List of companies of Mongolia
List of notable companies headquartered in Mongolia
From Wikipedia, the free encyclopedia
This is a list of notable companies of Mongolia. It includes companies headquartered in Mongolia, major foreign-invested companies incorporated in the country, and selected state-owned enterprises. Inclusion in the sector tables is based on economic significance, public listing, strategic importance, or substantial coverage in reliable sources; it is not intended to reproduce every registered business.
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Mongolia is an upper-middle-income, mineral-exporting economy. Mining—particularly copper and coal—is a major source of exports, investment and government revenue, while trade, banking and finance, manufacturing, telecommunications, transport, construction and other services account for a large part of domestic business activity.[1][2]
For the legal forms and abbreviations used by Mongolian companies, see business entities in Mongolia.
Business landscape
Most large corporate headquarters and financial institutions are located in Ulaanbaatar, while mining companies and their operating subsidiaries are also concentrated in Ömnögovi Province and other resource-producing regions. In the 2025 national TOP-100 ranking, 67 enterprises were based in Ulaanbaatar and 19 in Ömnögovi. Mining and extraction, trade, finance and insurance, manufacturing, and information and communications were the most strongly represented sectors.[3]
Mongolia's five systemically important commercial banks—Khan Bank, Trade and Development Bank, Golomt Bank, XacBank and State Bank—became joint-stock companies in 2023 as part of banking-sector ownership and governance reforms.[4]
The Mongolian Stock Exchange lists companies from banking, finance, mining, food and beverage production, cashmere, retail, construction and other sectors. It also operates markets for corporate and government debt securities, investment funds, asset-backed securities and exchange-traded mineral commodities.[5]
Largest enterprises
TOP-100 Enterprises ranking
The Government of Mongolia and the Mongolian National Chamber of Commerce and Industry publish an annual ranking of the country's leading enterprises. The ranking uses officially verified information on annual sales revenue, taxes paid, the number of employees covered by social insurance, profits and total assets.[6]
Since the 2022 ranking, companies in which the state owns at least 50% have been excluded from the principal TOP-100 list and assessed separately.[6] The ranking therefore measures the largest private, publicly traded and foreign-invested enterprises rather than the whole state-owned corporate sector.
The 2025 TOP-100 enterprises reported combined sales revenue of MNT 65.7 trillion, equivalent to 73% of Mongolia's gross domestic product. They paid MNT 8 trillion in taxes, representing 30% of national tax revenue, and employed approximately 85,000 people. The list consisted of 86 limited liability companies and 14 joint-stock companies.[3]
| Rank | Enterprise | Main sector | Description |
|---|---|---|---|
| 1 | Oyu Tolgoi LLC | Mining | Operator of the Oyu Tolgoi copper-gold mining complex in Ömnögovi. |
| 2 | Mongolyn Alt (MAK) LLC | Mining and manufacturing | Diversified mining and industrial company producing coal, cement and other construction materials. |
| 3 | Khan Bank | Banking | Nationwide commercial bank and publicly traded financial institution. |
| 4 | Energy Resources LLC | Mining | Coking-coal producer and operator of the Ukhaa Khudag mine and processing complex. |
| 5 | Golomt Bank | Banking | Commercial bank serving retail, corporate and small-business customers. |
The complete annual ranking is published by the Mongolian National Chamber of Commerce and Industry and is updated each year; the 2025 edition also published information on a further 200 competitive enterprises.[3]
State-owned enterprises
Large state-owned and state-controlled enterprises remain important in mining, transport, energy and finance. They are not directly comparable with the private-sector TOP-100 ranking because companies with at least 50% state ownership are excluded from its main table.[6]
| Enterprise | Sector | Ownership or status | Main activity |
|---|---|---|---|
| Erdenes Mongol | Holding company | State-owned | Holds and manages state interests in strategic mineral and infrastructure projects. |
| Erdenes Tavantolgoi | Mining | State-owned joint-stock company | Coal mining and exports from the Tavan Tolgoi deposit. |
| Erdenet Mining Corporation | Mining and mineral processing | State-owned enterprise | Copper and molybdenum mining and concentration at Erdenet. |
| Baganuur JSC | Mining | State-controlled, publicly listed | Thermal-coal producer supplying domestic power stations. |
| Shivee-Ovoo | Mining | State-controlled, publicly listed | Thermal-coal producer supplying Mongolia's central energy system. |
| MIAT Mongolian Airlines | Air transport | State-owned company | Mongolia's flag carrier and principal international airline. |
| State Bank | Banking | State-owned joint-stock company | Nationwide commercial banking. |
| Development Bank of Mongolia | Development finance | State-owned policy bank | Long-term financing for infrastructure and development projects. |
| Ulaanbaatar Railway | Rail transport | Mongolian–Russian joint venture | Operates the principal north–south railway and freight network. |
| Mongolian Stock Exchange | Financial market infrastructure | State-controlled, publicly listed | Operates Mongolia's securities and exchange-traded commodity markets. |
Notable companies by industry
Mining and natural resources
| Company | Established | Ownership or listing | Main activities |
|---|---|---|---|
| Oyu Tolgoi LLC | 2009 | Foreign-invested and state-participated | Copper and gold mining. The open-pit mine began production in 2011, concentrate production started in 2013 and underground production began in 2023.[7] |
| Mongolyn Alt (MAK) LLC | 1993 | Private | Mining, cement and construction materials, renewable energy, tourism and real estate.[8] |
| Energy Resources LLC | 2005 | Private; subsidiary of Mongolian Mining Corporation | Coking-coal mining, processing, transport and sales from the Ukhaa Khudag complex.[9] |
| Erdenet Mining Corporation | 1978 | State-owned | Copper and molybdenum mining and mineral concentration. |
| Erdenes Tavantolgoi | 2010 | State-owned | Coal mining, sales and exports from the Tavan Tolgoi deposit. |
| Tavantolgoi JSC | 1966 | Publicly listed | Coal mining in Ömnögovi Province. |
| Baganuur JSC | 1978 | Publicly listed; state-controlled | Thermal-coal production for domestic electricity generation. |
| Shivee-Ovoo | 1990 | Publicly listed; state-controlled | Thermal-coal production for the central power system. |
Banking and financial services
| Company | Established | Status | Main activities |
|---|---|---|---|
| Trade and Development Bank of Mongolia | 1990 | Publicly listed; systemically important bank | Corporate, retail, trade-finance and investment-banking services.[10] |
| Khan Bank | 1991 | Publicly listed; systemically important bank | Retail, agricultural, small-business and corporate banking through a nationwide network.[11] |
| Golomt Bank | 1995 | Publicly listed; systemically important bank | Retail, corporate and small-business banking.[12] |
| XacBank | 2001 | Publicly listed; systemically important bank | Retail, small-business, leasing and green-finance services. |
| State Bank | 2009 | State-owned, publicly listed and systemically important | Nationwide retail and commercial banking.[13] |
| Bogd Bank | 2014 | Publicly listed | Retail and corporate banking.[14] |
| Ard Financial Group | 2005 | Publicly listed | Financial holding company with insurance, securities, savings, investment and technology businesses. |
| Invescore NBFI | 2016 | Publicly listed | Non-bank lending and digital financial services. |
| LendMN | 2016 | Publicly listed | Digital consumer lending and financial technology. |
Conglomerates, retail and petroleum
| Company | Established | Main sectors | Notes |
|---|---|---|---|
| MCS Group | 1993 | Mining, telecommunications, energy, engineering, property, consumer goods and hospitality | Began as an energy-sector consultancy and developed into one of Mongolia's largest diversified groups.[15] |
| Tavan Bogd Group | 1995 | Retail, hospitality, food production, automotive distribution, finance and cashmere | Diversified group and controlling shareholder of Gobi JSC. |
| Nomin Holding | 1992 | Retail, wholesale, logistics, insurance, finance and real estate | Operates supermarkets, department stores, distribution and service businesses.[16] |
| Newcom Group | 1993 | Telecommunications, aviation, renewable energy and investment | Founded as one of Mongolia's early private investment groups; participated in the creation of Mobicom and utility-scale wind-power projects. |
| Shunkhlai Group | 1993 | Petroleum distribution, beverages, media and other investments | Originated as Shunkhlai LLC and developed a nationwide fuel-import, storage and retail network.[17] |
| Petrovis | 1997 | Petroleum import, storage, distribution and exploration | One of Mongolia's principal private petroleum companies and the parent of several energy-related businesses.[18] |
| Bodi Group | 1993 | Infrastructure, construction, finance and property | Diversified business group involved in major transport and construction projects. |
| TESO Corporation | 2003 | Food, manufacturing, logistics and construction | Producer and distributor of food and consumer products. |
Telecommunications and digital services
| Company | Established | Ownership or affiliation | Main activities |
|---|---|---|---|
| Mobicom Corporation | 1996 | Part of KDDI | Mongolia's first mobile-network operator; also provides internet, enterprise IT, data-centre and international communications services.[19] |
| Skytel | 1999 | Private | Mobile communications, broadband internet and television services.[20] |
| Unitel Group | 2006 | Part of MCS Group | Mobile communications, fixed broadband, IPTV, satellite communications, cloud and digital-content services.[21] |
| G-Mobile | 2007 | Private | Mobile, fixed-wireless and internet services, with a focus on nationwide and rural coverage. |
| DDishTV | 2008 | Part of Unitel Group | Direct-to-home satellite television, content and satellite-ground-station services.[22] |
Manufacturing and consumer goods
| Company | Established | Listing or ownership | Main products |
|---|---|---|---|
| APU JSC | 1924 | Publicly listed | Beer, spirits, beverages, water, juice and dairy products.[23] |
| Gobi JSC | 1981 | Publicly listed | Cashmere yarn, textiles and finished garments for domestic and export markets.[24] |
| Suu JSC | 1958 | Publicly listed | Milk and dairy products. |
| Talkh Chikher JSC | 1984 | Publicly listed | Bread, baked goods and confectionery. |
| Monos Group | 1990 | Private | Pharmaceuticals, healthcare, cosmetics and retail pharmacy. |
| UFC Group | 1942 | Private | Food processing, beverages and distribution. |
| Makh Impex JSC | 1946 | Publicly listed | Meat processing and food production. |
| Vitafit Group | 1997 | Private | Juice, beverages, water and food products. |
| Darkhan Nekhii JSC | 1972 | Publicly listed | Leather, sheepskin and clothing products. |
| Erdenet Carpet JSC | 1981 | Publicly listed | Wool carpets and textile products. |
Transport and logistics
| Company | Established | Ownership or status | Main activities |
|---|---|---|---|
| MIAT Mongolian Airlines | 1956 | State-owned; national flag carrier | International passenger and cargo aviation, aircraft maintenance and ground services.[25] |
| Aero Mongolia | 2001 | Private | Domestic and regional scheduled airline. |
| Eznis Airways | 2006 | Private | Scheduled, charter and cargo air services. |
| Hunnu Air | 2011 | Private | Domestic and regional scheduled airline. |
| Ulaanbaatar Railway | 1949 | Mongolian–Russian joint venture | Rail freight, passenger transport and infrastructure operation. |
| Mongol Post | 1921 | Publicly listed; state-participated | Postal, parcel, logistics and financial agency services. |
| Mongolian Railway | 2008 | State-owned | Railway construction, infrastructure development and freight operations. |
Defunct and liquidated companies
The following companies were formerly significant but have ceased independent operations, entered liquidation or had their licences withdrawn.
| Company | Sector | Ceased or liquidated | Notes |
|---|---|---|---|
| Anod Bank | Banking | 2010 | Entered liquidation after its banking operations failed during the late-2000s financial crisis. |
| Zoos Bank | Banking | 2009 | Taken under state control after becoming insolvent; its viable assets contributed to the formation of State Bank. |
| Savings Bank | Banking | 2013 | Declared insolvent and transferred to State Bank. |
| Capital Bank | Banking | 2019 | Banking licence revoked and the institution placed into liquidation. |
The Bank of Mongolia maintains the official information pages for banks under liquidation, including Zoos Bank, Savings Bank and Capital Bank.[26]