All timeline events.

Rio Tinto posts biggest profit in eight years

Rio Tinto announces its biggest profit since 2011, on the back of booming iron ore prices.

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Mongolian Parliament votes to revise Oyu Tolgoi

The parliament voted to replacing the 34% interest with a special royalty and to bring forward the date to receive dividends from the mine, currently set at 2041. The parliament responds to the Working Group demands to revise the Oyu Tolgoi deal and is strengthened by by a cliam accepted in court by the NGO Darkhan Mongol Nogoon Negdel arguing that the 2015 Dubai agreement in 2015 did not follow due process.[1]

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IMF approves 6th loan facility

After the government of Mongolia has retracted the banking conditions the IMF Executive Board on May 24th approves Mongolia’s 6th loan facility. [1]

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Rio Tinto announces further delays of production

Rio Tinto announces that production is projected to start at least a year later than expected (between May 2022 and June 2023), and subsequent costs may increase with almost USD 2 billion.[1]

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Shareholders vote against re-election of TRQ Board

Shareholders reject the re-election of board members supported by Rio Tinto and blame Rio Tinto for delays, as shares value drop by 44%.[1]
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Parliamentary Working Group recommends revision of Investment Agreements

The parliamentary Working Group appointed to review the implementation of the Investment Agreement, submits a report to the National Security Council in March. It recommends a revision of both the 2009 and 2015 agreements. In particular, the 2015 Dubai agreement is questioned, as it was not approved by parliament.

Power agreement signed on Tavan Tolgoi

The Power Source Framework Agreement is signed between the government  and Oyu Tolgoi LLC, in order to develop Tavan Tolgoi Power plant. Tavan Tolgoi, the world’s largest coal deposit, has been part of the Oyu Tolgoi negotiations with Ivanhoe and Rio Tinto from the start.

Oyu Tolgoi is heavily entangled with Tavan Tolgoi, due to its demand for energy, Tavan Tolgoi’s proximity, and the Mongolian demand in the  OTIA that power for the mine has to be sourced within Mongolia (rather than from China). A preliminary agreement was signed in 2014 but then retracted.

[1],,, accessed 02/01/2019

Rio Tinto under fire from shareholders during Annual General Meeting

Simon Thompson, chair of Rio Tinto on 26 November 2018: “We do face some intractable problems, including our reliance on coal-fired power in Mongolia and in South Africa. However, in both cases, our operations clearly bring huge economic and social benefits, and play a major role in poverty alleviation in two relatively poor countries […]

When we invest in a country like Mongolia, for example, we plan to be there for a hundred years and we know that our franchise depends upon building durable partnerships with our employees, our local suppliers, our local communities and the government.” [1] Read more

3 ministers accused of corruption

Former Mongolian finance minister Bayartsogt Sangajav is arrested early April by Mongolia’s Independent Agency Against Corruption. This happens after a Swiss federal court ruled legitimate the seizure of Bayartsogt’s Swiss bank accounts holding USD 10 million; money that is allegedly linked to his signing of the Oyu Tolgoi Investment Agreement in 2009.

Besides, two former Mongolian prime ministers are detained by the agency. They are accused of abuse of office, related to the Oyu Tolgoi Mine, the Oyu Tolgoi Investment Agreement in 2009, and Oyu Tolgoi second phase underground development and financing plan in 2015.

Major shareholder questions governance structure

Majority shareholder Sailingstone Capital demands more transparent corporate governance, questioning the independence of TRQ management from majority shareholder and operator Rio Tinto. Shareholders receive little dividend as operation costs remain high.