1 MONGOLIA MARKS CENTENNIAL WITH A NEW COURSE FOR CHANGE WWW.EASTASIAFORUM.ORG PUBLISHED:2024/12/20      2 E-MART OPENS FIFTH STORE IN ULAANBAATAR, MONGOLIA, TARGETING K-FOOD CRAZE WWW.BIZ.CHOSUN.COM PUBLISHED:2024/12/20      3 JAPAN AND MONGOLIA FORGE HISTORIC DEFENSE PACT UNDER THIRD NEIGHBOR STRATEGY WWW.ARMYRECOGNITION.COM  PUBLISHED:2024/12/20      4 CENTRAL BANK LOWERS ECONOMIC GROWTH FORECAST TO 5.2% WWW.UBPOST.MN PUBLISHED:2024/12/20      5 L. OYUN-ERDENE: EVERY CITIZEN WILL RECEIVE 350,000 MNT IN DIVIDENDS WWW.GOGO.MN PUBLISHED:2024/12/20      6 THE BILL TO ELIMINATE THE QUOTA FOR FOREIGN WORKERS IN MONGOLIA HAS BEEN SUBMITTED WWW.GOGO.MN PUBLISHED:2024/12/20      7 THE SECOND NATIONAL ONCOLOGY CENTER TO BE CONSTRUCTED IN ULAANBAATAR WWW.MONTSAME.MN PUBLISHED:2024/12/20      8 GREEN BOND ISSUED FOR WASTE RECYCLING WWW.MONTSAME.MN PUBLISHED:2024/12/19      9 BAGANUUR 50 MW BATTERY STORAGE POWER STATION SUPPLIES ENERGY TO CENTRAL SYSTEM WWW.MONTSAME.MN PUBLISHED:2024/12/19      10 THE PENSION AMOUNT INCREASED BY SIX PERCENT WWW.GOGO.MN PUBLISHED:2024/12/19      КОКС ХИМИЙН ҮЙЛДВЭРИЙН БҮТЭЭН БАЙГУУЛАЛТЫГ ИРЭХ ОНЫ ХОЁРДУГААР УЛИРАЛД ЭХЛҮҮЛНЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2024/12/20     "ЭРДЭНЭС ТАВАНТОЛГОЙ” ХК-ИЙН ХУВЬЦАА ЭЗЭМШИГЧ ИРГЭН БҮРД 135 МЯНГАН ТӨГРӨГ ӨНӨӨДӨР ОЛГОНО WWW.MONTSAME.MN НИЙТЭЛСЭН:2024/12/20     ХУРИМТЛАЛЫН САНГИЙН ОРЛОГО 2040 ОНД 38 ИХ НАЯДАД ХҮРЭХ ТӨСӨӨЛӨЛ ГАРСАН WWW.NEWS.MN НИЙТЭЛСЭН:2024/12/20     “ЭРДЭНЭС ОЮУ ТОЛГОЙ” ХХК-ИАС ХЭРЛЭН ТООНО ТӨСЛИЙГ ӨМНӨГОВЬ АЙМАГТ ТАНИЛЦУУЛЛАА WWW.EAGLE.MN НИЙТЭЛСЭН:2024/12/20     Л.ОЮУН-ЭРДЭНЭ: ХУРИМТЛАЛЫН САНГААС НЭГ ИРГЭНД 135 МЯНГАН ТӨГРӨГИЙН ХАДГАЛАМЖ ҮҮСЛЭЭ WWW.EAGLE.MN НИЙТЭЛСЭН:2024/12/20     “ENTRÉE RESOURCES” 2 ЖИЛ ГАРУЙ ҮРГЭЛЖИЛСЭН АРБИТРЫН МАРГААНД ЯЛАЛТ БАЙГУУЛАВ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2024/12/20     “ORANO MINING”-ИЙН ГЭРЭЭ БОЛОН ГАШУУНСУХАЙТ-ГАНЦМОД БООМТЫН ТӨСЛИЙН АСУУДЛААР ЗАСГИЙН ГАЗАР ХУРАЛДАЖ БАЙНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2024/12/20     АЖИЛЧДЫН САРЫН ГОЛЧ ЦАЛИН III УЛИРЛЫН БАЙДЛААР ₮2 САЯ ОРЧИМ БАЙНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2024/12/19     PROGRESSIVE EQUITY RESEARCH: 2025 ОН “PETRO MATAD” КОМПАНИД ЭЭЛТЭЙ БАЙХААР БАЙНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2024/12/19     2026 ОНЫГ ДУУСТАЛ ГАДААД АЖИЛТНЫ ТОО, ХУВЬ ХЭМЖЭЭГ ХЯЗГААРЛАХГҮЙ БАЙХ ХУУЛИЙН ТӨСӨЛ ӨРГӨН МЭДҮҮЛЭВ WWW.EAGLE.MN НИЙТЭЛСЭН:2024/12/19    

Exxon man to lead Rio Tinto's Mongolia mission www.afr.com

Rio Tinto has hired a British oil executive with extensive experience in the developing world as part of efforts to smooth its fractious relationship with the Mongolian government.

Former ExxonMobil, Shell and Total executive Daniel Worrall has been appointed as the mining company's chief executive and country director for Mongolia, which hosts the company's most important growth asset, the Oyu Tolgoi copper, gold and silver mine.

Mr Worrall's appointment fills a vacuum that has existed for almost a year since Mongolian national Munkhtushig Dul stepped down as the company's top representative in the nation.

Mr Worrall has spent the past decade with Exxon, and between 2014 and 2017 was part of the oil giant's government relations team in Papua New Guinea overseeing the start of the massive PNG LNG gas project.

Prior to that he was responsible for government and stakeholder relations across Kazakhstan, Turkmenistan and Azerbaijan for Royal Dutch Shell and Total.

That experience in jurisdictions prone to "resource nationalism" will come in handy in Mongolia, where politicians regularly talk up their desire for taxpayers to have a greater share of wealth from Oyu Tolgoi.

Not surprisingly the mine is always politically contentious, and Mr Worrall joins Rio just months before parliamentary elections in mid-2020.

2019 was a testing year for Rio's relationship with the Mongolian government, meaning the lack of a dedicated country leader was far from ideal.

Staying mum: Rio Tinto CEO Jean-Sebastien Jacques.
RELATED
Rio accused of 'weak' silence over ex-PM's jailing
Rio announced massive cost and schedule blowouts on the underground expansion of Oyu Tolgoi in July, and those blowouts negatively affect the timing and size of dividends the Mongolian government will receive from the mine.

Rio also had to deal with a Mongolian administrative court making a non-binding ruling that a crucial 2015 investment agreement was not valid.

The Mongolian Parliament also spent much of 2019 working on suggested reforms to Rio's Oyu Tolgoi investment agreements, and by December the Mongolian government had signalled it may be willing to exchange its 34 per cent equity stake in the mine for higher royalty rates.

The Mongolian government has also placed a 12-month moratorium on the issuance of new mineral exploration licences, in a blow for those trying to discover the next generation of copper and gold deposits.

Rio's exposure to Oyu Tolgoi comes through its 50.79 per cent stake in Canadian company Turquoise Hill Resources.

Turquoise Hill owns 66 per cent of the Mongolian company that owns the mine.



Published Date:2020-02-10