Ulaanbaatar, August 5, 2025 /MONTSAME/. The Law on National Sovereign Wealth Fund was adopted on April 19, 2024. Prime Minister of Mongolia Zandanshatar Gombojav met with officials to discuss matters such as the implementation of the law, revenue collection of the fund, oversight systems, negotiations on determining the state ownership percentage of strategic mineral deposits, and distribution of natural resource benefits to citizens through the fund. At the outset of the meeting, the Prime Minister noted that the Government’s National Wealth Fund policy must continue.

Taking the Constitution of the Kingdom of Norway as a model, Article 6.2 of the Constitution of Mongolia states that “the exploitation of the mineral deposits with the strategic importance shall be in compliance with the principle, under which natural wealth is to be subject to the people's control/power, and the legal basis to allot a majority of the benefits gained from it to the people shall be determined by laws." Prime Minister Zandanshatar Gombojav, emphasizing the inadequate implementation of Article 6.2 of the Constitution and the Law on National Sovereign Wealth Fund, established a Working Group led by the Minister of Mongolia and the Chief Cabinet Secretariat of the Government of Mongolia, Mr. Byambatsogt Sandag, aimed at intensifying the implementation of these laws. The Prime Minister stated that negotiations will be conducted to channel the revenues from strategic mineral deposits, explored with state budget funds, into the National Wealth Fund. If necessary, administrative measures will be taken, and a state representative will be appointed to each of the 16 strategic deposits.

Law enforcement and regulatory agencies are currently investigating how and through what processes strategic mineral deposits, explored using state budget funds, were transferred into private ownership, and whether any legal violations occurred during this process. The scope of the investigation has been expanded by establishing a joint sub-working group comprising the police, the intelligence agency, and the Independent Authority Against Corruption of Mongolia.

The Prime Minister assigned the Working Group to prepare a proposal to revise the relevant laws and present it for discussion at the autumn session of the State Great Khural (Parliament) of Mongolia, stressing the focus on ensuring citizens’ ownership of the legally designated shares of strategic mineral deposits and launching IPOs on the stock exchange to distribute the benefits to the public.

The Ministry of Finance and the Bank of Mongolia were instructed to jointly conduct a profitability assessment. The Prime Minister stated that a model must be developed that calculates the returns of the Savings Fund and the Future Heritage Fund, ensures economic benefits to the country with minimal risk, and supports solutions for pressing social issues, particularly the housing policy for citizens. Additionally, the Working Group was instructed to present the progressive and special mineral resource usage fee rates together with the comprehensive tax reform package.

It was decided that the Working Group, aimed at intensifying the implementation of the Law on the National Sovereign Wealth Fund, will work in five sub-working groups handling legal and financial matters, as well as strategic mineral deposits.

Prime Minister Zandanshatar Gombojav asserted that the returns of the National Sovereign Wealth Fund must increase, with transparent information accessible to the public and responsible monitoring. The Prime Minister assigned the Working Group to drive bold and innovative changes to implement the Sovereign Wealth Fund program, to work proactively and courageously to bring tangible improvements to the lives of the people, and to report initial results in ten days.

Minister of Mongolia and the Chief Cabinet Secretariat of the Government of Mongolia Byambatsogt Sandag, Chief Executive Officer of “Erdenes Mongol” LLC Narantsogt Sanjaa, Governor of the Bank of Mongolia Lkhagvasuren Byadran, and relevant officials from the Ministry of Finance, the Ministry of Industry and Mineral Resources, and the Ministry of Family, Labour, and Social Protection participated in the meeting.