Mongolians have a new President – he is Tsakhiagiin Elbegdorj.
The result is not official yet but Elbegdorj and his Democratic Party have been celebrating by marching into one of the main squares in the capital Ulan Bator, dominated by a huge statue of Genghis Khan.
Unofficially, the main opposition Mongolian People’s Revolutionary Party have conceded defeat.
If confirmed the Democratic Party’s win will almost certainly mean Mongolia will avoid violence which erupted in contested parliamentary elections.
The new President could be bad news for foreign investors who want to make a move into Mongolia.
Elbegdorj is reported to be against foreign influence even though he wants the country to become a mining powerhouse.
Companies like Rio Tinto are keen to start mining there, but negotiations have dragged on for years.
Elbegdorj has pledged to fight corruption and reform control of Mongolia’s natural resources in a country which is sparsely populated and landlocked