1 GOLD AND COPPER PRICES SURGE WWW.UBPOST.MN PUBLISHED:2025/04/02      2 REGISTRATION FOR THE ULAANBAATAR MARATHON 2025 IS NOW OPEN WWW.MONTSAME.MN PUBLISHED:2025/04/02      3 WHY DONALD TRUMP SHOULD MEET KIM JONG- UN AGAIN – IN MONGOLIA WWW.LOWYINSTITUTE.ORG  PUBLISHED:2025/04/02      4 BANK OF MONGOLIA PURCHASES 281.8 KILOGRAMS OF PRECIOUS METALS IN MARCH WWW.MONTSAME.MN PUBLISHED:2025/04/02      5 P. NARANBAYAR: 88,000 MORE CHILDREN WILL NEED SCHOOLS AND KINDERGARTENS BY 2030 WWW.GOGO.MN PUBLISHED:2025/04/02      6 B. JAVKHLAN: MONGOLIA'S FOREIGN EXCHANGE RESERVES REACH USD 5 BILLION WWW.GOGO.MN PUBLISHED:2025/04/02      7 185 CASES OF MEASLES REGISTERED IN MONGOLIA WWW.AKIPRESS.COM PUBLISHED:2025/04/02      8 MONGOLIAN JUDGE ELECTED PRESIDENT OF THE APPEALS CHAMBER OF THE ICC WWW.MONTSAME.MN PUBLISHED:2025/04/01      9 HIGH-PERFORMANCE SUPERCOMPUTING CENTER TO BE ESTABLISHED IN PHASES WWW.MONTSAME.MN PUBLISHED:2025/04/01      10 LEGAL INCONSISTENCIES DISRUPT COAL TRADING ON EXCHANGE WWW.UBPOST.MN PUBLISHED:2025/04/01      УСТСАНД ТООЦОГДОЖ БАЙСАН УЛААНБУРХАН ӨВЧИН ЯАГААД ЭРГЭН ТАРХАХ БОЛОВ? WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2025/04/02     САНГИЙН ЯАМ: ДОТООД ҮНЭТ ЦААСНЫ АРИЛЖАА IV/16-НААС МХБ-ЭЭР НЭЭЛТТЭЙ ЯВАГДАНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2025/04/02     МОНГОЛБАНКНЫ ҮНЭТ МЕТАЛЛ ХУДАЛДАН АВАЛТ ӨМНӨХ САРААС 56 ХУВИАР, ӨМНӨХ ОНЫ МӨН ҮЕЭС 35.1 ХУВИАР БУУРАВ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2025/04/02     Б.ЖАВХЛАН: ГАДААД ВАЛЮТЫН НӨӨЦ ТАВАН ТЭРБУМ ДОЛЛАРТ ХҮРСЭН WWW.EAGLE.MN НИЙТЭЛСЭН:2025/04/02     1072 ХУВЬЦААНЫ НОГДОЛ АШИГ 93 500 ТӨГРӨГИЙГ ЭНЭ САРД ОЛГОНО WWW.EAGLE.MN НИЙТЭЛСЭН:2025/04/02     Н.УЧРАЛ: Х.БАТТУЛГА ТАНД АСУУДЛАА ШИЙДЭХ 7 ХОНОГИЙН ХУГАЦАА ӨГЧ БАЙНА WWW.NEWS.MN НИЙТЭЛСЭН:2025/04/02     “XANADU MINES” КОМПАНИ "ХАРМАГТАЙ" ТӨСЛИЙН ҮЙЛ АЖИЛЛАГААНЫ УДИРДЛАГЫГ “ZIJIN MINING”-Д ШИЛЖҮҮЛЭЭД БАЙНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2025/04/02     ТӨМӨР ЗАМЫН БАРИЛГЫН АЖЛЫГ ЭНЭ САРЫН СҮҮЛЭЭР ЭХЛҮҮЛНЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/04/02     “STEPPE GOLD”-ИЙН ХУВЬЦААНЫ ХАНШ 4 ХУВИАР ӨСЛӨӨ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2025/04/02     ҮЙЛДВЭРЛЭЛИЙН ОСОЛ ӨНГӨРСӨН ОНД ХОЁР ДАХИН НЭМЭГДЖЭЭ WWW.GOGO.MN НИЙТЭЛСЭН:2025/04/01    

Category

Events

Events

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

NEWS

64x64

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
...


64x64

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.
...


64x64

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!
...


64x64

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.
...


64x64

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.
...


64x64

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
...


64x64

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
 
 
...


64x64

Interesting Facts About the State Supreme Decoration of Mongolia, Order of Chinggis Khaan www.montsame.mn

Today (Nov 02) marks the 862nd anniversary of the birth of Great Emperor Chinggis Khaan and National Pride Day of Mongolia. In celebration, here are some interesting facts about the State Supreme Decoration of Mongolia, Order of Chinggis Khaan.
The State Supreme Decoration of Mongolia, Order of Chinggis Khaan was first established in 2002 by resolution of the State Great Khural of Mongolia, aimed at recognizing individuals and organizations who have made an exceptional contribution to reinforcing Mongolia’s independence, sovereignty, and national unity, fostering a humanitarian and democratic society, promoting social, economic, cultural, and scientific progress, preserving state traditions and historical heritage, passing these on to future generations, and introducing them to the world.
The State Supreme Decoration of Mongolia, Order of Chinggis Khaan is awarded solely by decree of President of Mongolia. Out of 18 total award ceremonies, 15 have honored individuals, while three awards have been presented to organizations: the Mongolian Armed Forces, the HU band, and the Mongolian Philharmonic Morin Khuur Ensemble.
Laureates of the State Supreme Decoration of Mongolia, Order of Chinggis Khaan:
1. 2005 – The First President of Mongolia Ochirbat Punsalmaa
2. 2006 – Laureate of State Premium of Mongolia, Honored Worker of Art of Mongolia, Composer Sharav Byambasuren
3. 2009 – Fifteenth Prime Minister of Mongolia Byambasuren Dash
4. 2010 – Public and Political figure, Honored Worker of Science of Mongolia Gonchigdorj Radnaasumberel
5. 2011 – The Second President of Mongolia Bagabandi Natsag
6. 2012 – The Ninth Chairman of the State Great Khural of Mongolia, Honored Economist of Mongolia Demberel Damdin
7. 2013 – The Thirteenth Prime Minister of Mongolia Sodnom Dumaa
8. 2014 – Physicist, and Academician Namsrai Khavtgai
9. 2015 – Honored Figure of Culture of Mongolia, Writer, Poet Mend-Ooyo Gombojav
10. 2016 – Honored Artist of Mongolia, Opera Singer Ariunbaatar Ganbaatar
11. 2017 – Honored Athlete of Mongolia, Hero of Labor, Olympic Champion Tuvshinbayar Naidan
12. 2019 – The Hu Band
13. 2021 – Cosmonaut, Major General Gurragchaa Jugderdemid
14. 2021 – The Mongolian Armed Forces
15. 2022 – Honored Scientist of Mongolia, Academician, Doctor, Professor Dorjgotov Dechingungaa, and an American Anthropologist Doctor, Professor Mr. Jack Weatherford
16. 2023 – Mongolian Philharmonic Morin Khuur Ensemble
17. 2024 – Ban Ki-Moon, the eighth Secretary-General of the United Nations
This year, President of Mongolia Khurelsukh Ukhnaa awarded the State Supreme Decoration of Mongolia, Order of Chinggis Khaan to Ban Ki-Moon, the eighth Secretary-General of the United Nations, making him the second foreign laureate after American scholar Jack Weatherford.
Although Order of Chinggis Khaan is typically granted to only one laureate annually, the Order was awarded to two individuals in 2022: Academician Dorjgotov Dechingungaa and American scholar Jack Weatherford.
A Mongolian citizen awarded the State Supreme Decoration of Mongolia, Order of Chinggis Khaan is invited to participate in state ceremonies such as the Order presentation, the National Naadam Festival, Constitution Day, and Lunar New Year celebrations. Additionally, they are entitled to join President of Mongolia's official delegation during State Visits abroad, and their portrait is respectfully displayed in the Columned Hall of Honor at the State Palace of Mongolia.
...


64x64

Speech by Honorable Mr. Ban Ki-Moon, the 8th UN Secretary-General, Upon Acceptance of the State Supreme Decoration of Mongolia, Order of Chinggis Khaan www.montsame.mn

On the National Pride Day, the 862nd Anniversary of the Birth of Great Emperor Chinggis Khaan, President of Mongolia Khurelsukh Ukhnaa awarded the State Supreme Decoration of Mongolia, Order of Chinggis Khaan, to the 8th UN Secretary-General Ban Ki-Moon. We present the full speech of Mr. Ban Ki-Moon.
“His Excellency Khurelsukh Ukhnaa, President of Mongolia,
His Excellency Oyun-Erdene Luvsannamsrain, Prime Minister of Mongolia,
The Honorable Amarbayasgalan Dashzegve, Chairman of the State Great Khural of Mongolia,
Excellencies, Distinguished Guests, Ladies and Gentlemen,
It is with immense honor and gratitude that I stand before you today to accept the Supreme Decoration of the Mongolian State, the Order of Chinggis Khaan.
While this is a recognition of personal achievement, more importantly, it is also a celebration of the rich history and enduring spirit of the Mongolian people.
I would like to extend my deepest thanks to His Excellency Khurelsukh Ukhnaa, President of Mongolia, and all those involved in this prestigious award for selecting me as an awardee.
Chinggis Khaan, a name that resonates far beyond the borders of Mongolia, is a symbol of strength, vision, innovation, and unyielding determination.
His legacy is a testament to the power of leadership, resilience, and unity. As I humbly accept this Award, I am reminded of the guiding values he embodied; values that are more relevant today than ever before.
Indeed, in a world that often feels divided, Chinggis Khaan’s ability to unite diverse peoples under a common vision serves as a powerful reminder of the importance of collaboration, diversity, and understanding in harmony with strong leadership.
This Award also encourages us to look beyond our differences and work together toward a better future.
My own journey, though I am dwarfed by the shadow of the great Chinggis Khaan, has been shaped by the same ideals that Chinggis Khaan championed.
The Ban Ki-moon Foundation for a Better Future holds the view that nature is not an object to be conquered, but to be respected. Humanity must coexist with nature for its very existence.
And the 2030 Agenda for Sustainable Development and its SDGs embody this same imperative of harmony with nature alongside the core values of human rights and equitable development for all.
And I also believe that these values represent the vision of the great leader Chinggis Khaan and the Mongolian government today.
Ladies and Gentlemen,
I have dedicated my life to fostering dialogue and promoting multilateral cooperation to realize the ideals of the United Nations. Whether through education, community initiatives, or cross-cultural collaborations, I believe that we can build key bridges that connect us all.
I have also witnessed the transformative power of understanding. Each interaction, each story shared, reminds me that we are all part of a larger tapestry, woven together by our shared humanity.
In this regard, Mongolia’s history does not stop at the past; it is a living narrative that continues to evolve.
It is a story of strength and adaptability; qualities that are increasingly essential as we navigate the challenges of the modern world laden with interconnected challenges.
In accepting this Award, I humbly request all of us to embrace Chinggis Khaan’s legacy.
Let us expand our common efforts to strive for unity in diversity, courage in the face of adversity, and an unwavering commitment to peace.
In closing, I graciously accept this Award not only on my behalf but also as a tribute to all those who believe in the power of connection and understanding.
I once again thank Mongolia and the leadership of His Excellency Khurelsukh Ukhnaa, President of Mongolia, for this incredible honor.
I look forward to continuing our journey together.
Thank you.”
...


64x64

How One of the Tiniest Oil Markets Cost Trafigura Over $1 Billion www.bloomberg.com

Trafigura Group is a giant of commodity trading. On any given day, it handles enough oil to supply the entire needs of France three times over. Its global reach stretches from US crude oil export infrastructure to fuel stations in more than 20 countries across Africa, Asia and Latin America.
Yet in a distant corner of its empire, far from the attention of top executives in Geneva and Singapore, a crisis has been brewing for some time.
This week, the company admitted it faces a loss in Mongolia of up to $1.1 billion, linked in part to suspected fraud by its own employees. Trafigura alleges that staff manipulated payments while concealing a mountain of overdue debts, allowing the exposure to run out of control for years without raising any red flags.
For people inside and outside Trafigura, the revelation was a bombshell. Most shocking was the scale of the likely loss relative to the size of Mongolia's oil market. There are over 100 countries that use more oil than Mongolia, according to data from the US Energy Information Administration, among them Luxembourg and Nepal. Its consumption of about 35,000 barrels a day is worth roughly $1 billion a year. For Trafigura, Mongolia made up less than 0.3% of all the oil it traded.
This account is based on interviews with eight people with direct knowledge of Trafigura and its activities in Mongolia, who asked not to be identified due to the sensitivity of the subject. This week, Trafigura Chief Executive Officer Jeremy Weir said the company was "bitterly disappointed" by the situation and was confident it was isolated to the Mongolia business, and the company's investigation is still ongoing.
This week’s announcement, confirming an earlier report by Bloomberg, represents a painful sequel to last year’s revelation that Trafigura had fallen victim to a massive alleged nickel fraud.
The debacle is shining another harsh light on the company’s internal controls, and raises questions about why it took almost a year to fully disclose the situation. For outsiders, it reinforces commodity trading’s fast-and-loose reputation, coming months after some of the biggest players — including Trafigura itself — pleaded guilty to corruption charges in the US.
Speaking privately, nine bankers, including at some of the company’s key lenders, said they were astounded by the size of the potential loss, and want to know how Trafigura will prevent it happening again. Still, the loss is unlikely to affect the company’s ability to borrow money, several of them said.
“The key question, as always, is how quickly and effectively one learns from mistakes and implements corrective measures,” said Jean-Francois Lambert, a consultant and former commodity banker. “Not merely by reshuffling or dismissing staff and launching a lengthy recovery process, but by strengthening the company’s governance, internal processes, and controls.”
For years, Trafigura had enjoyed a profitable niche in Mongolia, which relies entirely on imports for its gasoline and diesel — largely by rail from Russia, as well as sometimes from China.
The company supplied about a third of Mongolia’s oil products, with a particularly large position in diesel. Rosneft PJSC and Gunvor Group were its main competitors. The operation turned over a few hundred million dollars every year, with profits typically in the tens of millions, according to people with knowledge of the matter.
It was a small but sweet business for the world of commodity trading, where razor-thin margins are often 1% or less.
In Ulaanbaatar, Trafigura’s employees worked from the Landmark, a glass-clad building at the edge of the central business district that overlooks a new park built by mining giant Rio Tinto Group. Next door sits the Soviet-era Bayangol Hotel.
Trafigura’s main oil trader in Mongolia was Jononbayar Erdenesuren, who had been at the company since 2012. Jononbayar was known in Ulaanbaatar’s close-knit business world for his hard-charging approach to business and for the parties he threw for friends and contacts.
Being landlocked makes the Mongolian market vulnerable to disruptions, and in late 2023 the country was gripped by a fuel shortage. Citizens rushed to queue for petrol and diesel, and the government started to scrutinize the state of oil inventories in the country.
Some people familiar with the matter suggested that the crisis helped lead to the discovery of Trafigura’s financial hole in the country.
But the trading house was also going through its own period of scrutiny after the nickel fraud. And as the company looked more closely at its largest credit exposures, one tiny market stood out.
Fuel on Credit
Selling oil in Mongolia is complicated. International companies like Trafigura don’t have import licenses and so can’t supply the local market directly, instead relying on local distributors. For Trafigura, the main counterpart was a company called Lex Oil LLC.
The Mongolian company would take Trafigura’s oil products and sell them on to fuel retailers. Crucially, Trafigura supplied the oil on credit, with an agreement that Lex Oil would pay in the future after making deductions for customs and freight duties.
Further complicating the picture: the wholesaler itself also provided credit to its own customers, while hedging transactions added another layer of complexity. The result was an ever-changing exposure to Lex Oil and its network of buyers in Mongolia.
What Trafigura’s accountants in Singapore and Geneva had not properly understood was that those exposures had ballooned in size to many hundreds of millions of dollars even as the bills hadn’t been paid when they were due, a person familiar with the matter said.
A person who answered the phone at Lex Oil’s office said that no one was available to answer Bloomberg’s questions, and the company didn’t respond to an emailed request for comment.
The issue was finally identified late last year. Trafigura says that it found “deliberate concealment of overdue receivables” by its staff, but the alleged misconduct wasn’t limited to hiding the debt. The company also said its employees manipulated data and documents to misstate the calculations for charges like customs and freight. It believes this had been going on for approximately five years.
Trafigura didn’t name any employees in its statement, saying just that it was taking “appropriate disciplinary action.” Jononbayar is among employees who have been suspended, according to people familiar with the matter.
A representative for Jononbayar declined to comment, saying he is still an employee of Trafigura and is bound by a confidentiality agreement.
Eight Months
As the size of the problem became apparent, Trafigura’s board brought in forensic accountants. The company’s senior management got involved and Jose Larocca, one of the top executives, flew to Mongolia in February to meet with Lex Oil.
Bloomberg reported the same month that Trafigura had an issue in its Mongolian oil business and faced hundreds of millions of dollars in potential losses. The company said at the time it had recently agreed debt repayment schedules with oil products customers in Mongolia and that it had “a good track record of successfully recovering debts from counterparts in emerging markets.”
Even after the report, more than eight months would pass before Trafigura disclosed the full extent of the problem.
The Best Business Schools Right Now
Personalize your search to find the best MBA program for you.
The response in Mongolia contrasts with its actions over the nickel fraud, when Trafigura moved to take legal action against the alleged fraudster, Prateek Gupta. It won a freezing order, but nearly two years later has yet to recover any funds. (Gupta has disputed Trafigura's version of events, arguing that the trading house was complicit in his actions.) Meanwhile, the court case has shone a harsh light on Trafigura’s own processes and exposed internal communications that the company might have preferred to remain private.
Its head of nickel and cobalt trading left the company, and several other senior metals executives departed over the coming months, though Trafigura has said repeatedly it did not believe that anyone at the company was complicit in the nickel fraud.
One reason the company didn’t take immediate legal action with the Mongolian oil loss was that it had not yet got a clear account of the facts of the case, a person familiar with the matter said. Its investigation is still ongoing, the company says.
In June, when Trafigura published unaudited results for the half-year ended March, the word “Mongolia” wasn’t even mentioned. The company did report a sharp increase in overdue receivables, but incoming Chief Financial Officer Stephan Jansma explained that higher commodity prices and interest rates meant that “importing countries from time to time will have issues in their payment profile.”
The disclosures “reflected management’s estimate of potential losses at that time across a number of counterparties and countries,” a Trafigura spokesperson said on Thursday. “With an external investigation underway, we were not in a position to provide any commentary on Mongolia.”
Annual Accounts
By late September, Trafigura was preparing to close its annual accounts, as Weir announced he would hand over as CEO to gas boss Richard Holtum in January. It was time to decide what to do about the headache in Mongolia.
The company had already taken some action. It stopped new business in the country, suspended Jononbayar, and terminated the contract of its Singapore-based head of Mongolia, Mikhail Zeldovich. (Zeldovich declined to comment.)
And it still hopes to recover some money from Lex Oil, whose debt represents more than half of the $1.1 billion, according to a person familiar with the matter.
“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.
Ultimately, the company decided to record a “conservative” provision of $1.1 billion in its financial results, and to publicly confirm the alleged misconduct.
Some bankers heard about the prospect of a provision on Mongolia during informal conversations with Trafigura employees in September, according to people familiar with the matter. But even lenders who were expecting a charge were shocked by the $1.1 billion figure.
“In September 2024, no employee at Trafigura had the knowledge or the authority to discuss the quantum of a total provision in respect of our Mongolian oil business,” the company said.
It’s unlikely that any large lending relationships will be affected, said Orhan Gunes, a commodity financier who now runs trade finance platform TradeQraft.
“The critical issue is that after this and the nickel case they’ve used up their credits for such things, and I think they are aware of this,” he said. “Trafigura has very sound risk management tools and professionals so they will take serious precautions.”
By Jack Farchy, Alfred Cang, Archie Hunter, Terrence Edwards, and Priscila Azevedo Rocha
— With assistance from Anna Shiryaevskaya
...


  • Terms of Reference
  • About
  • Contact Us

Managed by: B2BMongolia www.b2bmongolia.com

Events

News

Facebook