By B.Nyam
One of the most significant developments this week was a meeting between Prime Minister G.Zandanshatar and senior representatives of Rio Tinto, as Mongolia renewed its push to secure greater benefits from the Oyu Tolgoi project and revise key financial arrangements.
In January 2026, the prime minister sent a letter to the management of Oyu Tolgoi LLC and Rio Tinto Group, outlining Mongolia’s concerns and requesting negotiations to ensure that the country’s national interests are better protected.
In response, Rio Tinto Chief Executive Simon Trott wrote to the prime minister on February 5, expressing the company’s willingness to continue open and constructive dialogue based on the shared goal of ensuring the long-term success and stability of the Oyu Tolgoi project.
Following this exchange, a delegation led by Katie Jackson, head of Rio Tinto’s Copper Group, arrived in Mongolia and met with Prime Minister Zandanshatar. During the meeting, the delegation presented proposals related to several issues, including management fees and the interest rate on shareholder loans.
While acknowledging that Rio Tinto had come forward with proposals and demonstrated respect for ongoing negotiations with the Mongolian government, Prime Minister Zandanshatar said the offers were insufficient and could not be accepted in their current form.
The prime minister reiterated Mongolia’s long-standing position that the principle of “mutual benefit” has not been fully realized in the Oyu Tolgoi agreement signed in 2009.
He emphasized that the government is seeking to implement Article 6.2 of the Constitution and Resolution No.120 adopted by Parliament in December 2025 regarding the project.
According to the government, Mongolia has put forward several key demands in the negotiations, including:
• Increasing Mongolia’s share of benefits from the Oyu Tolgoi project to more than 60 percent
• Significantly reducing the interest rate on shareholder loans
• Lowering management fees, and enabling Oyu Tolgoi LLC to operate independently in management terms by 2030
• Distributing dividends to Mongolia within 2026
Resolving issues related to the Ontre mining license in line with the constitutional principle that the majority of benefits from natural resources should belong to the people
Prime Minister Zandanshatar said that many unresolved issues surrounding the Oyu Tolgoi project have remained under discussion since 2009, and that it is now time to address them.
“There is a principle that Mongolia must be the owner of its natural wealth,” he said. “If Mongolia is expected to receive dividends only after 20 or 30 years, this cannot be considered a mutually beneficial arrangement.”
He added that ensuring the people benefit fairly from the country’s natural resources is a right guaranteed by the Constitution.
Meanwhile, Katie Jackson, head of Rio Tinto’s Copper Group, expressed the company’s readiness to continue negotiations with the Mongolian government and to work together to strengthen mutually beneficial cooperation and increase the project’s overall benefits.
Source: Zuuniimedee № 47 (7789) March 13, 2026
In an age of widespread misinformation, choose facts you can trust.
Zuunii Medee delivers verified, credible, and reliable news. Stand with the truth.
Support independent journalism — subscribe Zuunii Medee today. www.zuuniimedee.mn
