made one thing clear. Inviting leading international mining media to Mansourah Massarah was no coincidence. It was a statement. The flight from Taif to Mansourah Massarah took just over an hour, yet offered a rare perspective. From above, the Arabian Shield unfolded as a vast and sparsely populated expanse, reinforcing why Saudi Arabia is increasingly viewed as one of the world’s least explored yet most resource-rich mineral regions. Traveling with the journalists were senior Maaden executives, including H.E. Eng. Khalid Al Mudaifer, Vice Chairman, and Dr. Darryl Clark, Executive Vice President for Exploration and Resource Development and Acting Executive Vice President for Base Metals and New Minerals. Representatives from the Saudi Ministry of Industry and Mineral Resources and the Future Minerals Forum media team also joined the flight. The presence of top leadership sent a clear signal. Maaden treats engagement with international media as a strategic priority. Throughout the visit, executives were open, accessible, and willing to answer even the most detailed technical questions.

THE MOMENT ORE BECOMES GOLD

The helicopters landed at the mine’s helipad roughly ten minutes apart. Senior staff from various departments welcomed the group with precise coordination. Journalists were divided into small groups and transported to prepared rest areas marked with name signage. Each of us received personalized protective clothing and equipment. These small details reflected the level of preparation and respect invested in hosting such a limited group. Before entering operational areas, a comprehensive safety induction was conducted. Safety, it became clear, is not treated as a procedural requirement at Maaden, but as a core organizational value. The route of the site visit and key points of attention were then explained in detail, and Dr. Darryl Clark introduced the team responsible for the tour. Interestingly, Dr. Clark had previously worked in Mongolia, and surprised me by greeting me in Mongolian with “zugeer uu (alright).” The tour began at the central operations control room. Large screens displayed real-time data streams, charts, and operational metrics supported by digital platforms such as Hexagon. The control center offered a live snapshot of the mine’s heartbeat, with every process monitored, measured, and managed in real time. From there, we moved to the open-pit mine. The scale of the operation, the layout of haul roads, and the precision of equipment movement reflected disciplined planning and operational rigor. Although dozens of machines performed different tasks, they moved in harmony, giving the impression of a single, living system. The next stop was the blasting area. Engineers explained how meticulous sequencing, timing, and safety protocols govern blasting operations. According to the team, controlled blasting is fundamental to both safety and productivity across the entire mine. At every step, the emphasis on engineering precision and risk management was unmistakable. The highlight came with the visit to the primary gold processing and smelting facilities. The glow of high-temperature furnaces, the metallic structures, and the controlled industrial environment left a strong impression. Even for journalists who had visited mines across Africa, Australia, Asia, and the Americas, this section stood out. Here, ore completes its transformation into gold. Engineers walked us through each stage in detail, explaining processes openly and without hesitation. Filters, furnaces, conveyors, and packaging systems formed a seamless chain. Such transparency and depth of engagement are rare in media visits and deeply telling.

WORKFORCE, KNOWLEDGE, AND LOCAL DEVELOPMENT

One defining feature of Mansourah Massarah is its internationally experienced management team. Senior operational roles are held by professionals with global expertise in gold and base metals mining. The message is clear. Competence matters. Equally notable are the living and working conditions for employees. The mine offers comfortable accommodation, recreational facilities including swimming pools, and a wide range of training and skills development programs. These initiatives support long-term professional growth and reflect a strong commitment to workforce welfare. Maaden’s human resource strategy emphasizes sustained local employment, complemented by community development programs. Employment, skills, and regional development begin at the mine and extend far beyond it. The visit took place just two days before Maaden announced a significant increase in its gold resources. Mansourah Massarah now hosts total mineral resources of 116 million tonnes at an average grade of 2.8 grams per tonne, containing 10.4 million ounces of gold. Across four core areas, Ma’aden added 7.8 million ounces of new gold resources, with Mansourah Massarah contributing a net annual increase of 3.0 million ounces. These figures underline the mine’s long-term potential and its suitability for continued open-pit operations, with future underground development also under consideration. Drilling results confirm that mineralization remains open, with extensive exploration planned through 2026. Power for the operation is supplied by a dedicated 58-megawatt hybrid power plant, with solar PV integrated into the system and prioritised when conditions allow, although Ma’aden has not publicly disclosed the exact share of renewable energy within the mine’s overall power mix. Like all large-scale mining operations in arid regions, Mansourah Massarah faces structural challenges, particularly in relation to water management, energy efficiency, and cost control. Yet its current development trajectory reflects a high level of technical discipline and strategic maturity.

MINING AND THE NATION’S FUTURE

The Mansourah Massarah visit was not an ordinary mine tour. What made it exceptional was not only what was shown, but to whom and how it was shown. By dedicating a full day of senior management time and granting unrestricted access to five journalists, Maaden demonstrated confidence and intent. This was a statement about Saudi Arabia’s mining future and Ma’aden’s readiness to engage the global mining community on equal terms. In terms of scale, operational execution, and governance, the mine increasingly stands alongside major gold operations in Australia and Africa underscoring Saudi Arabia’s emergence as a serious global mining player. Mansourah Massarah stands as tangible proof of Ma’aden’s capabilities. Traditional perceptions of mining give way here to digital control, disciplined planning, and sustainable operations. More than showing how gold is produced, Ma’aden demonstrates how mining is being woven into the nation’s long-term future. As we flew back to Taif at 14:00, it was clear that this half-day visit had delivered insights no report or presentation could fully capture. As a Mongolian proverb says, “Seeing once is better than hearing a thousand times.” Experiencing Mansourah Massarah firsthand gave that saying real meaning. Thanks to the partnership built through the Future Minerals Forum, where Mining Insight became an official media partner, this opportunity to witness Saudi Arabia’s mining transformation on the ground became possible. It was a journey well worth taking.

Mining Insight Magazine, January 2026 №01 (050)