Rio Tinto confirmed active negotiations with the Mongolian government to revise commercial terms for the Oyu Tolgoi copper-gold mine. The Mongolian government currently holds a 34% stake in the project. Ulaanbaatar is seeking to reduce high interest rates on Rio Tinto loans used to fund its share of development costs. The government also aims to eliminate annual management fees.
Rio Tinto owns the remaining 66% of the project and serves as the mine operator. The site is projected to become the world’s fourth-largest copper mine by 2030. Copper production remains a central pillar of Rio Tinto’s strategy to supply the electric vehicle and renewable energy sectors. These talks follow a 2022 agreement where Rio Tinto waived $2.4 billion in Mongolian debt to reset the bilateral relationship.