Greetings from CMM Team,

Last week, Mongolia confirmed its third government in nine months — formed at 2:24 in the morning, assembled under crisis conditions, and built as much to end a political standoff as to govern a country. The cabinet that emerged is a mixture of familiar faces, factional compromises, and a few appointments that raised eyebrows before the ministers had even taken their seats. Outside, the economic pressures are real and mounting. Inside, the questions are already piling up. Here is what you need to know.

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Mongolia's 35th government was sworn in at 2:24 in the morning on April 4 — an unglamorous hour that perhaps captured the mood. Prime Minister Uchral N., confirmed by parliament just days earlier as the country's third prime minister in nine months, presented a 19-minister cabinet drawn from three parties: 16 from the ruling MPP, two from the Hun Party, and one from the National Coalition, spanning 16 ministries. Uchral N. framed the moment plainly: the government walks in facing a "triple crisis" of rising fuel prices, commodity market volatility, and domestic political fragmentation.

The most telling number in this cabinet is ten — the ministers carried directly over from the Zandanshatar G. government that collapsed just days ago. In a country that has now cycled through three prime ministers in nine months, the continuity is deliberate. Uchral N. told parliament he prioritised speed and stability over a clean slate, noting that mid-crisis reshuffles generate legal disputes, transitional costs, and lost momentum. On that logic, the holdovers make sense. 

Minister of Industry and Mineral Resources — Damdinnyam G. (holdover): The most consequential holdover for markets, and the one investors should watch most closely. Damdinnyam G. is a mining man in the fullest sense and has spent his tenure pushing one of the most sweeping reform agendas the sector has seen. Since taking office, he has been driving amendments to the Minerals Law as the centrepiece of his reform agenda — one of five key pieces of legislation he has targeted for overhaul. On royalties, the agenda is specific: restructuring copper royalty progressive payments to international standards; setting appropriate rates on processed and beneficiated products to incentivise domestic value-added manufacturing; aligning royalties on co-occurring elements with global norms; and channelling a greater share directly to the aimags and communities where extraction actually takes place. The broader direction is a deliberate shift away from equity-heavy agreements toward royalty-based structures — a model he has pointed to explicitly via the recent Orano uranium deal. He remains the government's point man on the Oyu Tolgoi renegotiation with Rio Tinto, which carries a first-half 2026 deadline. His position on Mongolia's benefit share: 53%, non-negotiable.

Minister of Finance — Mendsaikhan Z. (new): A first-time minister with a domestic economics background and prior roles spanning public investment, energy sector administration, and presidential advisory work. He pledged continuity with outgoing Finance Minister Javkhlan B.'s policy framework — a signal of fiscal stability rather than reform ambition…

We are pleased to announce a high-level strategic briefing on April 21, 2026, at the United Nations Headquarters in New York City. Aligned with the 3rd Annual Mongolia Investment Forum: New York 2026, this event serves as a key lead-up to COP17 of the UNCCD, which Mongolia will host in Ulaanbaatar in August 2026 under the theme “Restoring Land. Restoring Hope.”

Organized with the Permanent Mission of Mongolia to the UN, the Business Council of Mongolia, and the Mongolian Sustainable Finance Association, the briefing will bring together diplomats, development partners, climate financiers, and international organizations in New York.