Companies and sectors
Who pays the most tax, which sectors the biggest companies are in, how much of the economy they make up, and how many people they employ.
How to read: every chart has its source. Press a word with a dotted underline to read what it means, and “See the numbers as a table” for every value.
Exhibit 1
The 10 biggest taxpayers
General Department of Taxation, 2024
- 1Erdenes Tavan Tolgoi →CoalState-owned
- 2Oyu Tolgoi →CopperJoint ownership
- 3Erdenet Mining Corporation →CopperState-owned
- 4Energy Resources →CoalMongolian private
- 5Tavantolgoi JSC →CoalOwners not published
- 6Mongolyn Alt (MAK) →CoalMongolian private
- 7Khan BankBankingMongolian private
- 8Golomt BankBankingMongolian private
- 9APUFoodMongolian private
- 10Trade and Development BankBankingMongolian private
See the numbers as a table
| 1 | Erdenes Tavan Tolgoi | Coal | State-owned |
| 2 | Oyu Tolgoi | Copper | Joint ownership |
| 3 | Erdenet Mining Corporation | Copper | State-owned |
| 4 | Energy Resources | Coal | Mongolian private |
| 5 | Tavantolgoi JSC | Coal | Owners not published |
| 6 | Mongolyn Alt (MAK) | Coal | Mongolian private |
| 7 | Khan Bank | Banking | Mongolian private |
| 8 | Golomt Bank | Banking | Mongolian private |
| 9 | APU | Food | Mongolian private |
| 10 | Trade and Development Bank | Banking | Mongolian private |
- What it shows
- The 10 companies the General Department of Taxation named as the largest taxpayers of 2024, in order.
- What it means
- Six of the ten are mining companies and three are banks. The top three are state-owned or state-linked mines: Erdenes Tavan Tolgoi, Oyu Tolgoi and Erdenet.
- Why we care
- The budget depends on a handful of mining companies. Who owns them, and where their profits go, matters to every citizen.
- Keep in mind
- The ranking was published without the amounts. Corporate taxes only; royalties and dividends are separate.
- Terms in this chart
- RoyaltyA payment to the state for the right to extract a resource, usually a share of the value sold.Minerals belong to the people, so a miner pays for every tonne it takes out. Royalties are paid whether or not the company makes a profit, which makes them a reliable source of state income.Full explanation →State-owned enterprise (SOE)A company the state owns in full or in majority.It lets the state run a business directly and keep its profit, instead of only taxing private firms. Results depend heavily on governance: who appoints the board, how open the accounts are, and whether politics drives decisions.Full explanation →
Exhibit 2
How much the 100 biggest companies weigh
TOP-100 enterprises, 2025
73%
sales compared with GDP (MNT 65.7 trillion)
30%
of all tax revenue (MNT 8.04 trillion)
6.1%
of all jobs (84,700 people)
19
companies are based in Umnugovi
See the numbers as a table
| 73% | sales compared with GDP (MNT 65.7 trillion) |
| 30% | of all tax revenue (MNT 8.04 trillion) |
| 6.1% | of all jobs (84,700 people) |
| 19 | companies are based in Umnugovi |
- What it shows
- Combined figures for the 100 largest companies, chosen each year by the government and the Mongolian National Chamber of Commerce and Industry.
- What it means
- One hundred companies had sales equal to 73% of GDP and paid 30% of all tax revenue, but provide only 6.1% of the country's jobs.
- Why we care
- Money is concentrated in a few large companies, mostly in mining, while most jobs are elsewhere. For citizens, the benefit has to come mainly through the state, not through wages.
- Keep in mind
- Comparing sales with GDP is only a rough ratio: sales are not value added. Mining led on all five measures.
- Terms in this chart
- Gross domestic product (GDP)The value of everything produced inside a country in a year.GDP adds up the market value of all goods and services produced within a country's borders in one year, no matter who owns the company that produced them.Full explanation →Budget revenueAll the money the state collects in a year: taxes, royalties, fees, dividends and more.It pays for schools, hospitals, pensions, roads and salaries. Comparing it with GDP shows how big the state's income is relative to the economy.Full explanation →
Exhibit 3
Mining companies in the TOP-100
rank, 2025
- 1Oyu Tolgoi →CopperJoint ownership
- 2Mongolyn Alt (MAK) →CoalMongolian private
- 4Energy Resources →CoalMongolian private
- 13Khan Altai ResourceMiningOwners not published
- 17SouthGobi →CoalForeign-owned
- 20Khuren Tolgoi Coal MiningCoalOwners not published
- 26MAK Euro CementCementMongolian private
- 28Redpath (underground mine contractor)Mining servicesForeign-owned
- 29TTJVCoCoalOwners not published
- 31Transvest Mongolia (heavy machinery)Mining servicesOwners not published
See the numbers as a table
| 1 | Oyu Tolgoi | Copper | Joint ownership |
| 2 | Mongolyn Alt (MAK) | Coal | Mongolian private |
| 4 | Energy Resources | Coal | Mongolian private |
| 13 | Khan Altai Resource | Mining | Owners not published |
| 17 | SouthGobi | Coal | Foreign-owned |
| 20 | Khuren Tolgoi Coal Mining | Coal | Owners not published |
| 26 | MAK Euro Cement | Cement | Mongolian private |
| 28 | Redpath (underground mine contractor) | Mining services | Foreign-owned |
| 29 | TTJVCo | Coal | Owners not published |
| 31 | Transvest Mongolia (heavy machinery) | Mining services | Owners not published |
- What it shows
- Mining companies, and companies serving mines, in the 2025 TOP-100 list, by rank.
- What it means
- Oyu Tolgoi ranked first for the fourth year, and for the first time also first on profit. Ten mining-related companies are in the top 31; three of them supply services or equipment to mines.
- Why we care
- Mining is more than mines: it supports many suppliers and contractors. How much of that chain Mongolian companies win decides whether jobs and value stay in the country.
- Keep in mind
- Ranks were published, not each company's figures. The source does not give ranks for Erdenes Tavan Tolgoi or Erdenet.
Exhibit 4
The 10 biggest state-owned companies
2024
29%
sales compared with GDP (MNT 22.9 trillion)
20%
of all tax revenue (MNT 5.5 trillion)
2%
of all jobs (27,100 people)
See the numbers as a table
| 29% | sales compared with GDP (MNT 22.9 trillion) |
| 20% | of all tax revenue (MNT 5.5 trillion) |
| 2% | of all jobs (27,100 people) |
- What it shows
- Combined sales, taxes and employees of the 10 largest state-owned companies in 2024.
- What it means
- Ten state companies had sales equal to 29% of GDP and paid 20% of all taxes, but provide 2% of all jobs.
- Why we care
- The state is the country's biggest business owner. How well these companies are run, how they share profits and how openly they report decide much of what citizens receive.
- Keep in mind
- The source published each company's figures only as an image, so only the totals are shown here.
- Terms in this chart
- State-owned enterprise (SOE)A company the state owns in full or in majority.It lets the state run a business directly and keep its profit, instead of only taxing private firms. Results depend heavily on governance: who appoints the board, how open the accounts are, and whether politics drives decisions.Full explanation →
Exhibit 5
How profits fell when coal prices dropped
2024 and 2025
Erdenes Tavan Tolgoi, net profit
MNT trillion
- 20244.5
- 20251.1
−76%
Mongolian Mining Corporation, profit
US$ million
- 2024242
- 20256.1
−97%
See the numbers as a table
| 2024 | 2025 | ||
|---|---|---|---|
| Erdenes Tavan Tolgoi, net profit (MNT trillion) | 4.5 | 1.1 | −76% |
| Mongolian Mining Corporation, profit (US$ million) | 242 | 6.1 | −97% |
- What it shows
- The profits of two large coal companies in 2024 and 2025.
- What it means
- When coal prices fell, Erdenes Tavan Tolgoi's profit shrank to a quarter, and Mongolian Mining Corporation's almost disappeared.
- Why we care
- Both citizens' dividends and budget revenue depend on these profits. Without rules for steady payouts and saving in good years, what citizens receive swings with the coal price.
- Keep in mind
- The two companies report in different currencies, so they are shown separately. For Mongolian Mining Corporation, the figure is profit for shareholders.
- Terms in this chart
- Net profitWhat is left of revenue after all costs, interest and taxes.The bottom line. Net profit belongs to the shareholders; the company can pay it out as dividends or keep it to invest.Full explanation →DividendThe part of a company's profit paid out to its shareholders.When a company makes a profit, its board can decide to pay part of it to the owners, in proportion to the shares each holds.Full explanation →