Mongolia is pressuring Rio Tinto to renegotiate what it calls "unfair" terms of the $18bn Oyu Tolgoi copper mine. Prime Minister Gombojavyn Zandanshatar met with Rio executives including copper head Katie Jackson in Ulan Bator, warning the current deal deceives Mongolian people. The 2009 agreement gives Mongolia 34% ownership through Erdenes Mongol Group, but the government took out expensive loans from Rio at over 11% interest.

Mongolia demands the loan interest rate be reduced to below 6% and eliminate Rio's annual $150-200mn management fee. Copper prices near record highs have strengthened the government's position. Rio faces a $450mn tax probe in Mongolia, while the mine is undergoing redesign after licensing issues with neighbor Entrée Resources. The original timeline for Mongolia receiving dividends has slipped from 2017 to approximately 2037.

Upcoming elections next year raise the stakes, with Davaadalai Batsuuri warning public protests could occur without visible results. Rio Tinto acknowledges "active negotiations" while Mongolia remains firm on its demands. The mine, set to become the world's fourth-largest copper producer by 2030 at 500,000 tonnes annually, represents a critical economic asset for both parties amid rising global resource nationalism.