VANCOUVER, BC, July 26, 2022 /CNW/ - Kincora Copper Limited (the Company, Kincora) (TSXV: KCC) (TSXV: ASX) is pleased to note the maiden Inferred Mineral Resource Estimate (Resource, MRE) and updated Exploration Target for the West Kasulu prospect reported under the JORC Code by Resilience Mining Mongolia Limited (Resilience)1. The majority of the MRE and Exploration Target are situated within the existing Bronze Fox mining license with the balance being on the adjoining Tourmaline Hills exploration licence (collectively the Bronze Fox project).

Mineral resource and updated exploration target for Bronze Fox (CNW Group/Kincora Copper Limited)

Sam Spring, President & CEO, commented:

"The Bronze Fox project consists of one of the largest copper-gold systems in Mongolia with only modest drilling having been completed. The consolidated West Kasulu prospect has only had three years of unimpeded prior drilling activity, and is located on the margin of and is a small portion of one of three large and underexplored intrusive complexes identified to date at the Bronze Fox project.

The MRE, for the at and near surface portions of West Kasulu, and an Exploration Target, for the deeper part of the system, under the JORC Code1, has been commissioned and paid for by Resilience and reflect the proposed strategy to focus on, and derive value from, the potential for early development of the near surface oxide resource and shallow porphyry expansion potential, while seeking partners to fund deeper drilling. It is pleasing to see the scale of previous exploration efforts at West Kasulu further quantified, with the system remaining open along strike and at depth.

As noted in our July 8th press release, Kincora remains committed to extracting appropriate value from our wholly owned Mongolian assets for the benefit of our shareholders and seeing the projects move forward. We have worked with Resilience for a significant period of time, the door is still open to them, as our strategy remains focused towards active and systematic exploration activities in Australia."

1 The MRE and Exploration Target have been prepared by independent consultant DG & JG Larsen Consulting Pty Ltd and are reported in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves 2012 (JORC Code), and is not based on Canadian Institute of Mining, Metallurgy and Petroleum (CIM) definitions, and as a result the estimate is not recognized under National Instrument 43-101 of the Canadian Securities Administrators (NI 43-101).

On China's doorstep, trucking distance to the world's largest copper consumer

Recent significant investments in the Southern Gobi porphyry belt:

Oyu Tolgoi partners reach comprehensive agreement and approve commencement of underground mining operations (estimated total capex US$6.9 billion) – January 2022

Rio Tinto's US$2.7 billion cash offer to acquire remaining 49% of Turquoise Hill Resources and thereby increase its effective ownership in the Oyu Tolgoi project – March 2022

Xanadu Mining and its flagship Kharmagtai project, total staged investment of up to A$58 million from Zijing Mining (a global top 10 copper producer) – April 2022

Kincora's wholly owned Mongolian portfolio assets include the Bronze Fox mining license (the eastern license of the Bronze Fox project), Tourmaline Hills (the western license of the Bronze Fox project) and Red Well exploration licenses, the White Pearl camp and one of (if not) the largest project generation databases for Mongolia (refer to Figure 1 for recent regional activity).

The MRE and Exploration Target were commissioned and paid for by Resilience, meeting a condition precedent from the Joint Venture and Acquisition Agreement, and subsequent extension agreement, with Kincora. On July 8th, 2022, Kincora provided an update on the status of the Joint Venture Agreement with Resilience (see the press release "Kincora provides corporate update for Mongolian portfolio" for further details).

The MRE and Exploration Target have been prepared by independent consultants DG & JG Larsen Consulting Pty Ltd, and its principal Mr. David Larsen, and are reported in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves 2012 (JORC Code), and is not based on Canadian Institute of Mining, Metallurgy and Petroleum (CIM) definitions, and as a result the estimate is not recognized under National Instrument 43-101 of the Canadian Securities Administrators (NI 43-101).

Mr. David Larsen is a Member of the Australian Institute of Geoscientists, is a full-time employee of and the principal of DF & JG Larsen Consulting Pty Ltd and is a shareholder of Resilience. Mr. Larsen produced the Mineral Resource Estimate based on data and geological information supplied by Kincora and Resilience.

Mr Larsen has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves. Mr Larsen consents to the inclusion in this press release of the matters based on his information in the form and context that the information appears.

This announcement has been authorised for release by the Board of Kincora Copper Limited (ARBN 645 457 763)

About Kincora Copper

Kincora Copper is an active and systematic ASX and TSX-V listed exploration company (ticker "KCC") focused on world-class copper gold discoveries in Australia's foremost porphyry region, the Macquarie Arc, with the ambition to become the leading pure play porphyry explorer this region. Kincora is also seeking to realise value from its highly prospective portfolio of porphyry projects located in the Southern Gobi, Mongolia's foremost porphyry region. For further information please refer to www.kincoracopper.com

Forward-Looking Statements

Certain information regarding Kincora contained herein may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although Kincora believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Kincora cautions that actual performance will be affected by a number of factors, most of which are beyond its control, and that future events and results may vary substantially from what Kincora currently foresees. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration results, continued availability of capital and financing and general economic, market or business conditions. The forward-looking statements are expressly qualified in their entirety by this cautionary statement. The information contained herein is stated as of the current date and is subject to change after that date. Kincora does not assume the obligation to revise or update these forward-looking statements, except as may be required under applicable securities laws.

Qualified Person

The scientific and technical information in this news release was prepared in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum and National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") and was reviewed, verified and compiled by Kincora's geological staff under the supervision of Paul Cromie (BSc Hons. M.Sc. Economic Geology, PhD, member of the Australian Institute of Mining and Metallurgy and Society of Economic Geologists), Exploration Manager Australia, who is the Qualified Persons for the purpose of NI 43-101.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) or the Australian Securities Exchange accepts responsibility for the adequacy or accuracy of this release.

Chinese giant Alibaba has announced plans to apply for a primary listing in Hong Kong and keep its listing in the United States, opening up the firm to a vast pool of mainland China investors for the first time.

The move announced on Tuesday would see Alibaba become the first large dual-primary listed company on the New York Stock Exchange and Hong Kong Stock Exchange, taking advantage of a new rule allowing dual primary listings.

The move comes after the Hong Kong Stock Exchange (HKEX) in January announced it would allow “innovative” Chinese companies with weighted voting rights or variable interest entities – where a company sets up an offshore entity that allows foreign investors to buy into the stock – to carry out dual primary listings in the city.

CEO Daniel Zhang said Alibaba was pursuing another primary listing venue to foster a “wider and more diversified investor base”.

“Hong Kong and New York are both major global financial centers, with shared characteristics of openness and diversity,” Zhang said in a statement. “Hong Kong is also the launch pad for Alibaba’s globalization strategy, and we are fully confident in China’s economy and future.”

Alibaba went public in New York in September 2014 and completed a secondary listing in Hong Kong in November 2019.

Once a darling of technology stock investors, the e-commerce giant saw its stock price plummet after Beijing launched a sweeping crackdown on private industry that left the company with a $2.8bn fine and scuppered the initial public offering (IPO) of its affiliate Ant.

Alibaba’s stock jumped four percent at the start of trading in Hong Kong amid expectations the move would give mainland China investors easier access to its shares.

While Alibaba already has a secondary listing in Hong Kong, the listing does not allow it to join the popular Stock Connect programme that links to bourses in Shanghai and Shenzhen.

China’s Covid-19 infections rebounded, with an increase in cases in the south threatening the operations of industry giants including BYD Co. and Huawei Technologies Co.

Nationwide, cases were 868 for Monday, CCTV reported, up from 680 a day earlier. Attention is shifting to the southern manufacturing hub of Shenzhen, where 19 local cases were detected and authorities have ordered some of China’s biggest firms to operate within a “closed loop” system for seven days, raising concerns about disruptions to global supply chains.

The city government asked its 100 biggest companies, including iPhone maker Foxconn and oil producer Cnooc Ltd. to restrict operations only to employees living within a closed loop or bubble, with little to no contact with people beyond their plants or offices. Authorities also asked companies to reduce unnecessary interaction between non-manufacturing staff and factory floors to reduce infection, according to a government notice seen by Bloomberg News.

The city had also shut three subway stations as of Tuesday. Xiasha and Shawei stations in Futian district are close to the border with Hong Kong, and Hourui in Bao’an district is to the west of the city.

Shanghai reported 19 local cases, including three found outside quarantine areas. The financial hub will conduct two rounds of mandatory mass testing in nine of its 16 districts between Tuesday and Thursday in order to reduce outbreak risks.

The compulsory testing, which has been conducted frequently since the city emerged from a bruising two-month lockdown in early June, comes on top of a requirement for everyone in Shanghai to test every other day in order to move around freely. Residents are already required to hold a negative PCR result done within the previous 72 hours to get into public places like shopping malls, office buildings and restaurants.

The city halted operations at warehouses in Baoshan district, including those for steel products, from Tuesday for three days to contain Covid-19 cases, according to commodities research firm Mysteel.

The majority of China’s cases are centered in the hotspots of the Guangxi region in the south, which recorded 402 cases Monday, and the northwestern province of Gansu, which had 343 new infections.

The outbreak in Gansu has coincided with the peak tourist season, dealing a heavy blow to the local industry, a key source of revenue for the remote province that lies along the ancient Silk Road and is home to attractions such as the Dunhuang grottoes, the official China Business News reported.

Authorities have temporarily closed 186 tourist sites, almost half of the province’s attractions. Many travel agencies have suspended planned trips to Gansu, while diverting their clients to other destinations, the report said. The province received 276 million tourists in 2021 and tourism income of 184 billion yuan ($27 billion), according to the report.

Many domestic tourism companies have issued profit warnings for the first half, according to the report, with seven mainland China-listed tourism firms, including China CYTS Tours Holding Co., LiJiang YuLongTourism Co. and Tibet Tourism Co. forecasting a combined 450 million yuan in losses for the first six months of the year.

— With assistance by Peter Vercoe, Charlie Zhu, and Linda Lew

Russian energy major Gazprom will stop the operation of second Siemens turbine, the company announced on Monday. As a result supply through the Nord Stream 1 pipeline will not exceed 33 million cubic meters per day from July 27, business daily Kommersant has reported, corresponding to 20% of the pipeline's capacity.

Gazprom says the decision to switch off the turbine was made based on its technical condition and the fact that it’s due for an overhaul.

A spokesperson for Germany’s Federal Ministry for Economic Affairs has reportedly said that there are no technical reasons to reduce gas supply via the Nord Stream 1 pipeline.

According to an earlier report by Kommersant, several of the nine turbines at the Portovaya compressor station are in need of repair. The paper notes that Gazprom has not yet authorised further repairs, and that one turbine took about three months to overhaul. The current licensing agreement allows Siemens Energy to accept five more turbines for repair before the end of 2024.

This follows a dispute between Russia, Canada and Germany over a Siemens turbine that had been sent to Montreal for repairs and was not returned on time due to Ottawa’s sanctions against Moscow. Gazprom cited the delay as the reason for a 60% reduction in gas flow to Germany last month. Canada eventually sent the part to Germany, where it is currently awaiting shipment to Russia. Gazprom said earlier on Monday that the paperwork it had received from Canada and Siemens regarding the shipment of the turbine did not clear up sanctions-related questions.

Last week, German Chancellor Olaf Scholz suggested that Berlin could no longer rely on Moscow when it came to gas supplies and said he wasn’t convinced by Russia’s statements that the repaired Siemens turbine that had been delayed was necessary for the full functioning of the Nord Stream 1 pipeline. Moscow rejected the claim on Monday, with the Kremlin spokesperson Dmitry Peskov saying that a decrease in the volume of supplies was due to technical problems resulting from Western sanctions.

Amidst increased geopolitical tensions and lingering pandemic effects, Mongolia, a small, landlocked state hosted three major international in-person events in June.

Khaan Quest, an annual multinational peacekeeping exercise, was organized at the Five Hills Peace Support Operations Training Centre. Over thousand military personnel from fifteen countries, including the United States, South Korea, Japan, and

India – those dispatched a large military contingent, exercised for peacekeeping deployments. At the same time, Mongolia hosted the first-ever Women, Peace and Security conference welcoming over 60 female peacekeepers from 30 countries as well as Jean-Pierre Lacroix, Under-Secretary-General for Peace Operations of the

United Nations. Then, in June 23-25, Mongolia organized the 7 th “Ulaanbaatar Dialogue” on Northeast Asian Security. Here we would like to explain why the Ulaanbaatar Dialogue (known as the UB Dialogue or UBD) is an important foreign policy endeavour for

Mongolia.

History of the Ulaanbaatar Dialogue

The UBD is a continuation of Mongolia’s multilateral foreign policy to welcome international participants to Mongolia and to be a part of the international community.

This policy had been disrupted during the Cold War when Mongolia had no choice to become the Soviet ally and its foreign policy had been dictated by the Kremlin. Even though during this time, Mongolia invited many newly independent small states of the

Asia Pacific Region in 1960s-70s to share its experience of the socialist bloc (CMEA) – aided economic development.

Also, Mongolia became a hub for the Asian Buddhist Conference for Peace from the 1970s. In the late 1980s, as the geopolitical tension among the great powers declined, Mongolia pursued a quite aggressive policy for offering itself as a dialogue venue for peace and cooperation in the Asia Pacific Region.

Building on this successful foreign policy to develop bilateral ties with China and ‘third neighbours’ – mostly developed democracies (or the Western countries) in 1990s, Mongolia began to make renewed efforts to offer the multilateral platform. In 2008, the Mongolian Institute for Strategic Studies along with the George Marshall Centre for European Security Studies organized a conference, titled “Ulaanbaatar as New Helsinki?” to promote Mongolia as a neutral venue for the regional security talk. Later, in 2013, the Pres Elbergdorj endorsed the ‘venue for multilateral dialogue’ idea and coined the UB Dialogue as a long-term foreign policy initiative to engage all Northeast Asian countries, including countries with hostile relations.

7th Ulaanbaatar Dialogue

After two years of disruptions due to the COVID19 pandemic, Mongolia hosted the 7th UB Dialogue – which is noted the first-ever in-person international dialogue in Northeast Asia. In several ways, this year’s dialogue was unique.

For one, North Korea was missing because of the pandemic and a lack of the virtual connection. In all previous dialogues, North Korean participation was important for many other participants, especially for Japan – who managed to organize a side bilateral meeting during the UB Dialogue, and many European participants. However, a well-known German expert on North Korea offered his insights on the DPRK.

Second, Russia’s participation in the dialogue was the hottest topic among international participants, some declined their participation, and some left during the Russian delegate’s speech. Many participants, including Mongolian speakers, were in agreement to end the hostility in Ukraine and to find a peaceful solution to ongoing military conflict.

Third, the inclusion of the youth speakers (as a main panel) was applauded by the majority of participants. This year, the UN Department of Political and Peacebuilding Affairs (DPPA) organized a youth panel by providing opportunities for youth representatives from China, Japan, Mongolia, and South Korea to present their views on regional peace and security with policymakers and scholars.

Fourth, the Business Council of Mongolia (BCM) and United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) organized sessions devoted to discuss the post-pandemic economic cooperation and power grid connectivity in the region. Finally, the host nation welcomed the participation from the Kyrgyz Republic and many other international participants from Europe; thus provides opportunities for Northeast Asian experts to share and compare their perspectives on regional cooperation.

In retrospect, the UB Dialogue is becoming a modest and unique regional venue for

policy-makers, academics, and youth exchange their views and hopes on Northeast

Asian matters. This year, the track one closed door meeting was hosted by the Ministry

of Foreign Affairs of Mongolia and this meeting was attended by senior foreign ministry

officials from thirteen countries, plus the United Nations. The security session is now

divided into two parts: the first session discusses challenges and the other searches

ways to promote the confidence building. The UNDPPA will continue to work with

organizers to have the youth session as an important part of the dialogue, where youths

from Northeast Asia and elsewhere could share their visions of region. The economic

sessions are now jointly organized by the BCM, a Mongolian non-governmental

organization, and USESCAP, in hope to make the economic aspects as critical part of

the UB dialogue. Overcoming its two-year interruptions, the UB dialogue revived and

appears to be on a narrow path to become an international conference on Northeast

Asian matters.

About Soyolgerel Nyamjav

Soyolgerel Nyamjav is the Head of the Centre for International Security at the Institute for Strategic Studies, National Security Council of Mongolia. Soyolgerel’s research focuses on security studies especially Mongolia’s security environment, geopolitical situation, Central Asian regional problems and regional multilateral mechanisms.

In accordance with the intergovernmental agreement of Mongolia and China on the Regime of the Mongolian-Chinese Border Crossings, the two countries agreed to have nine permanent operating auto road crossings, namely Bayankhoshuu-Uvdug, Zamyn Uud-Erlian, Khangi-Mandal, Gashuunsukhait-Gantsmod, Shiveekhuren-Sekhee, Burgastai- Laoemyao, Bulgan-Takashiken, Bichigt-Zuunkhatavch, and Khavirga-Arkhashaat. Today, seven out of nine crossings are operating normally.

As a result of working through diplomatic channels to restore freight transportation at the Bichigt-Zuunkhatavch and Khavirga-Arkhashaat road ports that were closed according to the proposal of the Chinese side due to the pandemic, the operation of Bichigt-Zuunkhatavch port, which was closed since August 22, 2021, was resumed and 200 vehicles stuck in China started being taking from July 22 this year. In addition, coal trucks will start crossing the state border, and an agreement has been reached with the Chinese side to further increase oil and other necessary export-import transportation.

The Institute of Geography and Geoecology of the Mongolian Academy of Sciences is carrying out the assessment of the ecological potential of the Baidrag River basin at the landscape level, and the development of measures for its proper use and protection.

The work is being carried out within the framework of the ‘Ensuring Sustainability and Resilience (ENSURE) of Green Landscapes in Mongolia’ project, which is being co-implemented by the Ministry of Environment and Tourism and the United Nations Development Program.

Within the scope of this project, a comprehensive study of physical geography, landscape, and surface water has been conducted in the Buuntsagaan Lake and Baidrag River Basin. The survey was conducted by the research team headed by Head of the Department of Physical Geography and Environmental Studies of the Institute of Geography and Geoecology S.Narangerel.

It was reported that there was little rain and drought in the basin, and some parts of the rivers, streams, and springs were running dry and cut off.

Xanadu Mines (ASX:XAM) is partnering up with China’s Zijin Mining Group, a global leading copper producer, to develop the Kharmagati copper-gold project in Mongolia’s Omnogovi Province.

That same province is home to Rio Tinto’s mammoth Oyu Tolgoi mine.

Xanadu recently published its keystone scoping study backing the project, encouraging the board to move to a pre-feasibility study expected for delivery in early 2024.

Worth noting, Xanadu and Zijin are bringing an ESG bent to the region. Xanadu has published a second sustainability report in the June quarter.

That report has determined a low environmental risk profile attached to the project.

It further notes the acreage is bolstered by existing and established infrastructure on-site; including rail, power transmission, and available water assets.

Come get ‘em Kharmagati

Since 2018, Xanadu has grown Kharmagati's resource to 8Moz of gold and 3Mtn of copper.

Currently, mineralisation remains open in all directions on-site and ongoing drilling is underway to further define mineral resources.

A four year payback is expected for the mine with initial capital expenditure valued at US$690m for an open pit development and associated processing infrastructure.

The internal rate of return for Kharmagati is tipped at 20% after tax across a thirty year mine life.

Zijin set to pour millions into project

Xanadu and Zijin formed the project partnership back in April this year.

Under an initial agreement, Zijin is to invest in Xanadu at the corporate and operational level.

It commenced this in April with the acquisition of 139m shares. Zijin has since picked up a 9.98% shareholding in the company.

Two further placements are slated in the near future, which will see Zijin increase its stake to a 19.99% interest—at the same time the partnership creates a 50/50 JV in Khuiten Metals, currently owned outright by Xanadu.

Khuiten Metals holds a 76.5% interest in the Kharmagati project; and Zijin will pay Xanadu US$35m for half of Khuiten.

While not related to Xanadu directly, it's worthwhile getting an idea of Zijin's international footprint. The map above locates all of Zijin's gold and copper projects around the world.

While not related to Xanadu directly, it's worthwhile getting an idea of Zijin's international footprint. The map above locates all of Zijin's gold and copper projects around the world.

Xanadu was a Market Index client at the time of publishing. All coverage contains factual information only and should not be interpreted as opinion of financial advice.

WRITTEN BY

Jonathon Davidson

Jonathon is a journalism graduate and avid market watcher with exposure to governance, NGO and mining environments. He was most recently hired as an oil and gas specialist for a trade publication. Email Jon at jon@marketindex.com.au.

Ten financial actors with the most influence on the fossil fuel economy own 49.5% of potential emissions from the world’s largest energy firms, a recent study has found.

In a paper published in the journal Environmental Innovation and Societal Transitions, researchers from Canada, France and New Zealand take a deep look into the CU200, which are the 200 Carbon Underground firms that own 98% of global fossil reserves in the form of oil, gas, or coal.

Following their analysis, they found that the companies that could play a decisive role in helping de-carbonize the future are US-based investment advisors Blackrock, Vanguard Group, State Street Corp., Dimensional Fund Advisors, Fidelity Investments, Capital Group Company, together with India’s State Government and Life Insurance Corporation, as well as the Kingdom of Saudi Arabia and Norway’s Norges Bank.

Other players in the top 20 include America’s JPMorgan Chase & Co., Citigroup Inc., HDFC Asset Management, Geode Capital Management and the Bank of New York Mellon, India’s Adani, Gautam S., the Russian Federation and China’s Shaanxi Coal & Chemical.

“This shows us that both investors and governments can be at the forefront of change if citizens and clients urge them to de-carbonize,” Truzaar Dordi, lead researcher from the University of Waterloo, said in a media statement. “A concentrated number of investors with the potential to influence the trajectory of the fossil fuel industry is either a problem or an opportunity, depending on how you see things.”

America at the forefront

By region, the study shows that 60 firms on the CU200 are registered in the United States, followed by China, Canada, Russia, Australia, and India. These firms may trade on a different stock exchange than the country in which they are registered. By stock exchange, 61 companies are traded on a United States stock exchange, followed by China, Canada, Australia, Hong Kong, and Russia. In contrast, ownership distribution is skewed toward the United States, with 213 of 918 distinct direct and indirect shareholders with greater than 1% ownership in at least one of the fossil fuel firms in the sample based out of the United States.

“If they’re serious, capital markets can enable a low-carbon transition within the top coal, oil and gas reserve owners in the world,” Dordi said. “Recent pledges to reduce carbon exposure in investment portfolios and engagement with the fossil fuel industry indicate we may already be moving in that direction.”

The paper outlines specific ways the top 10 governments and private investment advisors can make changes that will have a transformative impact in the fight against climate change. Some recommendations include public disclosure of a scheduled phase-out of fossil fuel financing, an assessment of a portfolio’s exposure to climate risk in a 2°C world, and an alignment of investment portfolios with a 1.5°C scenario.

“Individually, reducing the demand for fossil fuels by driving and flying less and turning off the air-conditioner are great. We should keep doing that,” the researcher pointed out. “But we also need to reduce our production of fossil fuels, which these 10 actors can lead. Without them, we simply won’t have what it takes to meet our emissions targets and avoid catastrophe.”

In other words, the authors of the study believe that, through their influence on the functions of resource mobilization, capital markets have the potential to disrupt incumbent regimes and create enabling conditions for sustainability transitions.

A triumphant Ichinojo looked back on the many years since he boarded a flight to Japan from his native Mongolia along with another aspiring young sumo wrestler who would rise to the top of the sport.

On July 24, rank-and-filer Ichinojo finally got the better of yokozuna Terunofuji, his countryman and fellow passenger, to claim his first championship, which he had long sought since making his professional debut in 2014.

“It was indeed a long path until I won the title,” the maegashira No. 2 said at an online news conference on July 25.

Ichinojo, who is a hefty 192 centimeters tall and weighs 211 kilograms, captured the Nagoya Grand Sumo Tournament with a 12-3 record the day before.

Ichinojo and Terunofuji, the lone yokozuna, entered the final day of the 15-day tourney at the Dolphins Arena in Nagoya tied with 11-3 marks.

In an earlier bout, Ichinojo improved to 12-3 with a win against Ura, maegashira No. 3, putting the pressure on Terunofuji, who was competing in the final bout of the day.

Ichinojo, 29, avoided a playoff as the 30-year-old yokozuna lost to ozeki Takakeisho, ending with a 11-4 record.

After arriving in Japan in 2010, Ichinojo and Terunofuji attended Tottori Johoku High School in Tottori Prefecture, which is known for its strong sumo team, before they moved on to the professional ranks.

“This was my first time to compete with yokozuna Terunofuji for the championship,” Ichinojo said. “I had not fared well and could not outperform him for a long time. But I could this time and I am happy to pull it off.”