--- title: "The rise of resource nationalism: Mongolia pressures Rio Tinto to amend \"unfair\" terms of the $18 billion copper mine" type: "News" locale: "zh-CN" url: "https://longbridge.com/zh-CN/news/278509925.md" description: "The Mongolian government is pressuring Rio Tinto to renegotiate the commercial terms of the $18 billion Oyu Tolgoi copper mine project, believing the existing agreement is unfair. With rising copper prices and changing political circumstances, the impetus for renegotiation has increased. The Mongolian Prime Minister stated during a meeting with Rio Tinto executives that the agreement makes the Mongolian people feel cheated. The rise of resource nationalism has prompted the renegotiation of multiple mining projects globally. The Mongolian government hopes to lower project loan interest rates and reduce Rio Tinto's annual fees" datetime: "2026-03-10T02:25:00.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/278509925.md) - [en](https://longbridge.com/en/news/278509925.md) - [zh-HK](https://longbridge.com/zh-HK/news/278509925.md) --- > 支持的语言: [English](https://longbridge.com/en/news/278509925.md) | [繁體中文](https://longbridge.com/zh-HK/news/278509925.md) # The rise of resource nationalism: Mongolia pressures Rio Tinto to amend "unfair" terms of the $18 billion copper mine **Mongolia presses Rio Tinto to rewrite ‘unfair’ terms of $18bn Oyu Tolgoi mine** Negotiations over the copper mine project will become the latest round of renegotiation for the global mining industry in response to the wave of resource nationalism. Oyu Tolgoi is the largest copper mine being developed by Rio Tinto, which is expected to become the fourth largest copper mine in the world by 2030. **Mongolia is seeking to renegotiate the "unfair" commercial terms of the $18 billion Oyu Tolgoi mega copper mine owned by Rio Tinto. With rising copper prices and recent changes in the electoral landscape, the political momentum to amend this 17-year-old agreement is growing.** Senior Mongolian officials, including the Prime Minister, met with Rio Tinto executives in Ulaanbaatar to discuss the terms of the Oyu Tolgoi agreement, with executives from Rio Tinto including Katie Jackson, head of its copper business. **According to video footage seen by the Financial Times, the Mongolian Prime Minister warned during the meeting with Rio Tinto executives on Monday that the current agreement is "unfair," and "the whole situation gives the impression that the Mongolian people and parliament are being deceived."** > The rise of resource nationalism has led to the renegotiation of several of the world's largest mining projects, as governments seek more favorable terms. Last month, Freeport-McMoRan received an extension of its license for the Grasberg copper mine in Indonesia after years of negotiations, under which the Indonesian government will increase its stake in the project. Under the original agreement reached in 2009, the Mongolian government, through the state-owned mining company Erdenes Mongol Group, owns a 34% stake in the mine. **To fund its share of the capital expenditures required to develop the mine, the Mongolian government obtained a floating-rate loan of several billion dollars from Rio Tinto, with the current interest rate exceeding 11%.** **Repeated cost overruns and delays in the project have pushed back the timeline for the Mongolian government to start receiving dividends from 2017 to around 2037.** According to Davaadorj Batsukh, CEO of the Mongolian state-owned enterprise Erdenes Mongol Group involved in the negotiations, one of the key demands from the government is for Rio Tinto to lower the interest rate on the project loan and reduce its annual management fees. **He told the Financial Times: "Mongolia has not received dividends from this project, which is unfair. This is the fundamental issue."** The proposal from Mongolia will reduce the loan interest rate to below 6%, aligning it with the rates of other sovereign loans in Mongolia, and gradually eliminate Rio Tinto's management fees. Davaadorj estimates that this management fee is approximately USD 150 million to USD 200 million per year. Davaadorj warned that if negotiations with Rio Tinto do not progress smoothly, the government may increase the tax rate on the company's copper exports, which is currently about 5%. Oyu Tolgoi is the largest copper mine being developed by Rio Tinto and is expected to become the fourth largest copper mine in the world by 2030, producing about 500,000 tons of copper annually. Rio Tinto stated in a press release: "We are actively negotiating with the Mongolian government. These discussions reflect our ongoing commitment to work together to fully realize the potential of the Oyu Tolgoi mine for the benefit of all partners." The mine is currently extracting copper through open-pit mining while constructing underground operations. Due to the failure to reach a licensing agreement with the neighboring license holder Entrée Resources over the years, Rio Tinto has been forced to redesign its underground expansion plan. Rio Tinto has requested government assistance to reach an agreement with Entrée, whose license covers part of the initially proposed underground area. The government established a temporary oversight committee last year to review this issue. Meanwhile, Rio Tinto is also facing a tax investigation in Mongolia. Authorities allege that the company underpaid taxes by approximately USD 450 million due to accounting discrepancies related to depreciation for the tax years 2021 and 2022. This tax dispute is currently progressing through the judicial process. Four years ago, Rio Tinto agreed to waive approximately USD 2.4 billion in loans to the Mongolian government, and both parties committed to "restart" their cooperative relationship. However, this ceasefire agreement did not last, and the Prime Minister has prioritized renegotiation. The upcoming elections next year, along with copper and gold prices nearing historical highs, have further raised the stakes in this game. "The public will question what the government has done. If there are no tangible results, protests may occur," Davaadorj stated. * * * Published: Financial Times Author: Leslie Hook https://www.ft.com/content/b4586b9e-1143-4729-ac9d-2b32aa983e6f Translation by: 24-Hour Observatory ### 相关股票 - [United States Copper Index (CPER.US)](https://longbridge.com/zh-CN/quote/CPER.US.md) - [iShares Copper and Metals Mining ETF (ICOP.US)](https://longbridge.com/zh-CN/quote/ICOP.US.md) - [ERO Copper (ERO.US)](https://longbridge.com/zh-CN/quote/ERO.US.md) - [JCCL (600362.CN)](https://longbridge.com/zh-CN/quote/600362.CN.md) - [Rio Tinto (RIO.US)](https://longbridge.com/zh-CN/quote/RIO.US.md) - [Freeport Mcmoran (FCX.US)](https://longbridge.com/zh-CN/quote/FCX.US.md) - [Hudbay Minerals (HBM.US)](https://longbridge.com/zh-CN/quote/HBM.US.md) - [Teck Resources B (TECK.US)](https://longbridge.com/zh-CN/quote/TECK.US.md) - [Southern Copper (SCCO.US)](https://longbridge.com/zh-CN/quote/SCCO.US.md) - [Sprott Junior Copper Miners ETF (COPJ.US)](https://longbridge.com/zh-CN/quote/COPJ.US.md) - [Sprott Copper Miners ETF (COPP.US)](https://longbridge.com/zh-CN/quote/COPP.US.md) - [Global X Copper Miners (COPX.US)](https://longbridge.com/zh-CN/quote/COPX.US.md) ## 相关资讯与研究 - [BUZZ-Copper miners gain as red metal touches two-week high](https://longbridge.com/zh-CN/news/281355807.md) - [Here's What to Expect From Freeport-McMoRan’s Next Earnings Report](https://longbridge.com/zh-CN/news/281163913.md) - [Aberdeen Group plc Trims Stake in Freeport-McMoRan Inc. $FCX](https://longbridge.com/zh-CN/news/281676609.md) - [Star Copper Raises C$2 Million in Charity Flow-Through Financing to Fund 2026 Drill Program](https://longbridge.com/zh-CN/news/281577192.md) - [Red Canyon Completes Private Placement Financings](https://longbridge.com/zh-CN/news/281227831.md)