After a bitter dispute over financial provisions, Mongolia and Rio Tinto are finally moving forward with the exploitation of the Oyu Tolgoi underground mine.
In a nutshell
- Mongolia and Rio Tinto have come to an agreement
- The Oyu Tolgoi project seems on track for now
- There are still political challenges ahead
On December 30, 2021, the parliament of Mongolia adopted a resolution outlining the steps the country should take to improve its agreement with mining giant Rio Tinto, which manages the Oyu Tolgoi copper and gold mining joint venture (see box below). Then, on January 25, Mongolian Prime Minister Luvsannamsrai Oyun-Erdene and Rio Tinto CEO Jakob Stausholm inaugurated the start of the underground mining operations. Mongolia and Rio Tinto have now agreed on a path forward for the project, avoiding another protracted…