Mongolian Foreign Minister Attends Nuclear Energy Summit www.montsame.mn

Minister of Foreign Affairs Battsetseg Batmunkh participated in the second World Nuclear Energy Summit held on March 10 in Boulogne-Billancourt, France.

The summit, co-hosted by France and the International Atomic Energy Agency (IAEA), discussed the role of nuclear energy in mitigating climate change and reducing carbon emissions, financing for energy projects, advanced technologies, safety standards, and the harmonization of regulatory and inspection systems to develop unified international standards. Participants also addressed issues including small modular reactors, fuel supply for nuclear power plants, and human resources in the nuclear sector.

In his opening remarks, Emmanuel Macron, President of France, emphasized that nuclear energy plays an important role in strengthening countries’ strategic independence and industrial competitiveness, as well as in reducing carbon emissions. He also highlighted the importance of a reliable fuel supply for the sustainability of the nuclear sector, noting that a number of countries are engaged in uranium mining. In this regard, he mentioned Mongolia and Kazakhstan as countries planning to expand uranium production, stressing that diversifying supply sources and deepening international cooperation are crucial for the stability of the nuclear energy sector.

More than 60 countries were represented at the summit by heads of state and government, cabinet ministers, leaders of international organizations, and representatives of industry and financial institutions, who discussed the future of nuclear energy and presented their respective policies and activities.

During the opening session, Minister Battsetseg presented Mongolia’s energy outlook and its position on nuclear energy in the context of international cooperation. She noted that energy security is a key priority for Mongolia and emphasized the importance of aligning the development of safe, sustainable, and affordable nuclear energy with the climate goals of the Paris Agreement.

On the sidelines of the summit, Minister Battsetseg held a bilateral meeting with Jean-Noël Barrot, France’s Minister for Europe and Foreign Affairs, during which the two sides exchanged views on Mongolia–France relations, cooperation projects, and the international situation.

According to the Ministry of Foreign Affairs, Mongolia joined the adoption of the declaration titled “Affordable and Safe Nuclear Energy for All” and a joint statement on financing in the nuclear energy sector issued at the summit.

Public Service Reference Documents Now Available in Six Languages www.montsame.mn

Twelve types of official reference documents and certificates that were previously issued only in English through Mongolia’s integrated public service system are now available in Russian, English, Chinese, Korean, and French.

According to the Ministry of Digital Development, Innovation and Communications of Mongolia, the documents include references related to birth registration, national ID cards, marital status (single or married), whether a citizen is subject to criminal liability, social insurance contribution records, confirmation of whether an individual has outstanding payments to others under a court decision, pension determination documents for loss of a breadwinner, disability and old-age pensions, driver’s information records, and vaccination certificates.

Previously, these reference documents and certificates had to be officially translated and notarized for purposes such as studying abroad, employment, or visa applications. They can now be obtained directly through the E-Mongolia System.

Citizens can receive the service by presenting their national ID card and mobile phone. If the service is requested through a proxy, the power of attorney must still be valid and must specify the service being requested.

Major General Erdenebat Praised for Strengthening Mongolia’s Global Reputation www.montsame.mn

President and Commander-in-Chief of the Armed Forces, Khurelsukh Ukhnaa, received Major General Erdenebat Batsuuri, who served as the Force Commander of the United Nations Peacekeeping Force in Cyprus (UNFICYP).

President Khurelsukh expressed gratitude on behalf of the state and people of Mongolia to Major General Erdenebat, who was appointed as the Force Commander of the UN peacekeeping mission UNFICYP and led blue helmets from 18 countries for two years.

The President highlighted that more than 20.000 Mongolian soldiers have served in global hotspots, demonstrating courage, resilience, resourcefulness, and professional skills in support of international peace and security, and making a valuable contribution to strengthening Mongolia’s reputation in the international community.

He emphasized that, in more than 20 years of Mongolia’s participation in UN peacekeeping operations, this marks the first time a Mongolian general has served as a UN Force Commander, underscoring that Mongolian soldiers have become truly global soldiers.

The peacekeeping mission in Cyprus is one of the 12 UN peacekeeping operations currently conducted worldwide. Major General Erdenebat has previously participated in eight peacekeeping missions in countries such as Iraq, Liberia, South Sudan, and Sierra Leone. 

Rio Tinto Shares Hold Support: Renegotiating Copper Mine Deal www.thebull.com.au

Rio Tinto has confirmed active negotiations with Mongolia over financial terms at the massive Oyu Tolgoi copper mine, with the government demanding lower loan interest rates and removal of management fees in talks that could reshape economics at one of the miner’s most important growth assets.

The discussions centre on a US$12 billion shareholder loan currently charging Mongolia approximately 11.1% effective interest; a rate that has seen interest accumulate to nearly equal the principal and pushed out dividend expectations for the government’s 34% stake until potentially 2040. Mongolia’s prime minister has publicly called the existing deal “unfair” and threatened higher export taxes if Rio does not agree to cut the interest rate below 6% and reduce its annual management fee. The miner, which owns the remaining 66% and operates the project, said in an emailed statement that “we are engaged in active negotiations with the Mongolian government” and that “these discussions reflect our continued commitment to working together to achieve Oyu Tolgoi’s full potential for the benefit of all partners.”

Rio Tinto shares on the ASX have found technical support around the A$150 level through recent volatility, with the stock last trading near that zone as markets digest the renegotiation overhang alongside strong operational performance. The NYSE-listed ADR has held in the low-US$90s range, down modestly from highs earlier in the year but showing resilience given the scale of the Mongolia headline risk. Trading volumes have picked up during pullbacks, suggesting institutional buyers view the current level as attractive relative to Rio’s copper-growth story and 60%-plus dividend payout ratio.

The Oyu Tolgoi talks follow a structured timeline that began with a negotiation protocol signed on 31 October 2025, setting an initial decision target of 31 January 2026 with an option to extend. By early November, both sides had reached an agreement in principle to lower the shareholder loan interest rate, and a meeting between Mongolia’s prime minister and Rio Copper CEO Katie Jackson in mid-November confirmed mutual commitment to resetting both interest and management fees to international benchmarks. On 13 February 2026, the parties agreed to a staged roadmap targeting a final agreement in the first half of 2026, with Rio submitting concrete proposals to cut interest expense and management costs that officials say would directly increase Mongolia’s share of project returns.

The renegotiation comes as Rio delivered solid full-year 2025 results, with copper production reaching 883,000 tonnes; up 11% year-on-year and above the top end of guidance, driven largely by the Oyu Tolgoi underground ramp-up. Total copper-equivalent production rose approximately 8%, while revenue increased 7% to US$57.6 billion and underlying EBITDA climbed 9% to US$25.4 billion. Net earnings fell roughly 14% to US$10.0 billion from US$11.6 billion the prior year, reflecting softer iron ore prices and higher depreciation from growth projects including Oyu Tolgoi. The company maintained its ordinary dividend at US$6.5 billion, sustaining a decade-long track record of paying out at the top end of its 40-60% range.

Over 5,000 Households at Risk from Snowmelt Floods www.montsame.mn

The National Emergency Management Agency (NEMA) has reported that 5,005 households across Mongolia are at risk of being affected by spring snowmelt floods. Specifically, 3,789 households in 10 aimags and 1,216 households in seven districts of the capital city may face flooding.

The NEMA warned that due to a sharp rise in temperatures and monthly average temperatures expected to be above the long-term average in Bayan-Ulgii, parts of Khovd, Uvs aimags, and the western part of Gobi-Altai aimag, the risk of snowmelt flood levels is likely to increase.

According to the general risk assessment of vulnerability to snowmelt floods, six out of 330 soums in 21 aimags have been assessed as being at very high risk, 20 soums at high risk, 92 soums at medium risk, and 212 at low or very low risk. In the capital city, Songinokhairkhan District has been classified as very high risk, while four districts are at medium risk and four at low or very low risk.

The assessment was conducted in accordance with the “Unified Guidelines for Conducting General Disaster Risk Assessments” approved by the Deputy Prime Minister of Mongolia.

The assessment was carried out jointly by NEMA, the National Institute for Disaster Studies, the Ministry of Construction, Urban Development and Housing, the National Agency for Meteorology and Environmental Monitoring, the Information and Research Institute of Meteorology, Hydrology and Environment, the Water Agency, the Geodesy, Water, and Construction Facilities Authority, and the Institute of Geography and Geoecology of the Mongolian Academy of Sciences.

Prime Minister Raises Demands on Oyu Tolgoi Project in Meeting with Rio Tinto www.montsame.mn

 Prime Minister Zandanshatar Gombojav met on March 9, 2026, with officials led by Katie Jackson, the Chief Executive of Copper at Rio Tinto, and presented demands regarding the Oyu Tolgoi project.

In January 2026, Prime Minister Zandanshatar sent a letter to the management of Oyu Tolgoi LLC and Rio Tinto Group, outlining a number of conditions aimed at ensuring Mongolia’s interests in the Oyu Tolgoi project. In a reply dated February 5 this year, Simon Trott, Chief Executive of Rio Tinto, reaffirmed the company’s position to continue open and constructive negotiations based on the shared interest of ensuring the project’s long-term, stable, and successful operation. Following this exchange, officials led by Katie Jackson have arrived in Mongolia and presented their proposals on issues including management fees and the high interest rates on shareholder loans during the meeting with the Prime Minister.

Prime Minister Zandanshatar said that while it was commendable that Rio Tinto had shown respect for negotiations with the Government of Mongolia and arrived with certain progressive proposals, the suggestions were insufficient and therefore could not be accepted.

He reiterated that he remains firm in the position first expressed in 2009 that the principle of “mutual benefit” has not been adequately upheld in the Oyu Tolgoi project. Referring to Article 6.2 of the Constitution and Resolution No. 120 adopted by the State Great Khural in December 2025 regarding Oyu Tolgoi, the Prime Minister outlined the demands aimed at implementing these provisions.

The demands include:

Raising 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 ensuring that Oyu Tolgoi LLC becomes operationally independent in terms of management from 2030.
Distributing dividends to Mongolia by 2026.
Resolving issues related to the licenses of Entrée Resources in accordance with Article 6.2 of the Constitution, which stipulates that the majority of benefits from natural resources must accrue to the people.

Prime Minister Zandanshatar noted that it is time to resolve long-standing issues related to the Oyu Tolgoi project that have been under discussion since 2009, including those that have remained unresolved following the 2019 constitutional amendments.

“There is a principle that the Mongolian people are the rightful owners of their natural wealth,” he said. “Under the current arrangement, Mongolia would receive dividends from the Oyu Tolgoi project only after 20 to 30 years, which does not align with the principle of mutual benefit. The idea that Mongolians should own their natural wealth is a right guaranteed to the people under the Constitution.”

Chief Executive Katie Jackson stated that Rio Tinto will continue negotiations aimed at increasing the benefits of the Oyu Tolgoi project and strengthening mutually beneficial cooperation, and expressed the company’s willingness to work with the Government of Mongolia.

Discussion on Forests, Water and Rangelands to Be Held Ahead of COP17 in Mongolia www.montsame.mn

A meeting and discussion to highlight the importance of forests, water, and rangelands will take place on the 27th of this month, in conjunction with the upcoming COP17—the United Nations Convention to Combat Desertification Conference of the Parties, hosted by Mongolia, and in observance of the International Day of Forests.

According to the Forest Agency of Mongolia, the discussion aims to strengthen Mongolia’s participation in COP17 through improved cross-sector coordination and to increase the involvement of civil society organizations.

Representatives from the Office of the President of Mongolia, the Forest Agency, the Water Agency of Mongolia, the COP17 Secretariat, the Billions of Trees National Movement, and the National Green Lab met to discuss stakeholders, topics, the meeting agenda, and the significance of the event.

During the meeting, participants discussed the format and program of the event, as well as ways to increase stakeholder and civil society organization participation. They explored opportunities to strengthen cooperation in the forest, water, and rangeland sectors. An organizing working group was also established, and the parties agreed to cooperate in exchanging information and preparing for the event. Last year, the International Day of Forests was marked on March 21 under the theme “Forests and Food.”

According to the Professional Council on Forest Resources, forests cover 13.6 million hectares of Mongolia’s total territory of 156.4 million hectares, accounting for 8.71 percent. Previously, it was estimated that forests covered around 8–9 percent of the country’s territory, or approximately 14–15 million hectares.

Rio Tinto helped remake the Mongolian economy. Now, the country is putting its hand out for more (opinion) www.thenightly.com.au

In 2011, Mongolia’s best chance to make its mark on the world since Genghis Khan began operating: a giant copper mine built by Rio Tinto on the barren lands of the Gobi Desert.

Today, the Mongolian government, which owns 34 per cent of the Oyu Tolgoi project, is engaging in what looks like a shakedown of a great Australian company.

When the deal was struck, Rio Tinto agreed to cover Mongolia’s share of the $25 billion construction cost through a commercial loan.

Thanks to budget blowouts the bill went up, while the mine almost singlehandedly remade the Mongolian economy as the electric-vehicle revolution drove huge demand for copper.

Now, Mongolia wants Rio Tinto to cut the interest charged on its share of construction from around 11 per cent to 6 per cent, the Financial Times reported Tuesday.

A showcase
The attempt to renegotiate a contact struck decades ago, following years of litigation against Rio Tinto by the Mongolian government, is an example of why Western companies are wary of doing business in the developing world.

Mongolia could not have built the mine without foreign expertise or capital. The Australian-British company decided to make Oyu Tolgoi, also known as OT, a showcase of modern mining technology and economic development.

Sensors embedded in the ore allow the miners to determine on a daily basis the most efficient way to work. By 2030, OT is expected to be the fourth-largest copper mine in the world, producing enough of the mineral to build more than 6 million electric cars a year.

The workforce, which is 97.5 per cent Mongolian, suffers injuries at one third the rate of the rest of the company.

Unfortunately, the government is experiencing buyer’s remorse over a deal that means, thanks to the cost overruns, it may not receive dividends until 2037 instead of the original 2017 plan. That is too far away for the politicians who control a country that ranks 124th out of 182 countries on the Transparency International corruption index.

The government is playing victim, arguing it was deceived in a deal that took years to negotiate and was heavily scrutinised across the country and internationally. “Mongolia is not getting the dividends from the project and it is not fair,” a senior official told the FT.

Bad Faith
Rio Tinto, which is also being sued by Mongolia over alleged tax underpayments, is being publicly conciliatory, presumably concluding that calling out bad-faith behaviour won’t help in Ulaanbaatar’s yurts of power.

“We are engaged in active negotiations with the Mongolian Government,” a Rio Tinto spokesperson said on Tuesday. “These discussions reflect our continued commitment to working together to achieve Oyu Tolgoi’s full potential for the benefit of all partners.”

One of greatest economic problems across the developing world is the failure of resources projects to help regular people. Poor governments aren’t equipped to manage the huge sums of money often generated by energy and mineral projects. International agencies have spent decades working on the problem, with limited success.

Even rich companies such as Australia are sometimes tempted to change the rules after foreign companies have invested billions. The buyers of Australian gas, for example, are wondering if they can count on Australia as a reliable source of energy after the government said it would impose export restrictions on gas from 2027 to try to lower power bills.

If Rio Tinto refuses Mongolia’s demands, the government might increase the taxes on copper exports. Not only would shareholders be hurt, so would other poor countries hoping to attract the world’s biggest mining companies to turn their dirt into wealth.

PM criticises Rio Tinto over Oyu Tolgoi terms, calls for fairer benefits for Mongolia www.gogo.mn

Prime Minister G.Zandanshatar, Minister of Industry and Mineral Resources G.Damdinnyam, and Director of "Erdenes Mongol" B.Davaadalai met with the leaders of the Copper Group of "Rio Tinto" company.

During the meeting, Prime Minister G.Zandanshatar said, "I have said before that the owner knows his business and the shore protects its water. You can't take the gold and throw it away. We don't like the answers, to be honest. The management fee was said to be 40%, but it has become 30%.

The loan interest rate is twice as high as what is being paid to us by global banking and financial institutions. It is wrong. One side benefits from the difference in loan interest rates, and the other side does not pay dividends. We believe that it is unbalanced and unfair. Mutual benefit is our demand. We must implement this demand of the parliament. The most important thing is that the Mongolian people and parliament are unhappy with the unfairness.

Why is it unfair? They are making a profit from the interest on loans that are being given.

The main problem is that we are creating debt. We own dividends for 20 or 30 years, and we cannot control this activity. We have no voting rights. I wonder why it is beneficial to own 34% of the board of directors. We asked in 2019 and now we are asking again. We are talking about the 34% issue. This has turned us into a high-interest loan mechanism. It does not even pay dividends. What good is this 34% to us, citizens and parliament are asking.

Royalties are a normal norm that any business pays. "Oyu Tolgoi" is paying four times less royalties than Erdenet, or  License fee for exploitation and exploration of minerals. 

What is the price of copper and gold in the old feasibility study now? It is not our fault that the funding has increased due to the change in the feasibility study of the underground mine. In fact, it is the fault of the party that was obligated under the Investment Agreement. Why should Mongolia bear all this blame? All this makes the Mongolian people and the Mongolian parliament feel cheated. If there are no tangible results at the work level, we do not know what decisions will be made about "Entree" and the deposits. I hope you all understand. In the context of changing world order, the business will continue to be real "We are concerned about the risk of this. Thank you."

At this time, the government announced that it reminded the Mongolian people that the majority of the benefits of the Oyu Tolgoi project should go to the Mongolian people.

Former Prime Minister Ch.Saikhanbileg said in an interview with NTV on Wednesday, "It is only in the Oyu Tolgoi underground mining development plan that the majority of the benefits of the project will go to the Mongolian side. This sentence is not found in any other agreement or document.

However, since L.Oyun-Erdene’s government has canceled the underground mining financing plan, we must urgently formalize this provision," he said.

From Rio Tinto, the meeting was attended by Katie Jackson, Director of the Copper Group, R.Amarjargal, Director of Rio Tinto Mongolia, L.Munkhsukh, CEO of Oyu Tolgoi, and other officials.

Mongolia presses Rio Tinto to rewrite ‘unfair’ terms of $18bn Oyu Tolgoi mine www.ft.com

Talks over copper project would be latest renegotiation as global sector grapples with wave of resource nationalism

Mongolia is seeking to renegotiate the “unfair” commercial terms of Rio Tinto’s giant $18bn Oyu Tolgoi copper mine, as rising prices for the metal and a recent electoral shift contribute to a growing political impetus to change the terms of the 17-year-old deal.

Top Mongolian officials including Prime Minister Gombojavyn Zandanshatar, who took office last summer, are meeting this week in Ulan Bator with Rio executives including head of copper Katie Jackson to discuss the terms of the Oyu Tolgoi agreement.

The prime minister warned Rio executives in a meeting on Monday that the current deal was “unfair” and that “this whole situation feels like the Mongolian people and the parliament are being deceived”, according to video footage seen by the FT.

A rising tide of resource nationalism has led several of the world’s biggest mining projects to be renegotiated as governments seek more favourable terms.

Freeport-McMoRan last month received a permit extension for its Grasberg copper mine in Indonesia following years of talks under a deal in which the government will increase its stake in the project.

Under the terms of the original Oyu Tolgoi agreement struck in 2009, the government of Mongolia owns 34 per cent of the copper and gold mine, held through state-owned mining company Erdenes Mongol Group.

To fund its share of the capital expenditure needed to develop the mine, the government took out a multibillion-dollar loan from Rio Tinto at a floating interest rate that is currently more than 11 per cent. Repeated cost overruns and delays at the project have extended the timeline for when the government will start to receive dividends from 2017 to around 2037.

Among the government’s key demands are for Rio to reduce the interest rate on the loan and cut the annual management fee it charges for the project, according to Davaadalai Batsuuri, chief executive of Erdenes Mongol Group, who has been participating in the negotiations.

“Mongolia is not getting the dividends from the project, and it is not fair. That is the underlying point,” he told the FT.

The Mongolian proposal would reduce the interest rate on the loan to less than 6 per cent, on par with the interest rate for Mongolia’s other sovereign lending, and phase out Rio’s management fee, which Davaadalai estimates to be roughly $150mn-$200mn a year.

Davaadalai warned that if the negotiations with Rio go poorly the government could increase the rate of export tax the company pays on copper exports — currently around 5 per cent.

Oyu Tolgoi is Rio’s biggest copper mine under development and will be the world’s fourth largest by 2030, producing about 500,000 tonnes of the metal a year.

“We are engaged in active negotiations with the Mongolian government,” Rio said in a statement. “These discussions reflect our continued commitment to working together to achieve Oyu Tolgoi’s full potential for the benefit of all partners.”

The mine is currently producing copper from its open pit while building out its underground operations. Rio Tinto has been forced to redesign its underground expansion after failing to strike a licensing agreement with Entrée Resources, which holds the mining licence for a neighbouring area despite years of discussions.

Rio has asked for the government’s help to secure an agreement with Entrée, whose licence covers part of the underground area that was originally proposed. The government last year established a temporary oversight committee to examine the issue.

Separately, Rio Tinto is facing a tax probe in Mongolia, where authorities allege it has underpaid about $450mn largely because of accounting differences related to depreciation during the 2021 and 2022 tax years. The tax dispute is working its way through the courts. 

Four years ago, Rio agreed to waive about $2.4bn of the government’s loan as both sides vowed to “reset” the relationship.

However, that truce has not held and the prime minister has made the renegotiation a top priority.

Upcoming elections next year, along with near-record prices for copper and gold, have also raised the stakes.

“The public are going to ask what the government has done. If there is no visible outcome, there will be some protests,” said Davaadalai.