THE GOVERNMENT TO INTENSIFY NEGOTIATIONS WITH RIO TINTO ON INCREASING THE RETURNS OF THE OYU TOLGOI PROJECT

On Thursday, February 12, 2026, H. Amarjargal, Country Director of Rio Tinto in Mongolia; S. Munkhsukh, Chief Executive Officer of Oyu Tolgoi LLC; B. Dulamsuren, Chief Financial Officer; and Andrew Laya, Chief Operating Officer, met with the Prime Minister of Mongolia, G. Zandanshatar, and formally delivered the response letter from Katie Jackson, Chief Executive of Rio Tinto Copper.

During the meeting, the parties exchanged views on the progress of the negotiations initiated last year, as well as on the implementation of the proposals and requirements previously put forward by the Prime Minister to safeguard Mongolia’s national interests within the framework of the Oyu Tolgoi project.

At the outset of the meeting, the Prime Minister emphasized that, in accordance with the fundamental principles of the Constitution of Mongolia, the majority of the Oyu Tolgoi project’s economic returns must accrue to the people of Mongolia. He further underscored the need to achieve tangible progress in reducing interest rates on loans and lowering management fees.

In his letter dated February 5 of this year, Simon Trott, Chief Executive of Rio Tinto, expressed the company’s position that mutually beneficial, open, and constructive dialogue should continue in order to ensure the long-term stability and successful implementation of the project.

In her response letter, Katie Jackson, Chief Executive of Rio Tinto Copper, stated that the company fully supports the activities of the working groups established under the Prime Minister’s Decrees No. 67, 68, and 73.

She emphasized that, over the entire life of the Oyu Tolgoi mine, the total economic returns accruing to Mongolia will exceed the 53 percent minimum stipulated in the Constitution.

She further noted that specific proposals aimed at reducing interest rates on loans and lowering management fees have been submitted to the working groups, and stressed that these proposals would have a direct impact on increasing the returns received by the Mongolian side.

S. Munkhsukh, Chief Executive Officer of Oyu Tolgoi LLC, expressed his principled agreement with the issues raised by the Government and stated that the company is actively cooperating to enhance the project’s returns.

The parties agreed, in line with the Prime Minister’s proposal, to intensify the negotiations, address disputed and outstanding issues in a phased manner, and finalize them within the first half of 2026.