Tsepelis, Wesley proud as Bishrelt Metal take 'big step' for Mongolia basketball www.fiba.basketball

KUALA LUMPUR (Malaysia) - Bishrelt Metal found themselves celebrating far greater glory following a successful debut in the Basketball Champions League Asia-East (BCL Asia-East) 2025 on Tuesday night.
The crew overcame a late-game scare by the hard-fighting NS Matrix to ace their lone test in Window 1 of the five-leg tourney, in the process writing history - not just for the ball club, but for an entire nation as well.
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"This win is not just for our team, but for the whole country of Mongolia."
In beating the Deers on their own home floor at the MABA Stadium, they became the first-ever Mongolian professional basketball team to win an away game in a FIBA continental club competition.
"I think this is a big step for Mongolia," said Coach Evangelos Tsepelis shortly after their 98-86 victory "Teams every year want to step up. For this season we try to play real basketball, and we have this result."
Bishrelt Metal, along with fellow The League outfit Ulaanbaatar Xac Broncos, never had a chance to do as much back in the BCL Asia Qualifiers last year after failing to advance to the Second Round.
Round 1 of the saiid tilt was held at the UG Arena in the Mongolian capital and both squads fell short of booking their tickets to Jakarta, Indonesia as the both of them won just once in their three games.
NS Matrix and Pelita Jaya Basketball eventually emerged as the two teams that secured their spots the BCL Asia inaugurals and now, those two are with Bishrelt Metal in Group A of the BCL Asia-East.
That's why Tuesday was a rematch between Bishrelt Metal and the Deers, with the former earning some sweet payback as the latter was the reason why they fell to a 0-2 hole during the 2024 Qualifiers.
But then, what most will remember, especially the Mongolian fans, was the history they made, leaving the decorated Tsepelis beaming with pride as it was also their first game outside of the country this season.
"I'm very happy with this result. I'm very proud of my players. For us this is our first game outside the country. The most important thing for us is to stay together and so we took a big win," the Greek mentor said.
It couldn't get more fitting, too, that helping Bishrelt Metal achieve such a feat were a pair of seasoned internationalists that have experienced competing in the BCL: Byron Wesley and Devon Scott.
Formerly of Kataja Basket (2016) and Lukoil Academic (2017), Wesley flirted with a triple-double with 34 points, 9 rebounds, and 8 assists as he came through in the clutch when the home team chopped a 20-point gap to just six.
Scott, on the other hand, finished with 24 points, 10 rebounds, 5 assists, and 2 steals as the 2.06 (6'9") forward showed the same versatility he flexed with Flamengo in the BCL Americas just two years ago.
"Me and Scott, we have experience playing in BCL before so we felt comfortable out there. And down the stretch, we wanted to let our experience show," said Wesley, who scored and assisted in the team's last six points.
Wesley, however, refused to take all the credit to him and Scott, saying that it was a collective effort that enabled the crew to pull off the memorable result - one that he couldn't help but feel so proud to have been a part of.
"But it was a team effort. We had a lot of big contributions from a lot of Mongolian guys so credit to my teammates. We played like a team, everybody played unselfishly," said the 1.96 M (6'5") winger, who also played in FIBA WASL.
"This win is not just for our team, but for the whole country of Mongolia."
FIBA

Minister Ts.Tuvaan: Mining exchange trading to resume soon www.gogo.mn

Ts.Tuvaan, Minister of Industry and Minerals, announced that trading on Mongolia’s mining exchange is set to resume soon following key regulatory adjustments.
"We have made changes to the exchange regulations," the Minister stated. "For example, we have developed and revised a price index that fluctuates in accordance with coal prices. When coal prices were high, exchange trading under strict conditions proceeded smoothly. However, when prices declined, maintaining rigid requirements over an extended period caused significant financial losses for buyers. This, in turn, led to a slowdown in coal withdrawals, resulting in excessive stockpiling at the border and logistical congestion".
To address this issue, the Ministry introduced a dynamic price index that adjusts based on market trends. This revision has already led to promising results, with the first round of trading generating purchase orders for one million tons of coal. If this trend continues, it is expected that mining exchange operations will fully resume in the near future.

Trafigura’s $1.1 Billion Mongolia Fraud Was ‘Humbling,’ CEO Says www.finance.yahoo.com

(Bloomberg) -- Trafigura Group’s $1.1 billion loss in a suspected multi-year fraud in Mongolia was a “humbling experience,” the trading giant’s new chief said in his first public comments on the scandal.
Richard Holtum, who took over as Trafigura chief executive officer in January, said that he was encouraging the company’s traders to speak up if they saw things that did not make sense.
“I think had our people been empowered to ask the question why, maybe we’d have caught this much earlier,” he said at the FT Commodities Global Summit in Lausanne, Switzerland.
Trafigura said in October that it faced a loss of $1.1 billion in Mongolia as a result of manipulation of what it described as data and documents and deliberate concealment of overdue debts by its own employees. It was the second highly embarrassing loss to hit the trading house in as many years, after it revealed a loss of over $500 million in an alleged nickel fraud the previous year.
Holtum said that Trafigura had missed the giant losses in the tiny oil market of Mongolia because its office in the country was isolated from the rest of the company, partly as the Covid-19 pandemic prevented executives from traveling there. There was also a “language issue,” with a limited number of Mongolian speakers in Trafigura’s wider staff, he said.
“That in no way is to excuse what happened, but that is essentially how it happened,” he said.
The CEO said he could not guarantee that Trafigura would not be a victim of fraud again in the future, but that the company had upgraded its “plumbing” to try to prevent similar issues.
The loss has been “an enormous catalyst for change internally, because people felt that pain in their pockets and realized and knew that this could not continue,” he said.

Mongolia Reports 211 Foreign Visitors Unable to Enter in Early 2025 www.montsame.mn

In the first two months of 2025, a total of 211 citizens from 12 countries were denied entry to Mongolia by the Immigration Agency of Mongolia. Of the people who were refused entry, 148 were citizens of the People's Republic of China, 24 were citizens of the Republic of Korea, and 19 were citizens of the Republic of Uzbekistan.
Last year, 2,084 citizens from 30 countries were denied entry due to reasons such as failure to specify the purpose of their arrival, visa type did not match the purpose of their stay in the country, lack of proof of financial subsistence, and expired visas. Of these, 1,238 were from the People's Republic of China, 486 from the Republic of Korea, 167 from the Republic of Uzbekistan, 47 from the Republic of Azerbaijan, 42 from the Republic of Kyrgyzstan, and 105 from other countries.
Mongolia eased visa requirements and started issuing electronic visas to promote tourism and increase the number of tourists. However, the number of citizens being turned back from the border is increasing, as citizens of countries exempt from visa requirements who have obtained electronic visas for tourism purposes have been violating laws, including engaging in permanent work or activities other than the purpose of their visit, reported the Immigration Agency of Mongolia.

Mongolia seeks investment collaborations in Hong Kong www.channelnewsasia.com

People's Artist of Mongolia Amartuvshin Becomes the Best Opera Baritone www.montsame.mn

People's Artist of Mongolia and Cultural Envoy of Mongolia Amartuvshin Enkhbat has topped the rankings of the "Opera World" website, earning the title of "Best Opera Baritone."
Amartuvshin Enkhbat received high acclaim from international opera enthusiasts and critics, demonstrating his extraordinary talent on the world's most prestigious opera stages for 52 consecutive weeks. This achievement reaffirms his status as one of the best baritone in the opera world. Notably, Amartuvshin was also named the "Best Opera Baritone" in 2021.
Since 2023, Opera World has been categorizing the world’s top opera singers into five classifications based on their performances in major theaters. To be included in the list, a singer must have performed at renowned venues such as Teatro alla Scala of Milan, the Metropolitan Opera House, the Opéra National de Paris, and the Bavarian State Opera. Each time an artist performs at an opera theater, festival, or concert hall, they receive 100 points from professionals. The final ranking is determined based on the total points accumulated over 52 weeks.
Amartuvshin Enkhbat secured first place with 5,900 points, followed by French opera singer Ludovic Tézier with 5,200 points in second place and Russian opera singer Roman Burdenko with 4,800 points in third.
People's Artist of Mongolia Amartuvshin has performed on the world's most prestigious stages, including Teatro di San Carlo - Opera Theatre in Naples, Italy; Théâtre des Champs-Élysées in Paris, France; Kiel Opera House in Germany; Valencia Opera House in Spain; Tel Aviv Opera House in Israel; Bolshoi Theatre in Moscow, Russia; and Pearl Theatre in Beijing, China.
Awards and Recognitions:
2011 – Second place at the International P.I. Tchaikovsky Competition (Saint Petersburg, Russia)
June 2012 – Winner of The Placido Domingo’s Operalia (Beijing, China)
June 2015 – Competed in Cardiff Singer of the World
Silver medal at the Tenor Viñas Competition (Spain)
Special audience award at the BBC Cardiff Singer of the World Competition
January 2017 – Performed at the prestigious San Carlo Opera House (Italy)
July 2017 – Sang at Arena di Verona, Italy’s oldest and most renowned opera stage
March 2018 – Recipient of the "BraVo" Honorary Award
July 2018 – Played the lead role of Nabucco in the "Nabucco" by Giuseppe Verdi 
October 2018 – Performed at Teatro Massimo Vittorio Emanuele
February 2019 – Sang at Teatro Regio di Torino (Turin, Italy)

Largest fully preserved dinosaur claw unearthed in Mongolia’s Gobi Desert www.cnn.com

With distinctive two-fingered claws, the remains of a previously unknown species of dinosaur suggest it looked like a bizarre mix of sloth, giraffe and cult movie hero Edward Scissorhands, according to new research.
Paleontologists unearthed the fossil in Mongolia’s Gobi Desert, and the find is unique because the sheath of one of the digits is intact. Made of keratin (the same material as fingernails), the sheath reveals that the claw itself was much longer than the underlying bones. It is the largest claw of its kind found fully preserved in this way, researchers say.
“It’s close to a foot in size,” said paleontologist Darla Zelenitsky, an associate professor at the University of Calgary in Canada and coauthor of a study on the discovery published in the journal iScience. “This is by far the biggest claw preserved for a dinosaur that has that keratinous sheath on it.”
The dinosaur has been given the scientific name Duonychus tsogtbaatari, in honor of Mongolian paleontologist Khishigjav Tsogtbaatar. The genus name Duonychus means two claws in Greek.
Duonychus tsogtbaatari was part of an awkward-looking group of dinosaurs known as therizinosaurs, which were part of the theropod family that includes Tyrannosaurus rex. Therizinosaurs, however, were plant-eaters or omnivores — not apex predators.
The newly discovered dinosaur stood about 10 feet (3 meters) tall and would have weighed 573 pounds (260 kilograms). It likely used its curved claws to reach vegetation, and it could have grasped branches up to 4 inches (10 centimeters) in diameter, according to the study.
As well as two claws, the paleontologists also found fossilized parts of the prehistoric creature’s backbone, tail, hips, arms and legs. The fossil was discovered by staff at Mongolia’s Institute of Paleontology, part of the Mongolian Academy of Sciences, several years ago, Zelenitsky said.
Besides grasping, the two-fingered hands may have been used for display or as formidable weapons when needed, Zelenitsky said.
“They weren’t predators, but they could defend themselves with those claws. They were big and very sharp,” she said.
The best comparison for the distinctive digits among living animals would be the claws of a sloth, used for hanging onto tree branches, Zelenitsky added.
The discovery of Duonychus tsogtbaatari’s claw is an “exciting” find, said David Hone, a paleontologist and reader in zoology at Queen Mary University of London, who wasn’t involved in the research.
“I’ve seen fragments from other specimens from the Gobi, but never a whole sheath like this. The kind of preservation here, which is common to the vast majority of dinosaur bearing formations, doesn’t usually preserve keratin,” said Hone, who is the author of the 2024 book “Uncovering Dinosaur Behavior: What They Did and How We Know.”
“So that’s really important as we know there’s a pretty uncertain relationship between the keratin and the underlying bone,” he added via email.
Most therizinosaurs had long claws to grab and manipulate plants, giving them “this reputation as Edward Scissorhands dinosaurs,” said Steve Brusatte, a professor of paleontology at the University of Edinburgh, referring to the titular character in the 1990 hit movie who had large scissor blades for hands.
“But this one is unique in having only two fingers on each of its giant arms, so they really do look like oversized tongs you might use when barbequing,” Brusatte, who wasn’t involved in the research, said.
Only a few groups of dinosaurs had two fingers, most famously Tyrannosaurus rex, while single-fingered dinosaurs were even rarer, Brusatte added.
“But whereas T. rex probably wasn’t using its pathetic little arms for much, and definitely not for combat or subduing prey, these therizinosaurs were using them as an integral part of their feeding strategy,” he added.
“This is yet another example of a wonderful new dinosaur that we couldn’t have dreamed ever existed if we didn’t find its fossils,” Brusatte said.

Invescore Capital appoints new CEO www.amcham.mn

Mongolian Mining Corporation Announces 2024 Annual Results www.stocktitan.net

Mongolian Mining (MMC), Mongolia's largest HCC producer and exporter, reported its FY2024 results with record-high revenue of USD1,039.9 million, slightly up from USD1,034.8 million in FY2023. The company sold 8.6 million tonnes of coal products, including 4.7 Mt of hard coking coal (HCC).
The average HCC selling price increased to USD168.4 per tonne from USD160.2 in 2023. The company achieved a gross profit of USD411.7 million, with profit attributable to shareholders holding steady at USD242.0 million.
The company reported progress on its diversification strategy, with its Bayan Khundii gold mine construction being 67% complete, targeting gold production commencement in H2 2025. MMC maintains its position as Mongolia's largest internationally listed private mining company, focusing on production scaling, infrastructure development, and portfolio diversification into gold, copper, and non-ferrous metals.

HONG KONG, March 24, 2025 (GLOBE NEWSWIRE) -- Mongolian Mining Corporation ("MMC” or the "Company”, or together with its subsidiaries, the "Group”; stock code: 975), the largest producer and exporter of washed hard coking coal ("HCC”) in Mongolia, today announced its annual results for the year ended 31 December 2024 ("FY2024” or the "Year”).
During the Year, the Group's revenue reached a record high level of USD1,039.9 million (FY2023: USD1,034.8 million). The Group sold a total of 8.6 million tonnes ("Mt”) of coal products in FY2024, comprising of 7.8 Mt of primary products (including 4.7 Mt of HCC), and 0.8 Mt of secondary products.
The Group's average selling price for HCC, excluding applicable VAT in PRC, was USD168.4 per tonne, compared to USD160.2 per tonne during the year ended 31 December 2023.
The Group's gross profit for the Year was approximately USD411.7 million. The profit attributable to equity shareholders of the Company for FY2024 remained stable at approximately USD242.0 million.
As of the end of 2024, the processing plant construction and installation works at the Bayan Khundii gold mine were around 67% completed, and gold production is expected to commence in the second half of 2025.
Dr. Battsengel Gotov, Chief Executive Officer of MMC, said, "We are pleased to report that the Group delivered another year of strong operational and financial performance, generating revenue of USD1,039.9 million in 2024. At MMC, we remain steadfast in our commitment to strengthening our position as the largest internationally listed private mining company operating in Mongolia. Our focus is clear: maintaining an adequate capital structure, scaling up production and sales through optimal asset utilization, and supporting initiatives to improve and develop regional infrastructure. We have been focusing on business expansion and diversification, investing in gold, copper, and other non-ferrous metals to strengthen our portfolio and long-term growth strategy. Above all, we are dedicated to upholding the highest standards of safety, environmental responsibility, and social accountability as we drive sustainable growth for the future.”
About Mongolian Mining Corporation (Stock code: 975)
MMC is the largest producer and exporter of HCC in Mongolia. It owns and operates two open-pit coking coal mines, the Ukhaa Khudag deposit located within the Tavan Tolgoi coal formation, as well as the Baruun Naran deposit, both located in South Gobi, Mongolia.
MMC is also a 50% equity holder in Erdene Mongol LLC, which holds two mining licenses and one exploration license located in Bayankhongor, Mongolia. The Bayan Khundii gold mine is currently under development and first gold production is expected to commence in the second half of 2025.
MMC was listed on The Stock Exchange of Hong Kong Limited in October 2010. To learn more about the Group, please visit MMC's website at: www.mmc.mn.
(Incorporated in the Cayman Islands with limited liability)

Exclusive: Aunt of Trafigura's Mongolia boss ran main partner firm www.reuters.com

LONDON, March 25 (Reuters) - Trafigura's top executive in Mongolia, who has been suspended while a billion-dollar fraud scheme at the Swiss trading house is investigated, loaned over $500 million of Trafigura’s money to a firm owned by his aunt, Reuters has found.
The firm, called Lex Oil, is Trafigura’s principal counterparty in Mongolia. It belonged to Erdenetuul, the aunt of Trafigura’s suspended local boss, Jononbayar Erdenesuren, according to three sources close to Trafigura and an ownership document. Trafigura said last October that it had recorded a $1.1 billion loss after an internal review found that some employees in its Mongolian petroleum products supply business engaged in "serious misconduct", including manipulating data and documents to inflate sums being paid by Trafigura and to conceal overdue receivables.
The company said its principal counterparty owed Trafigura "a substantial portion" of the money, but did not name the counterparty or any individuals as the investigation is ongoing.
According to the sources, Jononbayar sold fuel and loaned hundreds of millions of dollars to his aunt’s company.
The sources interviewed by Reuters said Trafigura's risk department should have assessed family connections for possible conflicts of interest, casting doubts on the rigour of oversight at one of the world’s largest energy and commodity traders.
Two banking sources briefed by the company said their main concern regarding the matter was that Trafigura would uncover more fraud.
Reuters' reporting is based on three sources close to Trafigura familiar with the details of its Mongolia operations, the two banking sources, as well as an undated document from Mongolia’s Department of State Registration showing Lex's ownership details.
A Trafigura spokesperson said an external investigation was ongoing. The company declined to answer questions posed by Reuters on the status of the investigation, on which, if any, staff have been suspended or terminated, or on whether it was aware of Jononbayar’s links to its main trading partner.
a move Wall Street took as a sign of flexibility on the matter that has roiled markets for weeks.
Jononbayar has been with Trafigura since 2012, the three sources close to Trafigura said, and his LinkedIn profile shows.
He is among a small, unspecified number of employees who were suspended last year, according to people familiar with the matter.
Jononbayar, his aunt, Lex Oil, and a lawyer for the firm did not reply to requests for comment via LinkedIn or email. Reuters was unable to identify a lawyer representing Jononbayar.
CUSTOMS LINK In addition to his business dealings with his aunt’s firm, Jononbayar’s mother, Erdenesuren, Erdenetuul's sister, worked in the Customs General Administration of Mongolia (CGAM), which oversees fuel imports, the three sources said.
Trafigura became Mongolia's key fuel supplier around 2014, according to the same sources. Erdenesuren worked in the CGAM’s risk department for several years until 2018, the sources said.
Erdenesuren and CGAM did not respond to Reuters' requests for comment on LinkedIn or by email.
Trafigura has not named any employees in its statements on the matter, saying in a statement in October only that it was taking "appropriate disciplinary action".
An internal investigation by Trafigura found no evidence that Lex or Trafigura received preferential treatment from the CGAM, the three sources said.
In October, Trafigura said it had performed a risk review of its global network, identified higher-risk locations which it did not name, and that the review of those places resulted in no significant findings.
EARLIER SCANDAL
Suffering a $1.1 billion hit in one of its smallest markets has rattled Trafigura's bank trade financiers, the banking sources said, especially as it followed an unconnected nickel fraud in Singapore that cost the company almost $600 million.
Trafigura has released few details about the latest incident, but has determined the serious misconduct by individuals in its Mongolian business took place between 2019 and 2023.
Lex Oil was set up in 2019, according to its website, and forged a partnership with Trafigura, the three trading sources said.
Lex received credit from Trafigura with which it provided credit to local fuel users so they could buy diesel, which Lex and Trafigura were importing from Russia and Singapore, according to two trading sources. Reuters was unable to find documents showing that Trafigura loaned funds to Lex. The business was jolted by the onset of the COVID pandemic in 2020, which halted Mongolia's coal exports to China and therefore hit its mining activity and the sector’s demand for fuel. Yet Lex Oil continued to import and blend fuel, and to lend to local firms, building up debt to Trafigura, according to the trading sources.
In its annual report in December Trafigura said it had found evidence of "deliberate manipulation of data and documents and concealment of overdue receivables". It booked a $358 million loss related to Mongolia for 2024.
Erdenetuul sold Lex Oil in 2022 to her husband, Dashnyam Chinbat, according to a screenshot of the ownership document. He did not respond to a Reuters request for comment. These records have since been deleted from the government website, however, the ownership change still features on Mongolian non-profit database OpenDataLab, which tracks disclosures by the government.
A Mongolian government source said the country's new government, elected last year, had launched an investigation into the case, but that it was too early to disclose findings.
In its annual report Trafigura said the wrongdoing in Mongolia had been detected due to the company’s “increased scrutiny” in recent years.
“We are significantly building on and extending this work as a matter of urgency,” it said.
Reporting by Dmitry Zhdannikov, additional reporting by Marwa Rashad; editing by Jason Neely