CAREC Institute Presents Findings on Critical Minerals and Capital Markets in Mongolia

The CAREC Institute contributed research on critical-mineral value chains and green finance at the CAREC Critical Minerals-to-Manufacturing Forum on 30 September 2026 and the First CAREC Capital Markets Development Forum (CMDF) on 1–2 October 2026 in Ulaanbaatar, Mongolia. Both events were organized by ADB’s CAREC Program, linking higher-value processing and manufacturing with the financial markets needed to support regional investment. Dr. Asif Razzaq, Senior Research Specialist at the CAREC Institute, presented the Institute’s research at both events.

The study “Critical Mineral Trade and Value Chains in the CAREC Region” finds that many CAREC economies export lower-value mineral products and import higher-value products made from the same minerals. Six economies in the study export about USD 11.7 billion in copper products, and copper is the leading critical-mineral export in five of the eight economies examined. The analysis proposed a regional copper-processing corridor linking ore supply, power, transport, processing capacity, traceability and ESG standards, and downstream buyers. The proposal focuses on commercially viable regional processing, supported by secure supplies, affordable power, long-term buyers, stable rules, and suitable financing.

ADB’s Critical Minerals-to-Manufacturing Financing Partnership Facility and industry presentations on Reko Diq, Badrakh Energy/Orano Group, Azzuro Resources, Erdenes Industrial Technological Park, and Rio Tinto Copper Mongolia highlighted the importance of risk reduction and project preparation alongside mineral resources.

At the CMDF, CAREC members endorsed the Charter, governance structure, and operational framework, creating a regional platform for capital-market development and regulatory cooperation. Drawing on the Central Asia Development Report 2026, the Institute presented the region’s green-finance landscape in Session 4. Priorities included stronger project-preparation facilities, deeper local-currency markets, practical green taxonomies and disclosure rules, wider use of guarantees and blended finance, and regional alignment on standards, monitoring, reporting and verification, and cross-border investment pipelines.