Record gold prices should lift Mongolia. Instead, exports fall as regulation, smuggling, and licensing delays drain billions in potential revenue.

Oyun-Erdene’s fall, Zandanshatar’s rise, factional strife, Oyu Tolgoi, fiscal shocks and the forces reshaping Mongolia in 2025.

Oyu Tolgoi is no longer just a mine. It has become a political instrument, as debt, delayed dividends and election timing collide just as the project enters full production.

Mongolian CEO at Oyu Tolgoi Sukhbaataryn Munkhsukh becomes the first national leader since 2009, taking charge amid tense Mongolia–Rio Tinto talks.

Political turmoil threatens Mongolia’s Oyu Tolgoi loan renegotiation as leadership struggles to secure better terms before year-end.