left: Munkhsukh Sukhebaatar and Amarjargal Henchbish
During the meeting organized between the representatives of Oyu Tolgoi and Rio Tinto with Prime Minister Zandanshatar Gombojav, key aspects of the negotiations aimed at improving conditions for Mongolia within the framework of the Oyu Tolgoi project were discussed, as well as the coordination of a timeline for resolving remaining issues. This information was provided by MiddleAsianNews.
Representatives from the companies present at the meeting included: Amarjargal Henchbish, Director of Rio Tinto offices in Mongolia, Munkhsukh Sukhebaatar, Executive Director of Oyu Tolgoi LLC, Dulamsuren Begzjav, Deputy Financial Director of Oyu Tolgoi, and Andrew Laya, Chief Operating Officer. The team presented a response letter from Katie Jackson, CEO of Rio Tinto Copper Group, and confirmed their readiness to continue a constructive dialogue.
left: Andrew Laya and Dulamsuren Begzjav
At the beginning of the negotiations, Prime Minister Zandanshatar Gombojav confirmed that according to the constitution, the majority of benefits from natural resources should belong to the people of Mongolia. He emphasized the need to achieve significant progress in reducing financial costs and management fees for the project.
The management of Rio Tinto, including a recent statement from CEO Simon Trott, expressed readiness for open dialogue aimed at ensuring the sustainable long-term operation of Oyu Tolgoi.
In the response from the CEO of Rio Tinto Copper Group, Katie Jackson, it was confirmed that active working groups established by the Prime Minister are collaborating with the company. Specific initiatives to reduce interest and management expenses were proposed, which would allow for an increase in Mongolia's share of the project's revenues.
Munkhsukh Sukhebaatar, Acting Director of Oyu Tolgoi LLC, noted that the company supports the government's goals and will actively work to enhance the benefits of the project for Mongolia.
The parties decided to intensify negotiations and address issues in stages, with the aim of reaching a final agreement by the first half of 2026.
Government representatives noted that a phased approach would allow for the sequential resolution of technical, financial, and legal issues, as well as ensure earlier benefits for Mongolia in implementing the proposed changes.
