On March 20, 2025, President of Mongolia Khurelsukh Ukhnaa visited the Oyu Tolgoi underground mine in Umnugobi aimag, Mongolia.
Oyu Tolgoi LLC opened a deep mine in 2022 and conducted its 124th blasthole stoping in 2024. This year, ore extraction is expected to increase by 50 percent compared to 2024, leading to a rise in copper concentrate production. In 2028-2030, the mine is projected to produce an average of 500 thousand tons of copper annually from underground and open-pit operations. At its peak, the mine will become the world’s fourth-largest copper producer, supplying enough copper daily to manufacture approximately 17,000 electric vehicles. 
President of Mongolia Khurelsukh Ukhnaa expressed gratitude to the Mongolian workforce and international experts who successfully built and developed the world-class mining infrastructure at a depth of 1,300 meters. The President expressed confidence that this work will set a positive example for Mongolia’s mining industry. 
Oyu Tolgoi’s production and extraction have been increasing year by year, integrating cutting-edge technology while ensuring the highest safety standards. President Khurelsukh acknowledged the dedication and hard work of the entire mining team and affirmed commitment to collaborating with more businesses, individuals, and producers to support their enterprises. 
Chief Executive Officer of Rio Tinto Group Mr. Jakob Stausholm highlighted that the copper extracted from Oyu Tolgoi contributes to global green development. The CEO noted that the copper concentrate produced at Oyu Tolgoi is a crucial component for wind turbines, electric vehicles, and renewable energy infrastructure worldwide. 
As of 2023, Rio Tinto has invested approximately USD 17 billion in Oyu Tolgoi. Since 2010, the company has paid MNT 12 trillion in taxes. Moreover, in the fourth quarter of 2024, Oyu Tolgoi partnered with over 1,000 enterprises, making purchases worth MNT 1 trillion. 
In Umnugobi aimag, Oyu Tolgoi has purchased MNT 4.9 trillion worth of goods and services since 2010 and has provided MNT 187 billion in funding for 354 projects. Additionally, the company has established the Khanbogd Development Accelerator Fund, investing MNT 170 billion to support local development. Currently, more than 20,000 people are employed at Oyu Tolgoi, with 97 percent being Mongolian citizens. Of these, 25 percent are residents of Umnugobi aimag. Women make up 23 percent of the workforce, with plans to increase this figure to 50 percent over the next decade. 
Between 2024 and 2024, the Oyu Tolgoi Project accounted for approximately 17 percent of Mongolia’s total export revenue, 20 percent of its mineral exports, and 44 percent of the country’s foreign exchange reserves. By 2051, Mongolia’s total revenue from the Project is expected to reach USD 11.9 billion. 
To further support the development of a skilled workforce in Mongolia, Oyu Tolgoi has established the Umnugobi Underground Mining Institute, which will train professionals to compete in the global mining industry.

Published Date:2025-03-21