Parties Agree to Increase Mongolia’s Share of Benefits from the Oyu Tolgoi Project
Politics
Ulaanbaatar, February 16, 2026 /MONTSAME/. On February 12, 2026, Country Director of Rio Tinto Mongolia Amarjargal Khenchbish, CEO of Oyu Tolgoi LLC Munkhsukh Sukhbaatar, Chief Financial Officer Dulamsuren Begzjav, and Chief Operating Officer Andrew Lye met with Prime Minister Zandanshatar Gombojav to hand over a response letter from Katie Jackson, CEO of Rio Tinto Copper.
During the meeting, the officials discussed the progress of negotiations initiated last year and the issues reflected in Prime Minister Zandanshatar's letter regarding the protection of Mongolia's interests in the Oyu Tolgoi project. At the start of the meeting, the Prime Minister emphasized that, in accordance with the fundamental principles of the Constitution, the majority of the benefits from the Oyu Tolgoi project must belong to the Mongolian people, and concrete results must be achieved regarding the reduction of loan interest rates and management costs.
In a letter sent to the Prime Minister on February 5, Simon Trott, Chief Executive of Rio Tinto, reaffirmed the company’s position to continue open and constructive dialogue based on the shared long-term interests of ensuring the sustainable and successful operation of the Oyu Tolgoi project. In her response letter, Katie Jackson, Chief Executive of Rio Tinto’s Copper Group, expressed full support for the working groups established under the Prime Minister’s Decrees No. 67, 68, and 73, which are conducting negotiations with Rio Tinto regarding matters related to Oyu Tolgoi LLC. She noted that the company is actively cooperating on the basis of achieving concrete benefits.
It was also stated that over the life of the Oyu Tolgoi mine, the majority of total benefits will remain in Mongolia, exceeding the minimum threshold of 53 percent as stipulated in the Constitution. Specific proposals to reduce loan interest rates and management fees have been submitted to the Working Group, and these measures are expected to have a direct impact on increasing Mongolia’s share of benefits. The CEO of Oyu Tolgoi LLC expressed principled agreement with the issues raised by the Government and affirmed the company’s active cooperation in enhancing the project’s returns.
At the Prime Minister’s proposal, the parties agreed to intensify negotiations, resolve the issues in phases, and finalize the matters within the first half of this year, according to the Government Media and Public Relations Office.
