The CEO of Rio Tinto Group reportedly visited Mongolia over the weekend to engage in critical discussions with the Mongolian government and Entree Resources, a Canadian mining company listed on the Toronto Stock Exchange, with the aim of securing a new tripartite agreement. This agreement is expected to address key concerns around maintaining copper content and production levels at the Oyu Tolgoi copper mine, one of Mongolia’s largest economic drivers.

According to sources, the renewed agreement would integrate copper-rich land owned by Entree Resources into the Oyu Tolgoi Project, a potential merger that has been under negotiation for nearly two decades. With copper production central to both the mine’s output and the country’s economy, finalizing the agreement is seen as increasingly urgent. Officials have indicated that to prevent a production shortfall at Oyu Tolgoi this year, the agreement must be completed within the next eight weeks.

If successful, Rio Tinto’s plans for Oyu Tolgoi could position the mine as one of the world’s top copper producers. Forecasts suggest that by 2030, Oyu Tolgoi could become the fourth-largest copper mine globally, bolstering Mongolia’s role in the international copper supply chain and supporting the nation’s economy through increased revenues and job opportunities.

Rio Tinto’s ongoing investment in Oyu Tolgoi underscores the importance of Mongolia’s natural resources in meeting the rising global demand for copper, particularly as industries pivot toward renewable energy and electric vehicles. Both the government and Rio Tinto are keen to strengthen the project’s foundation and long-term production capacity, paving the way for enhanced cooperation and development within Mongolia’s mining sector.