Mongolia's resource wealth, in numbers
Organizations
Everyone who shapes how Mongolia's resource wealth is shared: lawmakers, ministries and agencies, watchdogs, the wealth fund, state companies, finance, local government, business, civil society, research, international organizations and media. What each does, and why it matters.
Key office-holders →Laws and rules →- 01 →CitizensUnder the Constitution, the subsoil and its wealth belong to the people. Citizens elect Parliament.
- 02 →Laws and budgetParliament passes the Minerals Law, the wealth fund law and the budget, and names strategic deposits.State Great Khural (Parliament)President of MongoliaNSC
- 03 →GovernmentIssues licences, signs deals, sets policy and owns the state companies.Government of Mongolia (Cabinet)MIMRMRPAMMoFErdenes Mongol LLC
- 04 →CompaniesState, Mongolian private and foreign companies mine and export.ETTErdenet Mining CorporationRio TintoMNMA
- 05 →MoneyTaxes and royalties go to the budget; dividends to the state and to citizen shareholders; 34% of the state's dividends to the Savings Fund.General Department of TaxationGeneral Administration of CustomsChinggis Fund (national wealth fund)Bank of Mongolia
- 06 ↺Back to citizensSchools, hospitals, pensions, Savings Fund accounts and Erdenes Tavan Tolgoi dividends.Ministry of Family, Labour and Social ProtectionUmnugovi aimag
Directory
57 organizations
Lawmakers and political leaders
State Great Khural (Parliament)
Mongolia's parliament, with 126 members. It passes laws and the budget, ratifies major international agreements and decides which deposits are 'strategic'.
Why it mattersThe rules on who gets what from mining are written here: the Minerals Law, the wealth fund law, the state's share of strategic deposits.
President of Mongolia
Head of state. Can veto laws, propose laws and chairs the National Security Council.
Why it mattersCan propose, or block, laws that change the rules on resource wealth.
National Security Council(NSC)
Made up of the President, the Speaker and the Prime Minister; advises on national security, including economic security.
Why it mattersIn 2026 it said the state had received 25–31% of Oyu Tolgoi's benefit over 17 years, against the 53% the agreement intended.
Government, ministries and agencies
Government of Mongolia (Cabinet)
The cabinet, led by the Prime Minister. It negotiates investment agreements, proposes the budget and controls state companies as their shareholder.
Why it mattersIt signs the deals and appoints the boards of state companies.
Ministry of Industry and Mineral Resources(MIMR)
The ministry for mining, geology, petroleum and heavy industry policy. Minister G. Damdinnyam was reappointed in April 2026.
Why it mattersSets policy on processing at home, the oil refinery and reopening exploration.
Mineral Resources and Petroleum Authority(MRPAM)
Issues and registers mining and petroleum licences, keeps the mining cadastre and publishes monthly mining statistics.
Why it mattersThis is where it is recorded who has the right to which land and deposit.
Ministry of Finance(MoF)
Responsible for the state budget, fiscal rules, public debt and tax policy.
Why it mattersManages how mining revenue enters the budget and how it is spent.
Ministry of Economy and Development(MED)
Responsible for economic planning, investment and trade policy; publishes quarterly economic reports.
Why it mattersOne of the main sources bringing trade and export figures together.
General Department of Taxation
Collects taxes, including from mining companies, and names the largest taxpayers each year.
Why it mattersKnows best how much mining companies actually pay.
General Administration of Customs
Records exports and imports and checks the coal, copper and gold that cross the border.
Why it mattersCounts how many tonnes of coal leave the country, and at what price.
National Statistics Office(NSO)
Official statistics: foreign trade, industrial output, GDP, population and poverty (the Household Socio-Economic Survey).
Why it mattersMost of the numbers on this site start here.
Ministry of Family, Labour and Social Protection
Responsible for welfare and employment; announces the amounts credited to citizens' Savings Fund accounts.
Why it mattersReports how much resource money reaches each citizen.
Ministry of Environment and Climate Change
Responsible for environmental impact assessments of mines, and for water and land rehabilitation.
Why it mattersThe cost of mining is not only money: pasture, water and health.
Ministry of Energy
Responsible for power generation, transmission and tariff policy.
Why it mattersMines and processing plants cannot run without power.
Ministry of Road and Transport Development
Responsible for roads, railways and border-crossing infrastructure.
Why it mattersCoal and copper export costs and volumes depend directly on transport.
Ministry of Foreign Affairs
Responsible for foreign relations, and trade and investment agreements.
Why it mattersWith about 90% of exports going to one country, foreign policy is economic policy.
Oversight and transparency
National Audit Office
Audits the state budget, public bodies and state-owned companies.
Why it mattersHas the power to check where state companies' money goes.
Independent Authority Against Corruption(IAAC)
Investigates corruption cases and checks officials' asset and income declarations.
Why it mattersMoney meant for citizens can be lost to corruption; the 2022 coal theft case is an example.
EITI Mongolia(EITI)
The national arm of the Extractive Industries Transparency Initiative: a council of government, companies and civil society that reconciles what companies pay with what the state receives each year.
Why it mattersOne of the main public sources for what each mine pays.
Wealth fund
Chinggis Fund (national wealth fund)
Created by a 2024 law. Three parts: the Future Heritage Fund, the Development Fund, and the Savings Fund with an account for every citizen (visible in E-Mongolia). In May 2026 it was merged with Erdenes Mongol into the Chinggis Khaan Sovereign Wealth Fund Corporation; CEO Temuulen Bayaraa.
Why it mattersThe main tool for passing resource income directly to citizens and saving it for the future.
State-owned companies
Erdenes Mongol LLC
Held the state's stakes in strategic deposits. On 27 May 2026 the cabinet decided to merge it with the Chinggis Khaan wealth fund into a single corporation.
Why it mattersBy law, 34% of its companies' dividends go to the Savings Fund.
Erdenes Tavan Tolgoi JSC(ETT)
The state company mining Tavan Tolgoi coal; citizens own 26.4% of it.
Why it mattersThe largest taxpayer of 2024, and pays dividends directly to citizens.
Erdenet Mining Corporation
Copper and molybdenum mine in Orkhon aimag, 100% state-owned since 2019.
Why it mattersPaid MNT 2.2 trillion to state and local budgets in 2025.
Erdenes Oyu Tolgoi LLC
Holds the state's 34% of Oyu Tolgoi.
Why it mattersWill receive the dividends on the state's 34%; none so far.
Mongolrostsvetmet
100% state-owned producer of fluorspar, iron ore and gold.
Why it mattersDescribes itself as the largest taxpayer in each of its six aimags.
Finance and markets
Bank of Mongolia
The central bank: responsible for the exchange rate, inflation and foreign currency reserves.
Why it mattersMining exports earn most of the country's dollars, so coal prices feed straight into the tögrög.
Financial Regulatory Commission(FRC)
Regulates the stock market, insurance and non-bank finance, and approves company listings.
Why it mattersWill approve any stock market listing of Erdenes Tavan Tolgoi.
Mongolian Stock Exchange(MSE)
Trades shares and bonds; since February 2023 state coal has been sold through exchange auctions.
Why it mattersWhere coal is sold at open prices, and where citizens can see what their shares are worth.
Development Bank of Mongolia(DBM)
The state development bank, funding large infrastructure and industrial projects.
Why it mattersOne of the tools for turning resource income into roads, railways and factories.
Local government
Umnugovi aimag
Home of the Oyu Tolgoi and Tavan Tolgoi deposits; 19 of the TOP-100 companies are based here.
Why it mattersPeople near the mines feel their effects most; how large the local share should be is a key question.
Khanbogd soum
The soum where the Oyu Tolgoi mine is located.
Why it mattersHow much of Oyu Tolgoi's taxes and royalties has reached it is an open question.
Tsogttsetsii soum
The soum where the Tavan Tolgoi coal deposit is located.
Why it mattersOne of the places that feels coal trucks, dust and water use most.
Orkhon aimag
Home of Erdenet Mining Corporation and Erdenet city.
Why it mattersA city built around one mine: what happens when the mine closes is a real question.
Business and industry groups
Mongolian National Chamber of Commerce and Industry(MNCCI)
The national chamber of business; with the government, it selects the TOP-100 enterprises each year.
Why it mattersGathers the sales, taxes and jobs of the largest companies in one place.
Mongolian National Mining Association(MNMA)
The industry association representing mining companies.
Why it mattersThe industry's main voice when laws are being changed.
Business Council of Mongolia(BCM)
A membership group of Mongolian and foreign companies; holds meetings and policy discussions.
Why it mattersA place to hear how foreign investors see Mongolia.
Rio Tinto
One of the world's largest mining companies; owns 66% of Oyu Tolgoi and manages it.
Why it mattersMakes the decisions at Mongolia's largest mine.
Petro Matad
An AIM-listed company producing oil from Block XX.
Why it mattersOne of the few Mongolia-focused companies in the oil sector.
Civil society
Open Society Forum(OSF)
A Mongolian NGO doing policy research on governance, the budget and resource transparency; published a policy brief on the wealth fund law.
Why it mattersOne of the most experienced policy voices in civil society.
Natural Resource Governance Institute(NRGI)
An international institute on resource governance; has published reports on Erdenes Mongol, state companies and copper in Mongolia.
Why it mattersHas some of the most detailed research on how state companies are run.
Oyu Tolgoi Watch
A Mongolian civil society group monitoring Oyu Tolgoi's social and environmental impacts.
Why it mattersBrings the voices of herders and residents near the mine.
Research and universities
Independent Research Institute of Mongolia(IRIM)
An institute doing social and policy research and surveys.
Why it mattersA possible partner for surveying how citizens see mining and the sharing of its wealth.
Sant Maral Foundation
Runs regular political and social opinion polls (the Politbarometer).
Why it mattersShows how public trust and attitudes change over time.
Mongolian University of Science and Technology(MUST)
The main university training mining engineers and geologists.
Why it mattersWhether Mongolians take the high-paid jobs in mining starts here.
National University of Mongolia(NUM)
Teaching and research in economics, law, geology and political science.
Why it mattersResearchers who can give resource policy a sound evidence base.
Arctus Analytics
Publishes analysis of Mongolia's economy and mining.
Why it mattersPublished analysis of Oyu Tolgoi's new 2026 financing terms.
Capital Markets Mongolia
Reviews and analysis of Mongolia's markets and coal sector.
Why it mattersPublishes yearly reviews of coal exports and prices.
International organizations
World Bank
Provides loans and grants, and publishes research such as the Mongolia Economic Update and private sector diagnostics.
Why it mattersPublishes some of the most reliable estimates of mining's weight in the economy and budget.
International Monetary Fund(IMF)
Reviews economic policy every year (the Article IV consultation) and runs financing programmes when needed, including one for Mongolia in 2017.
Why it mattersAdvises on the rules that protect the budget and debt when commodity prices fall.
Asian Development Bank(ADB)
Lends for infrastructure and social sectors, and publishes regional statistics.
Why it mattersPublishes comparable figures on Mongolia's trade and economy.
European Bank for Reconstruction and Development(EBRD)
Invests in the private sector, including mining and energy; took part in financing Oyu Tolgoi's underground mine.
Why it mattersBrings international standards and disclosure rules with its money.
UN Development Programme(UNDP)
Calculates the Human Development Index and runs development programmes.
Why it mattersSets the international yardstick for how wealth reaches people's lives.
Federal Institute for Geosciences and Natural Resources (Germany)(BGR)
Runs technical cooperation on mineral resource management with Mongolian agencies.
Why it mattersHas experience helping improve cadastre, oversight and data systems.
The Asia Foundation
An international NGO running programmes on governance, cities and civic participation.
Why it mattersAn experienced partner on citizen participation and local governance.
Media
Montsame News Agency
The state news agency; publishes statistics office figures in Mongolian and English.
Why it mattersUsually the first to publish official figures.
Mongolian Mining Journal(MMJ)
A specialist journal and site on the mining sector.
Why it mattersReports company results, the TOP-100 and sector figures in detail.
ikon.mn
One of Mongolia's main news sites.
Why it mattersRegularly reports on the budget, dividends and company results.
This list is updated regularly. Tell us about any organization we should add.