Mongolia's largest copper deposit. The state owns 34% but, 17 years on, has received no dividends; the money reaching citizens flows mainly through taxes paid into the state budget.
Who owns it
| Owner | Share | Note |
|---|---|---|
| Rio Tinto | 66% | Runs day-to-day operations and development (Rio Tinto 20-F) |
| Erdenes Oyu Tolgoi (state) | 34% | Can never be diluted under the Investment Agreement; may rise to 50% after 30 years (Oyu Tolgoi) |
Where the money went
| Flow | Amount | Where it went |
|---|---|---|
| Taxes, royalties and other payments (since 2010) | About US$6.1 billion | State budget (GeoConversation) |
| Dividends on the state's 34% | 0 | Originally expected in 2017; now estimated for 2037 (GeoConversation) |
| Loans that funded the state's stake | US$2.4 billion written off in 2022 | Repaid with interest from the mine's cash flow, ahead of any dividend (NS Energy, Oyu Tolgoi) |
| 2026 terms | Loan rate cut by 2.5 percentage points | Rate now reviewed every 3 years instead of 7 (GeoConversation, Arctus) |
How much reached citizens
| Measure | Status |
|---|---|
| State benefit intended by the agreement | 53% (Arctus) |
| Actually received over 17 years | 25–31%, mostly through taxes, according to the National Security Council (Arctus) |
| Into citizens' savings accounts | The Savings Fund receives 34% of dividends from Erdenes Mongol companies (swf.gov.mn); since Oyu Tolgoi has paid no dividends, nothing has reached citizens this way yet |
Open questions
We could not find these figures in full from public sources. This page will be updated when sources are found.
- The current size and interest rate of the remaining loan that funded the state's stake
- Whether the full contract texts (Investment Agreement, Shareholders' Agreement, the 2015 financing plan) are fully public
- How much of Oyu Tolgoi's taxes and royalties reached Umnugovi aimag and Khanbogd soum
For the full analysis, see the report Fair Contracts, Fair Returns.