Mongolia Privatization Push: Selling State Owned Enterprises to Close a Growing Fiscal Gap

Mongolia is dusting off a familiar but fraught playbook: selling pieces of its state-owned giants. Past attempts have collapsed under nationalist pushback, shifting laws, and a political culture that treats state firms as both economic engines and patronage machines. This time, Ulaanbaatar insists urgency will force its hand.

The government plans to shrink its roster of state-owned enterprises (SOEs) from 109 to 87, starting with 20 slated for public offerings over the next three years. Shares of between 10% and 66% would be floated on domestic and foreign exchanges. The preliminary list includes copper giant Erdenet, coal powerhouse Erdenes Tavan Tolgoi, national airline MIAT and several energy companies.

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