Rio Tinto Approves Alternative Mine Plan for Oyu Tolgoi Mine, Delays Entrée Joint Venture Area Development

Oyu Tolgoi LLC has approved an alternative mine plan, pausing development work in the Entrée joint venture area until licence transfers are processed by the Government of Mongolia. Production from Panel 0 and Panel 2 is expected in 2025 and 2026, with no change to Rio Tinto's 2025 copper guidance of 780 to 850kt. The ramp-up of production remains on track to deliver an average of around 500ktpa of copper from 2028 to 2036.

ULAANBAATAR, Mongolia — Oyu Tolgoi LLC, a joint venture between Rio Tinto and the Government of Mongolia, has approved an alternative mine plan, pausing development work in the Entrée joint venture area. The move comes as the company awaits the transfer of licences from Entrée Resources to Oyu Tolgoi LLC by the Government of Mongolia. Despite this pause, Oyu Tolgoi remains on track to meet its production targets.

Production from Panel 0 and Panel 2 is expected to commence in 2025 and 2026, respectively, with no change to Rio Tinto’s 2025 copper guidance of 780 to 850kt. The world-class ore body at Oyu Tolgoi provides multiple development pathways, including the option to bring Panel 1 or Panel 2 South into production first, depending on the timing of the Entrée licence transfers.

Rio Tinto Copper Chief Executive Katie Jackson stated, "Oyu Tolgoi continues to ramp-up as planned, with the cave performing above expectations. Our understanding of the ore body is growing as production and development progress, further increasing our confidence and flexibility. With lateral development work only just beginning in Panel 1, this is the right time to pivot and bring forward development in Panel 2 South to maintain our options."

The transfer of licences for the Entrée joint venture area will maximize the value Oyu Tolgoi delivers for all parties, and the company is continuing to work with the Government of Mongolia and Entrée Resources towards this outcome.

Oyu Tolgoi LLC owns and operates the Oyu Tolgoi mine and is jointly owned by Rio Tinto (66%) and the Government of Mongolia (34%). The ramp-up of production from Oyu Tolgoi remains on track to deliver an average of around 500ktpa of copper from 2028 to 2036.

References:
[1] https://www.nasdaq.com/press-release/update-oyu-tolgoi-mine-plan-2025-06-06
[2] https://oilprice.com/Metals/Commodities/Potential-Upside-Scenarios-for-Copper-Prices-in-2026.html
[3] https://www.businesswire.com/news/home/20250606074911/en/Update-on-Oyu-Tolgoi-mine-plan