PRESIDENT OF MONGOLIA KHURELSUKH UKHNAA VISITS OYU TOLGOI UNDERGROUND MINE

On March 20, President of Mongolia Khurelsukh Ukhnaa visited the Oyu Tolgoi underground mine, one of the largest mining projects in the country.

Oyu Tolgoi LLC launched its underground mine in 2022 and carried out its 124th ore extraction blast last year. In 2025, mining production increased by 50% compared to the previous year, driving a significant rise in copper concentrate output.

Between 2028 and 2030, Oyu Tolgoi’s underground and open-pit mines are expected to produce an average of 500,000 tons of copper annually. At peak production, it will rank as the world’s fourth-largest copper mine, generating enough copper daily for 17,000 electric vehicles.

During his visit, President U. Khurelsukh remarked, "I take great pride in the 20,000 Mongolians who are tirelessly transforming Oyu Tolgoi’s natural resources into national wealth and prosperity. I also extend my heartfelt gratitude to the foreign specialists who are sharing their expertise and working alongside Mongolians."

Jakob Stausholm, the CEO of Rio Tinto Group, emphasized that copper extracted from Oyu Tolgoi plays a key role in Mongolia’s contribution to green development. He pointed out that the mine’s copper concentrate is essential for global wind turbines, electric vehicles, and renewable energy infrastructure.

As of 2023, Rio Tinto has invested around $17 billion in Oyu Tolgoi. Since 2010, the project has contributed MNT 12 trillion in taxes.

Oyu Tolgoi currently employs over 20,000 people, 97% of whom are Mongolian, including 25% from Umnugobi province. Women account for 23% of the workforce, with plans to raise this figure to 50% within the next decade.

Between 2014 and 2024, Oyu Tolgoi contributed approximately 17% of Mongolia’s total export revenue, 20% of its mineral exports, and 44% of its foreign exchange reserves. From 2024 to 2051, Mongolia is projected to receive a total return of $11.9 billion from the project.