Baganuur JSC
State-majority coal company
Mongolia's largest domestic coal supplier for power generation: an operating surface (open-pit) brown coal mine at Baganuur, east of Ulaanbaatar, established in 1978. Coal from Baganuur supplies Ulaanbaatar Thermal Power Plants No. 2, No. 3 and No. 4 (Global Energy Monitor, Baganuur Coal Mine, citing a Frontier Securities briefing note).
The state holds 75 percent and private shareholders 25 percent: the government privatised 25 percent in 1995 and kept the rest (Frontier Securities briefing via Global Energy Monitor). The Natural Resource Governance Institute's study of state-owned mining enterprises lists Baganuur in 2021 as a stock company, 75 percent state equity, main product coal, main market power plants, in production (NRGI, Debt Policy of State-Owned Mining Enterprises in Mongolia). Erdenes Mongol holds the state's 75 percent as majority shareholder (Asian Development Bank project document, January 2016 position).
PEOPLE
E. Nominchuluun
Chief executive - named as Baganuur JSC CEO reporting winter preparations to the Minister of Energy in Montsame reporting, July 2020
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S. Narantsogt
Chief executive of Erdenes Mongol, the state holding company that holds the state's majority stake in Baganuur - see the Erdenes Mongol page on this site
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RECORD
Ownership - DOCUMENTED
The government privatised 25 percent of Baganuur Joint Stock Company in 1995 and holds the remaining 75 percent (Frontier Securities briefing note, via Global Energy Monitor). A JICA ex-post evaluation likewise describes Baganuur Joint Stock Company as 75 percent owned by the government and 25 percent privately owned (JICA, Baganuur and Shivee-Ovoo Coal Mine Development Project evaluation).
The Baganuur and Shivee-Ovoo development project - DOCUMENTED
In 1997 the Baganuur and Shivee-Ovoo Coal Mine Development Project began to raise Baganuur production from 3 million tonnes a year to 4 million tonnes a year and Shivee-Ovoo from 0.3 million to 2 million tonnes a year, funded by the World Bank and the Japan International Cooperation Agency. Phase I, the rehabilitation of Baganuur, was completed in May 2002 and Phase II in March 2005 (Global Energy Monitor, citing the project record; JICA evaluation).
Share of domestic supply - 2020
Montsame reported in July 2020 that Baganuur, then in its 40th consecutive year of operation, alone satisfied 60 percent of domestic coal demand and 70 percent of domestic thermal coal demand, and that technology and equipment upgrades were under way with a US$12.3 million loan, 70 percent complete at that point (Montsame, 29 July 2020, via MQ World).
Record production - 2024
In 2024 Baganuur JSC extracted 4.96 million tonnes of coal, surpassing its annual plan by 102.3 percent, described as the highest production and sales figures in the company's 46-year history (Global Energy Monitor, Global Coal Mine Tracker August 2026 release and company reporting cited there).
Public offering proposal - 2025
At its session on 15 December 2025 the Cabinet decided to submit to Parliament a draft resolution on privatisation and public offering of state assets for 2025-2028, under which additional ordinary shares of Baganuur JSC would be issued and offered to the public, alongside Shivee-Ovoo JSC and other state companies (Montsame, 15 December 2025, via Mongolian Business Database).
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