Rio Tinto paid 482 million USD in Mongolian taxes and royalties in 2024

Rio Tinto is committed to ensuring that all stakeholders benefit from the company’s success. This commitment is reflected in the way the company prioritizes the well-being of its employees, protects the environment, supports the communities in which it operates, and responsibly rehabilitates land at the end of its operational life.

As part of its approach to responsible business, Rio Tinto contributes significantly through tax payments to governments. These payments are a critical part of supporting the economic development of host regions, funding essential infrastructure such as roads, bridges, schools, and hospitals, while also advancing local development priorities like job creation and skills training. In 2024, with nearly half of its global operations and workforce based in Australia, Rio Tinto was among the nation’s largest taxpayers.

One of the company’s most significant operations is Oyu Tolgoi, located in Mongolia’s South Gobi. By 2030, this site is expected to become the fourth-largest copper mine in the world. Oyu Tolgoi produces both copper and gold and is recognized not only for its scale but also for its domestic economic impact. It is one of the most modern, safe, and sustainable mining operations globally and is staffed by a workforce that is over 97 percent Mongolian.

In 2024, Rio Tinto paid a total of 482 million USD in taxes and royalties in Mongolia. Of this, 344 million USD was paid to the national government, including 126 million USD in royalties, and 138 million USD was paid to regional governments. Despite recording a pre-tax underlying loss of 1.042 billion USD in Mongolia during the year, Rio Tinto continued to meet its fiscal obligations. The company also employed 4,962 people in Mongolia and collected 42 million USD in employee-related taxes, which were remitted to the Mongolian government.

Source: www.riotinto.com