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

Fitch Assigns Mongolian Mining's Proposed USD Notes 'B+' Rating www.fitchratings.com

Fitch Ratings - Hong Kong - 24 Mar 2025: Fitch Ratings has assigned coal producer Mongolian Mining Corporation's (MMC) proposed US dollar notes a 'B+' rating with a Recovery Rating of 'RR4'. The proposed notes will be issued by MMC and its wholly owned subsidiary, Energy Resources LLC, and guaranteed by most of its operating subsidiaries. The notes will constitute senior unsecured obligations of MMC as they represent its unsecured and unsubordinated obligations.
Net proceeds from this issuance will be used to refinance its outstanding notes due September 2026 and for general corporate purposes.
MMC's IDR is constrained by its concentration of end customers, small scale and the high country-risk for the mining operations in Mongolia.
Key Rating Drivers
Limited by Scale and Concentration: MMC's small scale, and product and geographical concentration constrain its business profile. MMC's EBITDA is small compared with Fitch-rated coal miners globally. We expect annual EBITDA to be above USD400 million in 2025-2027 due to stable volumes and a lower coking coal selling price. Washed coking coal products contributed to 97% of total revenue in 2024, in line with historical levels.
We believe that MMC's main end-customer base is in northern China, even though the share of the top 10 customers decreased substantially in recent years. MMC's heavy reliance on Chinese customers makes it vulnerable to economic conditions and regulatory changes in China. Although MMC's mine gate cash cost is in the first quartile of the global coking-coal cost curve, its cost advantage is limited to northern China. We believe additional transportation costs beyond the region will put MMC in the higher quartiles of the global coking-coal cost curve.
Country Risk Remains High: MMC's mining assets are all in Mongolia and subject to local regulations. We believe the volatile mining regulations have a meaningful impact on MMC's financials. This was the case during the Covid-19 pandemic when the effective rate for the royalty reference price was raised to over 20%, from 5%-8%, increasing financial pressure on MMC. The reference price has fallen and stabilised after the pandemic and the mining product exchange has established a more transparent reference price from October 2023, but the record of stable regulation is short.
Robust Operations: Border throughput after the pandemic averaged about 900 trucks a day in 2023 and around 970 trucks a day in 2024, above the 600-700 before Covid-19. A new mining commodity trading platform also expanded its customer reach and accounted for 50% of 2024 revenue. As a result, MMC's run-of-mine coal output rose to 16.3 million tonnes (mt) in 2024 from 10mt in 2019. Washed coking coal product sales rose to 7.8mt in 2024 from the historical average of 4.5mt-5mt. The average selling price (ASP) per tonne of washed hard coking coal stayed strong at USD168 in 2024, against USD160 in 2023.
Strong Financial Profile: We expect the EBITDA margin to trend down in 2025-2027 as coking coal prices fall but will remain above 40%, supported by steady volume and a low-cost position. We forecast EBITDA net leverage to remain below 0.4x in 2025-2027.
Acquisitions Drive Diversification and Growth: MMC started diversifying into other metals through its recent acquisitions of 50% of gold and precious metal exploration company Erdene Mongol LLC and 50.5% of copper and other non-ferrous metals exploration company Universal Copper LLC.
However, the coal segment will remain its dominant revenue contributor in the short to medium term. We do not expect aggressive M&A in 2025-2027, as management has indicated a cautious approach to acquisitions. Still, we will evaluate any debt-funded investment larger than Fitch expects as an event-driven risk and assess the effects on MMC's financial flexibility and credit profile.
Peer Analysis
MMC is a single-product coal miner, similar to Indonesia-based miner peers PT Indika Energy Tbk (BB-/Stable) and PT Golden Energy Mines Tbk (GEMS, BB-/Stable). Its operational profile in terms of mine life is over 20 years, against GEMS's around 17 years and Indika's around 16 years. Still, MMC's concentrated customer base and Mongolia's volatile mining regulations compare unfavourably with that of rated peers.
Compared to Indika, MMC is slightly larger in terms of EBITDA due to a high EBITDA margin of above 40%, against Indika's margin in the low teens. MMC's EBITDA net leverage was lower than Indika's in 2023. Compared with GEMS, MMC is smaller in terms of EBITDA, but MMC's EBITDA margin is higher than GEMS' 25%. GEMS also has better leverage, with a net cash position at end-September 2024.

China flexes rare earth dominance with million-tonne discovery www.mining.com

China solidified its global dominance in rare earth elements mining with a new discovery that its experts say is likely to be the largest middle and heavy rare earth deposit in the country.
The discovery was first reported in the Chinese paper Workers’ Daily late January, then confirmed and published by the China Geological Survey (CGS) under the Ministry of Natural Resources.
According to the CGS, the deposit could host as much as 1.15 million tonnes of resources containing key rare earth elements such as praseodymium, neodymium, dysprosium and terbium, which are being sought after globally. Once tapped, it would yield about 470,000 tonnes of these strategic minerals, it estimated.
The discovery is located in the southwestern province of Yunnan, which is known for its rich endowment of minerals and has some of the largest deposits of aluminum, zinc and tin in China.
Breakthrough discovery
Chinese media claim that the new discovery represents another breakthrough in its mineral exploration, as it is the first super-large ion-adsorption type deposit found in the country in over half a century.
Rare earth minerals on this type of deposit are naturally concentrated and absorbed onto clay surfaces, making them relatively easy to extract through environmentally sensitive methods like ion exchange. The last such discovery dates back to 1969 in the eastern Chinese province of Jiangxi.
The new find, according to CGS experts, is predominantly middle and heavy rare earth minerals, which are essential raw materials for electric vehicles, renewable energy and national defense security. Light rare earths used in permanent magnets, on the other hand, are much more abundant in China and mainly distributed in areas such as Inner Mongolia.
“The discovery is highly significant for strengthening China’s advantage in rare earth resources, improving the rare earth industry chain, and further consolidating China’s strategic dominance in medium and heavy rare earth resources,” the CGS posted on its public WeChat account, later reported by the South China Morning Post (SCMP).
This massive rare earth find follows the CGS’s recent establishment of a national geochemical baseline network, which is designed to help generate extensive data and advance mineral exploration techniques.
Rare earth dominance
The discovery reinforces China’s world-leading position in the rare earth mining sector. The Asian powerhouse controls roughly 60% of rare earth production and 85% of processing capacity worldwide. As of 2023, its total mine production was 240,000 tonnes, nearly six times that of the US, the next leading producer and its main rival.
According to the US Geological Survey, China’s catalog of REE deposits currently includes 17 metal oxides contained within 44 million tonnes of resources. These include the world’s largest rare earths mine, Bayan Obo, in Inner Mongolia.
Customs data showed that Chinese rare earth exports rose 6% last year to 55,431 tonnes.

Discussion Held on Livestock Fattening Technology and Meat Export www.montsame.mn

Under the "Atar-4" Sustainable Agriculture Campaign being implemented by the Government of Mongolia, "Technology Week" is taking place in Darkhan-Uul aimag to introduce innovations and advanced technologies in the agricultural and intensive livestock farming sectors.
Within the framework of "Technology Week," discussions were held on introducing livestock fattening technology to increase meat production, developing a value-added chain for meat exports, meat export and livestock health, and protected livestock farming models. These discussions focused on experience-sharing and collaboration opportunities. 
During the discussion, Minister of Food, Agriculture, and Light Industry of Mongolia Enkhbayar Jadamba emphasized the importance of expanding cattle breeding. Minister Enkhbayar noted that this sector plays a critical role in ensuring agricultural diversification, improving food security, creating new export opportunities, and enhancing rural livelihoods. To achieve these goals, the Minister highlighted the need to strengthen the feed industry by promoting high-yield fodder crops, expanding haymaking, silage, and green fodder production, and modernizing veterinary services. Additionally, Minister Enkhbayar stressed the importance of implementing public-private partnerships to improve access to veterinary services, noting that in order to produce competitive products for export markets, attention must be given to processing, cold chain systems, and certification standards.
Moreover, the Ministry of Food, Agriculture, and Light Industry of Mongolia stated that innovation plays a crucial role in modernizing the sector and increasing efficiency. The Ministry emphasized the need to introduce advanced breeding techniques, and genetic improvements and implement smart livestock management and digital platforms, support research on livestock feed efficiency, meat quality, and climate adaptation, and promote policies that encourage youth and new innovators to participate in the industry.

Third Session of the Economic Development Council of Mongolia Convenes www.montsame.mn

The third session of the Economic Development Council under the Prime Minister of Mongolia took place on March 24, 2025.
The Cabinet plans to submit a draft Law on Amendments to the Law on Tax and Social Insurance of Mongolia, based on the proposals of citizens and enterprises, to the State Great Khural (Parliament) of Mongolia. The amendments aim at creating a business-friendly tax environment that is fair and just, fairly supporting enterprises and good taxpayers, creating jobs, and reducing tax spending. With the amendments to the laws, the Government aims at creating a business-friendly and job-creating as well as a fair and just tax environment, supporting honest and good taxpayers, and reducing tax costs.  Therefore, it is important to consider the presentations on reforming the tax and social insurance laws and the opinions of Council members and reflect them in the draft Law on Amendments to the Law on Tax and Social Insurance, emphasized Prime Minister Oyun-Erdene Luvsannamsrai.
The newly established Council is composed of 41 representatives from scientific organizations, universities, professional associations, and management and investors of Mongolia's leading companies.