1 MONGOLIA MARKS CENTENNIAL WITH A NEW COURSE FOR CHANGE WWW.EASTASIAFORUM.ORG PUBLISHED:2024/12/20      2 E-MART OPENS FIFTH STORE IN ULAANBAATAR, MONGOLIA, TARGETING K-FOOD CRAZE WWW.BIZ.CHOSUN.COM PUBLISHED:2024/12/20      3 JAPAN AND MONGOLIA FORGE HISTORIC DEFENSE PACT UNDER THIRD NEIGHBOR STRATEGY WWW.ARMYRECOGNITION.COM  PUBLISHED:2024/12/20      4 CENTRAL BANK LOWERS ECONOMIC GROWTH FORECAST TO 5.2% WWW.UBPOST.MN PUBLISHED:2024/12/20      5 L. OYUN-ERDENE: EVERY CITIZEN WILL RECEIVE 350,000 MNT IN DIVIDENDS WWW.GOGO.MN PUBLISHED:2024/12/20      6 THE BILL TO ELIMINATE THE QUOTA FOR FOREIGN WORKERS IN MONGOLIA HAS BEEN SUBMITTED WWW.GOGO.MN PUBLISHED:2024/12/20      7 THE SECOND NATIONAL ONCOLOGY CENTER TO BE CONSTRUCTED IN ULAANBAATAR WWW.MONTSAME.MN PUBLISHED:2024/12/20      8 GREEN BOND ISSUED FOR WASTE RECYCLING WWW.MONTSAME.MN PUBLISHED:2024/12/19      9 BAGANUUR 50 MW BATTERY STORAGE POWER STATION SUPPLIES ENERGY TO CENTRAL SYSTEM WWW.MONTSAME.MN PUBLISHED:2024/12/19      10 THE PENSION AMOUNT INCREASED BY SIX PERCENT WWW.GOGO.MN PUBLISHED:2024/12/19      КОКС ХИМИЙН ҮЙЛДВЭРИЙН БҮТЭЭН БАЙГУУЛАЛТЫГ ИРЭХ ОНЫ ХОЁРДУГААР УЛИРАЛД ЭХЛҮҮЛНЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2024/12/20     "ЭРДЭНЭС ТАВАНТОЛГОЙ” ХК-ИЙН ХУВЬЦАА ЭЗЭМШИГЧ ИРГЭН БҮРД 135 МЯНГАН ТӨГРӨГ ӨНӨӨДӨР ОЛГОНО WWW.MONTSAME.MN НИЙТЭЛСЭН:2024/12/20     ХУРИМТЛАЛЫН САНГИЙН ОРЛОГО 2040 ОНД 38 ИХ НАЯДАД ХҮРЭХ ТӨСӨӨЛӨЛ ГАРСАН WWW.NEWS.MN НИЙТЭЛСЭН:2024/12/20     “ЭРДЭНЭС ОЮУ ТОЛГОЙ” ХХК-ИАС ХЭРЛЭН ТООНО ТӨСЛИЙГ ӨМНӨГОВЬ АЙМАГТ ТАНИЛЦУУЛЛАА WWW.EAGLE.MN НИЙТЭЛСЭН:2024/12/20     Л.ОЮУН-ЭРДЭНЭ: ХУРИМТЛАЛЫН САНГААС НЭГ ИРГЭНД 135 МЯНГАН ТӨГРӨГИЙН ХАДГАЛАМЖ ҮҮСЛЭЭ WWW.EAGLE.MN НИЙТЭЛСЭН:2024/12/20     “ENTRÉE RESOURCES” 2 ЖИЛ ГАРУЙ ҮРГЭЛЖИЛСЭН АРБИТРЫН МАРГААНД ЯЛАЛТ БАЙГУУЛАВ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2024/12/20     “ORANO MINING”-ИЙН ГЭРЭЭ БОЛОН ГАШУУНСУХАЙТ-ГАНЦМОД БООМТЫН ТӨСЛИЙН АСУУДЛААР ЗАСГИЙН ГАЗАР ХУРАЛДАЖ БАЙНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2024/12/20     АЖИЛЧДЫН САРЫН ГОЛЧ ЦАЛИН III УЛИРЛЫН БАЙДЛААР ₮2 САЯ ОРЧИМ БАЙНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2024/12/19     PROGRESSIVE EQUITY RESEARCH: 2025 ОН “PETRO MATAD” КОМПАНИД ЭЭЛТЭЙ БАЙХААР БАЙНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2024/12/19     2026 ОНЫГ ДУУСТАЛ ГАДААД АЖИЛТНЫ ТОО, ХУВЬ ХЭМЖЭЭГ ХЯЗГААРЛАХГҮЙ БАЙХ ХУУЛИЙН ТӨСӨЛ ӨРГӨН МЭДҮҮЛЭВ WWW.EAGLE.MN НИЙТЭЛСЭН:2024/12/19    

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MBCC “Doing Business with Mongolia seminar and Christmas Receptiom” Dec 10. 2024 London UK MBCCI London UK Goodman LLC

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Mongolia Pitches Plan to Build New Capital From Scratch www.thediplomat.com

Kharkhorum, the one-time seat of the vast Mongol Empire, was so renowned in its day that travelers from as far away as Europe entered its walls to pay tribute to the Great Khaan Ögödei.
After more than a century of existence, the city was toppled by invading forces, but the Mongols never forgot their ancient capital.
Now Mongolian leaders say they want to build a new city in the valley close to the ancient ruins and make it their new seat of government.
The idea of building a new capital in modern Mongolia is not new – politicians have floated the idea for over a decade – but the current government has recently stepped up efforts to promote the ambitious project.
First, President Khurelsukh Ukhnaa issued an official “Decree on Restoring the Ancient Capital of the Great Mongol Empire” in December 2022. Then he announced the rebuilding of Kharkhorum in an address to the United Nations General Assembly in 2023.
From March to July 2024, an international competition to design the city saw dozens of submissions from across the globe. According to state news agency Monsame, “State administrative bodies of Mongolia, international organizations, and diplomatic missions in Mongolia are planned to be located in New Kharkhorum City.”
Part of the motivation to build a new capital stems from urban problems facing the current one. Ulaanbaatar – where traffic jams can stretch for miles and wintertime air pollution regularly reaches hazardous levels – has grown rapidly in recent decades and the city’s infrastructure has not kept pace with its population growth.
Much of Ulaanbaatar consists of ger districts – unplanned neighborhoods that lack basic infrastructure. There has been an apartment building boom but the sprawl is relentless and has climbed into the surrounding hills.
Rather than undergoing a costly redevelopment of the current capital, Mongolia wants to build another one from scratch on the vast plains of the Orkhon Valley, where Mongol rulers once lived in a tent city close to a fixed town named Kharkhorum, inhabited mainly by foreigners.
Mongolia’s vision is a “smart city” with efficient transportation, lots of open space and housing for the middle class. Around 70 percent of the city is planned to run on renewable energy, which will be challenging given Mongolia’s current reliance on coal-fired power stations. A high-speed rail line is planned to connect Ulaanbaatar and New Kharkhorum.
“The master plan for the redevelopment of the ancient city of Kharkhorum is designed to incorporate global trends and best practices in urban planning,” said Sanaa Ganbat, a spokesperson for the new city planning effort.
Planned cities have been built in various corners of the world for millennia and there are plenty of examples serving as national capitals, including Washington D.C., Brasilia, Astana, and Canberra. Indonesia is in the process of constructing a new capital, Nusantara. Shiny new cities are being carved out of forests and deserts in China, Malaysia, Saudi Arabia, and elsewhere.
New Kharkhorum’s first phase includes roads, parks, government buildings, schools, and medical facilities, said Sanaa. Plans are also being laid to plant trees and protect lakes and rivers in the Orkhon Valley.
The recent competition to create a blueprint and design for the city had two winning design teams, both from China. The government says it plans to integrate elements of the winning designs into its city blueprints.
Prime Minister Oyun-Erdene Luvsannamsrai and relevant Cabinet members are the process of drawing up a framework to guide the city-building process, including a special tax regime for the city, according to Sanaa.
Construction could start as soon as next year, but progress could take decades. A full transfer of the State Great Khural, Mongolia’s legislature, and the Presidential Office from Ulaanbaatar to Kharkhorum is not expected until 2050. That timeframe means its progress will likely need to withstand changes in political leadership.
The government hasn’t said how much it will cost to build New Kharkhorum, but if planned city building in other countries is a guide the price tag could run into the tens of billions. Indonesia’s new capital is expected to cost over $30 billion. The planned city of Songdo in South Korea cost around $40 billion while another planned city, Kangbashi in China’s Inner Mongolia, cost $161 billion.
Mongolia will try to leverage public-private partnerships and investment from both Mongolia and overseas entities to help pay for construction costs, said Sanaa.
Mining is Mongolia’s main source of foreign investment – the country is rich in copper, gold, and coal. While the post-COVID-19 economy has surged on coal sales to China, Mongolia’s overall GDP is relatively small at $17.5 billion, with per capita GDP at around $5,045.
While there are significant cost challenges, history is on Mongolia’s side. Several planned cities were built in Mongolia in Soviet times and with aid from the USSR. Even the historic Kharkhorum was a planned city of sorts. Most of it was built by its foreign inhabitants in proximity to the encampment of yurts that housed the Mongolian court.
Historian and Mongolia expert Jack Weatherford described ancient Kharkhorum as a “world capital,” home to a diverse population, representing the many peoples of the Mongol Empire.
“Muslim Mosques, Christian churches, and Buddhist temples were all allowed, even forcing rival sects to live in harmony,” said Weatherford.
While Ögödei had the first permanent structures built, it was his father, Chinggis Khaan, who ordered the Mongol capital to be situated in the Orkhon Valley. This was no accident; previous steppe empires based themselves in the area for centuries, Weatherford said. Huns, Turks, and Uyghurs all used the area as a political center.
The stone monuments, gravesites, and ruined cities that these ancient people left in the area, and its continued use by nomadic people, prompted UNESCO to declare the valley a “cultural landscape.”
The most vivid account of the city was left by the Flemish Franciscan missionary and explorer William of Rubruck, who visited Kharkhorum in 1254, comparing its size to the village of St. Denis outside of Paris. The cosmopolitan city was walled and had four gates where traders sold their wares, as well as distinct quarters for its inhabitants and multiple places of worship.
William described a great palace where the khaan would feast. A central feature was a remarkable silver fountain, shaped like a tree, from which poured four types of beverages into large silver bowls. Today the famed tree-fountain, designed by a Parisian goldsmith, features on the back of some Mongolian banknotes.
Kharkhorum remained the capital for Ögödei’s successors Guyuk and Mongke. Khublai Khaan, a grandson of Chinggis, had other ideas. He moved the capital south, eventually establishing his seat of power in Khanbaliq, the settlement that became Beijing.
After the capital moved, Kharkhorum’s fortunes waxed and waned for a century amid periods of war and peace. The collapse of the Yuan Dynasty in 1368 left it vulnerable and vengeful Ming forces left most of the city in ruins. Then, in the late 1500s, bricks from destroyed buildings were used to construct the walls of Erdene Zuu Monastery, which still stands today.
Because its ruins were collected and reassembled in a new location, there is little to see above ground for the modern-day visitor, although recent archaeological surveys show there is still much to discover underground.
Sanaa said the government has plans to increase archaeological excavations of the old capital, a project that could help Mongolia connect the old and new Kharkhorum.
But she admitted that challenges abound – not just to dig up the past and construct a new city but also to convince Mongolia’s 3.5 million current inhabitants that this monumental task is worth the cost and effort.
Critics of the project, vocal in Mongolia’s mainstream outlets and social media, point out that Mongolian politicians have floated the idea of building a new city in the past with little to show for it. Former President Elbegdorj Tsakhia started touting the capital move in the late 2000s.
“One of the biggest challenges is the weakened public confidence, as no new city has been built in Mongolia in the past 34 years,” said Sanaa. “Public skepticism is a major issue. Increasing public participation and support is key to making this project successful.”
Oyungerel Tsedevdamba is one of those skeptics. A former minister of culture in the Mongolian government, she warned that any level of urban development in the Orkhon Valley could damage or bury historic ruins.
“Any developer must carefully look into archaeology reports before putting their money into the Kharkhorum ambitions of the president,” Oyungerel said. “The real Kharkhorum is under the surface of the steppe.”
A joint German-Mongolian archaeological team recently used advanced tools, including magnetic equipment, to make a map of the city without excavations. The results show where walls and buildings once stood.
“There is so much more to study,” said Oyungerel.
The possibility of new development being built over archaeological remains is real as Mongolia ponders how to develop Kharkhorum, but the challenge is not impossible. Careful digging has allowed for development in other historic cities, including Jerusalem, Rome, and Athens.
The bigger challenge with Kharkhorum is the financial burden that construction will be on Mongolia’s already strained budget. Resources to fix Ulaanbaatar’s infrastructure challenges can’t be turned off, so the government will need to balance priorities between the new capital and the existing one.
Political will and public demands will be another ongoing battle for the project’s backers. Khurelsukh touts the city as a solution to urban congestion and pollution but tangible benefits will be years away and could haunt current and future leaders if there are delays or cost overruns.
When the original Khakhorum developed, Ögödei Khaan could fund the city’s development with tribute from across his vast empire and there was no need to appease public sentiment. The Mongolian People’s Party doesn’t have this luxury. Skilled politics and careful financial decision-making will be needed if the dream of Khakhorum is to become a reality.
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Prime Minister L. Oyun-Erdene to Deliver Speech at the Opening of the 7th China International Import Expo www.gogo.mn

Prime Minister of Mongolia, L. Oyun-Erdene, has arrived in Shanghai for an official visit to the People’s Republic of China, where he will participate in the 7th China International Import Expo.
Prime Minister Oyun-Erdene was welcomed by Shanghai Mayor Gong Zheng, Chinese Ambassador to Mongolia Shen Minjuan, Mongolian Ambassador to China N. Enkhbold, and other officials.
During his visit, Prime Minister L. Oyun-Erdene will hold an official meeting with Chinese Premier Li Qiang and deliver a speech at the opening of the 7th China International Import Expo. He will also meet with leaders of Shanghai and Zhejiang Province, according to the government.
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By a 91% vote of the property owners, it has been decided to demolish Building 207 www.gogo.mn

In January of this year, Building 207, located in front of the Dunjingarav Shopping Center in the 26th district of Bayanzurkh, was damaged in an explosion caused by a vehicle transporting gas. Following this incident, 91.3% of the building's owners agreed to demolish the structure and rebuild it.
Specifically, on October 10, the senior inspector of the State Technical Supervision Office issued a conclusion, and on October 25, the meeting of the Governor’s Advisory Council discussed and decided to suspend the building’s operations, notifying the relevant authorities.
According to the applicable regulations, buildings that do not meet operational requirements will be demolished based on the conclusions of state inspectors, following a decision by the relevant authorities. Therefore, the demolition of Building 207 will proceed after a contractor is selected.
Following this incident, 91.3% of the building's owners agreed to demolish the structure and rebuild it.
Regarding this matter, Z. Ganbat, a senior specialist in the Construction Standards and Safety Inspection Department of the National Emergency Management Agency, stated that the conclusion of the senior inspector indicates that Building 207 cannot meet operational conditions in the future. There have been structural deformations in the concrete on some floors due to the explosion, and excessive burning has compromised the building’s structural integrity.
Additionally, six inspectors conducted a follow-up inspection on-site. The results of this inspection confirmed that the working group established in January 2024 by the Ministry of Urban Development, Construction, and Housing determined that “Building 207 does not comply with construction quality and safety standards and is unsuitable for reuse.”
On October 10, 2024, the senior inspector of the State Technical Supervision Office issued a conclusion under the number 02-13-01/172, which was discussed in the Governor’s Advisory Council meeting on October 25, leading to a decision to suspend the building’s operations and notify the relevant authorities.
Translated by ChatGPT
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Hongkongers urged to visit Mongolia, enjoy its wide open spaces www.scmp.com

Mongolia hopes to add more flights to Hong Kong, increase visa-free travel and boost tourism, the country’s top diplomat in the city has said.
“Hong Kong is one of the largest transport hubs of the Asian region and Mongolians really enjoy using Hong Kong [to get to] other destinations as well,” Consul General Khulan Onkhoon said.
She said she also aimed to promote Mongolia as a destination to more Hong Kong residents, especially those who enjoyed the outdoors and wide open spaces.
In an exclusive interview with the Post, Khulan said state-owned MIAT Mongolian Airlines was planning to expand flights to Hong Kong to two a day next year. It now operates nine flights a week during summer and five a week during winter.
Tourists take in the views from a 40-metre-tall stainless steel statue of Genghis Khan on the outskirts of Ulaanbaatar. Photo: AP
Tourists take in the views from a 40-metre-tall stainless steel statue of Genghis Khan on the outskirts of Ulaanbaatar. Photo: AP
She said demand currently exceeded supply, and some travellers found it hard to get seats to Hong Kong. Many Mongolians travelled to India, Australia and Singapore through Hong Kong, she added.
Hong Kong flag carrier Cathay Pacific Airways, which code-shares with Mongolian Airlines, sent a delegation to Mongolia over the summer to explore strengthening aviation collaboration, she revealed.
Hong Kong authorities have been pushing to restore the city’s position as a leading aviation hub, after being severely affected by the Covid-19 pandemic.
As of last month, eight airlines had agreed to launch 11 new routes under a subsidy scheme managed by the Airport Authority, while Hong Kong International Airport’s HK$141.5 billion three-runway system is scheduled to start operating this month.
On expanding tourism cooperation, Khulan said she hoped to attract more visitors amid a “Go Mongolia” campaign promoting its vast natural scenery and nomadic culture.
One way would be to allow longer visa-free travel.
Hong Kong and Mongolia currently allow up to 14 days of visa-free travel between the two jurisdictions, whereas Macau residents get up to 90 days.
“This two-week visa-free period is sufficient to maintain people-to-people exchanges, but it can be prolonged to develop exchanges further,” she said.
Mongolian businesses were also keen to establish partnerships with Hong Kong tourism operators, she said.
Earlier this year, the consulate hosted its first tourism road show bringing businesses and entrepreneurs together to explore potential for cooperation, and more such events were coming up soon.
Khulan cited statistics showing that more than 16,000 Mongolians visited the city last year, whereas only around 2,400 Hong Kong residents went to her country.
She said she hoped Hongkongers who were keen on hiking and other physical activities would consider visiting her country.
“Mongolia is one of the few countries with untouched nature, and we want to give the opportunity to Hongkongers to visit Mongolia, to experience its untouched nature and feel the fresh air,” she said.
The consulate has also begun bringing more cultural events to Hong Kong.
It took part in the city’s Asia+ Festival over the last two years, and a group of Mongolian artists will hold an exhibition to show and sell their works.
“Hong Kong is not only a financial and investment hub, we also see Hong Kong as a cultural hub,” she said.
BY: Connor Mycroft joined the city desk as a reporter in July 2023 after completing the Post’s year-long Graduate Trainee Programme. Originally from Canada, he spent three years teaching English in mainland China before
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Chinese doctors provide free health checks in Mongolia www.xinhuanet.com

A medical team from North China's Inner Mongolia Autonomous Region began offering free medical examinations to citizens of Mongolia on Monday.
The team consists of nine doctors, including cardiologists and internists, from the Inner Mongolia International Mongolian Medicine Hospital. They are set to provide free health checkups and traditional Mongolian medicine at the Songinokhairkhan District General Hospital and the State Central First Hospital in Ulan Bator, the capital of Mongolia, until Wednesday.
These free health checkups are part of a series of activities titled "Feel China," co-organized by the Chinese embassy in Mongolia, the Ministry of Culture, Sports, Tourism, and Youth of Mongolia, and the Information Office of the People's Government of Inner Mongolia Autonomous Region. The initiative runs from Monday to Thursday to promote Inner Mongolia.
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What's the process for Mongolia government scholarships for international students? www.collegevine.com

The Mongolian government indeed offers scholarships for international students interested in studying there, giving you an opportunity to experience their unique culture and rigorous academic programs.
Normally, the General Authority for Intellectual Property and State Registration (GAIPSR) puts out an annual announcement regarding these scholarships and the application process depends on this announcement.
Typically, the application process involves several steps:
1. Eligibility: Before applying, you need to make sure you meet all the eligibility criteria, which may include age restrictions, academic qualifications, and language proficiency. You would usually need to have completed high school or equivalent education and some scholarships may require a certain level of proficiency in the Mongolian language or English.
2. Application Form: You'll need to fill out an application form, which is typically available from the GAIPSR website once the announcement is made. In this form, you'll provide basic information about yourself and your educational history.
3. Required Documents: Alongside the application form, you will need to submit several documents. These generally include copies of your academic transcripts, your high school diploma or equivalent, a medical certificate, and a copy of your passport. Some scholarships may require additional documents such as recommendation letters or a statement of purpose.
4. Deadline: It's important to submit all of your materials by the stated deadline. The specific date might vary from year to year, but it's generally around the middle of the year.
5. Review Process: Once all applications are submitted, they are scrutinized based on the merits and eligibility factors. Shortlisted candidates might be contacted for further procedures which could include an interview.
6. Notification: If you're awarded the scholarship, you'll be notified via the contact information you provided in your application.
Remember, it's always good to start preparing your application well in advance to make sure you meet all the deadlines. Moreover, requirements and procedures can vary yearly so you should refer to the GAIPSR website or get in touch with them directly for the most accurate and recent information.
Studying abroad is a fantastic opportunity, and studying in Mongolia could give you a unique experience to learn about a vibrant and distinct culture while pursuing your academic goals. Best of luck with your application!
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Prime Minister L.Oyun-Erdene heads to China www.gogo.mn

On November 4, 2024, L.Oyun-Erdene, Prime Minister of Mongolia, departed Ulaanbaatar to undertake a working visit to the People's Republic of China and attend the 7th China International Import Expo. The Prime Minister is accompanied by several members of Parliament and the Government.
This visit coincides with the 75th anniversary of diplomatic relations between Mongolia and China and aims to strengthen the comprehensive strategic partnership and enhance practical cooperation across multiple sectors, as noted by the Government.
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Ivanhoe cuts copper forecast on DRC power woes, while Friedland touts new discoveries www.mining.com

Ivanhoe Mines (TSX: IVN) on Wednesday reported record third-quarter copper production but cut its full-year guidance by 6%, blaming power outages at its Kamoa-Kakula complex in the Democratic Republic of Congo.
The Toronto-based company lowered the copper guidance to 425,000–450,000 tonnes, from 440,000–490,000 tonnes. The disruptions stemmed from deficient transmission capacity and instability in the DRC’s southern grid, managed by state-owned Société Nationale d’Électricité. Delays in upgrading the Inga II dam’s transmission line and grid bottlenecks at the Kolwezi substation limited reliable power delivery.
Management is working to stabilize energy sources and expects smoother operations in 2025. Ivanhoe installed 220 megawatts of diesel backup. It aims to finish grid stabilization projects by mid-2025. It also plans to introduce solar power with battery storage within the next 18 months to complement hydropower.
“We’ve broken the back of the power problem, but some solutions will take longer to reach full capacity,” said COO Mark Farren on an investor conference call Wednesday. “We’re not only fixing grid issues but securing long-term power solutions.”
The disruptions wiped 36,500 tonnes of production this year. But, record copper output of 116,000 tonnes in the three months ended September brought in $828 million. Adjusted profit was $134 million, up from $104 million a year ago.
This was despite delays from 16,000 tonnes of unsold inventory awaiting processing by external smelters. Chief financial officer David van Heerden said the company will “clear the backlog” once it begins stockpiling concentrate for its own smelter.
The company will finish its 94%-complete smelter and start it early next year. This will end reliance on third-party smelters. The new facility will refine blister copper on-site, cutting processing costs and boosting profitability.
At midday, Ivanhoe’s Toronto-traded shares 4.5% in the red Wednesday at C$18.86, having traded in a band of C$9.89-C$21.32 over the past 12 months. It has a market capitalization of C$26.6 billion.
The company says it remains on track to hit 600,000 tonnes of copper output by 2026.
At the Kipushi zinc mine the company slashed zinc production guidance in half to 50,000-70,000 tonnes. It said it had overcome early commissioning challenges and now targets achieving nameplate capacity by the first quarter. Still, the company forecasts exceeding feasibility production projections by 20% by mid-year.
Meanwhile, at the Platreef project in South Africa, the company deferred commissioning to late 2025 to focus on shaft development, preparing for the planned expansion and aiming to start platinum-group and base metals production by early 2026.
Exploration update
Ivanhoe has budgeted $90 million for exploration this year, focusing on the 2,654-sq.-km Western Forelands project near Kamoa-Kakula. Drilling is nearing the 70,000-metre target, with 11 rigs active across the site.
Ivanhoe executives hinted the Western Forelands could match or even surpass the scale of Kamoa-Kakula. “There’s much more than one or two mines in that place,” said one executive, adding that the area could host multiple large-scale operations.”
Makoko, believed to be the largest copper discovery outside Kamoa-Kakula in the last decade, has returned high-grade mineralization. In November last year Ivanhoe released an indicated resource on Makoko of 16 million tonnes at 3.6% copper plus 154 million tonnes inferred at 1.97% copper, using a 1.5% copper cut-off.
Analysts pressed Ivanhoe for more granular updates, but founder and co-chairman Robert Friedland, calling in from Riyadh, hinted at a major update late this year or early in 2025.
Friedland confirmed that Ivanhoe has no immediate plans to bring in a joint venture partner but left the possibility open: “We’ll proceed alone unless the right partner adds real value. We won’t rush a deal just to say we’ve made one.”
The company recently secured 336 sq. km of new licenses in highly prospective areas, with Friedland describing the ground as nearly “as important as the joint venture area with Zijin Mining at Kamoa-Kakula.” He suggested Western Forelands could anchor Ivanhoe’s future production strategy, noting that the existing infrastructure would support fast development.
Green edge
In Wednesday’s conference call Friedland called Western Forelands “the world’s greenest place to find high-grade copper,” benefiting from the DRC’s abundant hydroelectric power, allowing copper extraction with minimal carbon emissions.
Makoko contains Indicated Mineral Resource of 16 million tonnes at 3.55% copper plus Inferred Mineral Resource of 154 million tonnes at 1.97% copper using a 1.5% copper cut-off.
He framed the Western Forelands as the future of sustainable mining with access to green energy, advanced machines, and high-grade copper.
Friedland also highlighted the Lobito rail corridor as a game changer for Ivanhoe’s operations in the DRC, emphasizing its potential to enhance both efficiency and sustainability.
“The Lobito corridor, running downhill from our operations at 4,500 feet above sea level to the Atlantic Ocean, will even generate electricity as it descends,” Friedland said. “It’s not just transport — it’s part of making our copper the greenest in the world.”
The corridor will let Ivanhoe transport copper to international markets. This will cut logistics costs and eliminate emissions from traditional transport. “Once the rail line is fully operational next year, it will cut scope three emissions and place Kamoa-Kakula and Western Forelands at the forefront of sustainable copper production,” Friedland added.
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Trafigura Faces $1.1 Billion Hit After Mongolia Fraud Probe www.bloomberg.com

Trafigura Group is preparing to take a $1.1 billion hit after discovering what it suspects was fraud involving employees in its Mongolian oil business.
The loss, which could also force the commodity trading giant to restate prior earnings, comes less than two years since Trafigura rocked the industry with the revelation it lost more than $500 million in an alleged nickel fraud.
The company found that some of its employees in Mongolia had manipulated data and documents to inflate the amount of money it paid out, as well as deliberately concealing overdue debts over a period of about five years, Trafigura said in a statement on Wednesday, confirming an earlier report by Bloomberg News. Trafigura discovered the issue in its Mongolian business in late 2023, according to people familiar with the matter, who asked not to be identified discussing private information.
The loss comes at a sensitive time for the company, as Chief Executive Officer Jeremy Weir prepares to hand over to gas boss Richard Holtum after a period of breakneck growth that has made Trafigura one of the world’s largest commodity traders, handling enough oil every day to meet the combined demand of Germany, France and Spain.
Owned entirely by about 1,400 of its employees, Trafigura is relying on continued bumper profits to pay out a wave of retiring top executives, and the Mongolia loss will add more pressure to earnings that were already in retreat due to lower market volatility.
Trafigura is preparing to record the $1.1 billion provision when it reports annual results for the financial year ended in September. The company, which previously announced first-half earnings of $1.47 billion, is still likely to report full-year profit of around $2 billion or higher when it discloses the results in December, some of the people said.
“An internal review followed by an external forensic investigation have uncovered serious misconduct by individuals in Trafigura’s Mongolian petroleum products supply business,” Trafigura said in the statement. The company is taking disciplinary action against a small number of individuals and is confident that the issue is isolated to the Mongolia operation, it said.
Trafigura has for many years been one of the largest fuel suppliers to Mongolia, where it has competed with the likes of Gunvor Group and Rosneft PJSC. The size of the loss is enormous relative to the market — Mongolia’s entire oil consumption of about 35,000 barrels a day is worth roughly $1 billion annually at current prices.
Complex Exposure
Trafigura’s issue centers around the way in which it sells to Mongolia: Due to local regulations, the trader and other international firms supply fuel only as far as the border, relying on local distributors to sell those products on to consumers in the domestic market.
Trafigura was selling to the local distributors on credit, a standard practice among cash-rich traders whereby customers don’t have to pay straightaway for product that has been delivered. The local companies would later pay Trafigura, deducting various logistical and other costs.
The set-up created a complex and ever-changing exposure to local players in the country.
“A substantial proportion of the total exposure has been acknowledged as a debt owed to Trafigura by our principal counterparty in Mongolia. We intend to hold the counterparty to their repayment obligation,” Trafigura said, without naming the counterparty.
The loss may ultimately end up being less than $1.1 billion if Trafigura is successful in recovering the funds, some of the people said. Trafigura described the provision as “conservative.”
Bloomberg first reported in February that Trafigura was facing sizable losses relating to its activities in Mongolia. At the time, the company said that it had recently agreed debt repayment schedules with oil products customers in Mongolia.
Trafigura has discovered that it paid inflated sums as a result of suspected fraudulent activities by its employees, and was not aware that bills had gone unpaid, the company said.
CEO Weir said the company was “bitterly disappointed.”
“There is no place in Trafigura for wrongdoing and we are taking appropriate disciplinary action against the small number of individuals involved,” he said in the statement. “Following in-depth reviews, we are confident that this issue is isolated to a self-contained operation in Mongolia. Nonetheless, we are taking further actions to improve oversight and controls across the group.”
Several employees in Trafigura’s Ulaanbataar office have been suspended, people familiar with the matter said.
Trafigura’s head of Mongolia Mikhail Zeldovich is also leaving the company. There’s no suggestion that Zeldovich was personally involved in the alleged misconduct. Zeldovich declined to comment, referring questions to a Trafigura spokesperson.
Internal Controls
The loss will spur further questions about Trafigura’s internal controls in the wake of the nickel fraud, which last year sent shockwaves through the metals industry after the company admitted it had bought “nickel” that turned out to be worthless.
The trading house relies heavily on credit from a network of 150 banks, and has begun briefing them on the Mongolian issue, some of the people said.
Nonetheless, the loss is unlikely to be existential for Trafigura, which like other commodity traders has enjoyed a bonanza in recent years, reporting combined profits of more than $17 billion in 2021-2023.
Trafigura expects to report group equity of more than $16 billion for the year end, it said. Equity as of March 31 was $17.3 billion.
But the profit reduction will likely have an impact on the share buybacks it uses to remunerate the top executives and traders who own the firm.
Trafigura is facing a hefty bill to repurchase shares due to the combined impact of the period of record profits and the retirement of senior executives including former chief operating officer Mike Wainwright, former head of oil Jose Larocca and former chief financial officer Christophe Salmon. The company has wide discretion about when to make the payouts, and in the past when profits declined it has deferred a portion of the buybacks that were due.
The news of the Mongolia loss also comes as Trafigura and Wainwright are preparing to go on trial in December on corruption charges in Switzerland. Wainwright has denied the Swiss charges, while Trafigura has said it will defend itself in court.
BY Jack Farchy, Archie Hunter, Alfred Cang, and Priscila Azevedo Rocha
— With assistance from Terrence Edwards
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The changing face of Mongolia www.bbc.com

It's home to vast, open steppes and an ancient nomadic culture, but as the nation rapidly urbanises, can the landlocked nation hold onto its roots?
With its thrilling horse races, ancient nomadic culture and a pulsating modern capital, Mongolia is increasingly luring adventurous travellers eager to experience its famed hospitality and vast, sweeping grasslands. In a recent episode of BBC's The Travel Show, host Lucy Hedges visited the country and got a taste of both the vibrant city life of Ulaanbaatar and the more traditional rhythms of the steppe.
Dominated by the soaring Altai Mountains to the west and the harsh Gobi Desert to the south, the world's second-largest landlocked nation is home to a varied tapestry of traditions shaped by its tangled history.
After Russian forces helped Mongolian revolutionaries drive out the occupying Chinese, the Mongolia declared its independence in 1924 and chose Ulaanbaatar (whose name means "Red Hero") as the capital of the newly formed communist nation. In the 1990s Mongolia transitioned to a democracy, and in the past 24 years, Ulaanbaatar's population has tripled to 1.7 million people. However, despite this rapid urbanisation and growth, the country is still best known for the nomadic lifestyles of the Indigenous communities who have called the area home for millennia.
Since at least the 3rd Century CE, residents of the Mongolian steppe have survived by herding livestock and living off the land. Even today, roughly 40% of Mongolians are nomadic. Around one-third of the country's population still lives in traditional dwellings called gers (yurts), which can be quickly deconstructed and moved to a new location – a process that happens around two to four times per year. Now however, a combination of urbanisation and extreme weather caused by the changing climate are threatening this ancient lifestyle.
"We had never seen so much snow," a traditional herder named Manlai told The Travel Show. "It was hard for the livestock to get to pasture. From the end of January [on] they began to die. We are running out of money and there's no other way to make a living."
Yet, despite Ulaanbaatar's rapid growth and shifting weather patterns, many are still determined to carry on the traditions of their ancestors. And in the last few years, Mongolia has seen an increase in tourism, as many people are eager to experience this ancient culture – as well as the nation's snowcapped mountains, vast sand dunes and seemingly endless grasslands.
Travellers can witness traditional horse racing at events like the 10-day Mongol Derby (4-13 August 2025); learn to make traditional crafts like carvings from wood or antler with local families, and hear the once-banned artform of throat singing by catching a performance of the Tumen-Ekh Folk Song and Dance Ensemble. At the Altai Eagle Festival (held in mid-September every year), traditional eagle hunters showcase the prowess of their winged companions, while the Naadam Festival (held each July) is a Unesco-inscribed showcase of traditional Mongolian wrestling, archery and horseracing.
A number of national parks are located within easy reach of the capital, including Khustain National Park, home to endangered Przewalski's horses, and the striking rock formations of the Gurvan Saikhan National Park. Mountain climbing tours are available of the Altai Mountains, and trekking – either on camelback through the desert or on horseback across the plains – are just some of the popular outdoor activities available.
For those of a less outdoorsy bent, Ulaanbaatar is home to many beautiful temples and monasteries, such as Choijin Lama Temple Museum and the Gandan Khiid Monastery. Popular museums like Bogd Khaan Winter Palace Museum – the former imperial residence of the 8th Bogd Khan, or ruler of Mongolia – and the National Museum of Mongolia preservee a treasure trove of artefacts detailing Mongolian history and traditional life.
Visitors can also get a taste of how Mongolians' traditional lifestyles are changing, by visiting the so-called "Ger District" on the outskirts of the capital. The area is home to around 900,000 formerly nomadic people – many of whom are living in urban environments for the first time. GerHub, a nonprofit organisation dedicated to addressing social, political and infrastructural problems faced by the area's residents, is also helping families find new ways of supporting themselves through community tours and by selling traditional crafts to tourists.
"There's a lot of misconception that Ger area residents want to go live in an apartment building," explains Daria Azbayar, GerHub's social innovation lead. "But for some former nomads, it feels so constricted … being surrounded by four walls. So, we wanted to offer that perspective for tourists."
But whether she was in the city or the steppe, what Hedges found most enchanting about the nation was the warmth of its people.
"Coming from the bustling metropolis of London, I wasn't sure how I'd cope with the isolation," said Hedges of her time living with traditional nomadic Mongolians. "But I've been surprised by how big a welcome I've received. In many ways out here in one of the sparsestplaces on Earth, this is a less lonely place than the big city."
By Lynn Brown
 
 
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