Ulaanbaatar
Javkhlan Bold: Coal Stockpiles at Southern Border Ports will Be Resolved
Politics
Ulaanbaatar, March 20, 2025 /MONTSAME/ During the regular session of the Cabinet of Mongolia on March 19, 2025, the Working Group tasked with generating additional export revenue and increasing Mongolia's foreign exchange reserves by expanding mining product extraction presented its first report to the Cabinet.
Minister of Finance of Mongolia Javkhlan Bold said, “The Working Group was established last week and at that time, the foreign exchange reserves of Mongolia stood at USD 4.5 billion. We are working to increase the reserves to USD 5.4 billion by April and May 2025. Previously, Mongolia's foreign exchange reserves have reached an all-time high of USD 5.4 billion. We are aiming at surpassing this amount.
As of today, the most pressing issue to be resolved is the fact that a total of 9.5 million tons of coal have accumulated at Mongolia's southern border ports. During the pandemic, up to 20 million tons of coal were piled. Compared to this, it is relatively good, but mining products cannot be traded until this bottleneck is resolved. The main reason for the accumulation is due to the previously concluded contracts.
Coal prices have fallen by 30-40 percent since autumn. Due to the fall in prices, companies from the contracting party are not taking their coal. Thus, the Ministry of Finance, the Financial Regulatory Commission, the Mongolian Stock Exchange, and other relevant institutions held a meeting, and a revised regulation was approved at today’s Cabinet session. It will allow coal trading on the exchange.”
The Working Group will report to the Cabinet session every
week.
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