Representatives of Rio Tinto and Oyu Tolgoi met Prime Minister G.Zandanshatar today to review progress in negotiations aimed at increasing Mongolia’s benefits from the Oyu Tolgoi project and to agree a staged timetable for resolving outstanding issues. 

Attending the meeting from the Rio Tinto and Oyu Tolgoi side were Kh.Amarjargal, Country Director- Mongolia at Rio Tinto, S.Munkhsukh, Chief Executive of Oyu Tolgoi LLC, B.Dulamsuren, Deputy Chief Financial Officer of Oyu Tolgoi, and Andrew Laya, Chief Operating Officer. The company delegation presented a response letter from Rio Tinto Copper Group CEO Katie Jackson and reiterated the firm’s commitment to continued, constructive dialogue. 

Prime Minister G.Zandanshatar opened the meeting by reiterating the constitutional principle that the majority of benefits from the country’s natural resources should accrue to the Mongolian people. He said the government expects tangible progress on reducing financing costs and management fees associated with the project.

According to officials, Rio Tinto’s leadership, including a prior note from CEO Simon Trott, signalled willingness to continue open dialogue to support the long-term sustainability of Oyu Tolgoi operations. 

The Rio Tinto Copper Group’s response, delivered by its CEO Katie Jackson, confirmed that working groups set up under recent prime-ministerial decrees are cooperating actively with the company. Specific proposals aimed at cutting interest expenses and management costs have been submitted to the working group, and officials said these measures would directly increase Mongolia’s share of project returns if implemented.

S.Munkhsukh, Oyu Tolgoi LLC CEO, said the company agrees in principle with the government’s objectives and will actively cooperate to raise the project’s benefits for Mongolia.

Both sides agreed to intensify negotiations and resolve issues in clearly defined stages, with a target to reach final agreement in the first half of 2026. Government officials said the staged approach will allow technical, financial and legal items to be settled sequentially and enable earlier capture of benefits for Mongolia as adjustments are implemented.

Published Date:2026-02-16