Q4 2025 Performance results

Fourth quarter 2025 Oyu Tolgoi Performance Scorecard can be viewed here.

Key Highlights:

Contributions to the State Budget

• In 2025, Oyu Tolgoi paid USD660 million in the form of taxes and other payments to the Government of Mongolia. This is equevalent to around 9% of total state tax revenue*.
• Since 2010, Oyu Tolgoi has contributed USD5.5 billion in taxes, fees, and other payment to the state and local budget.

In-Country Procurement Spending and Contribution to Economic Growth

• Through procurement, taxes, fees, and employee salaries, the company spent USD 2.4 billion in-country during the year, equivalent to average daily spending of approximately MNT 23 billion within Mongolia.
• In the Q4, we collaborated with 771 suppliers, of which 571 were local, spending 87.3% of our operational procurement, amounting USD479 million on these national suppliers. Since 2010, a total of USD14.2 billion has been spent on in-country procurement spend. For instance, during the reporting period, ‘Khasud Bat’ LLC, which operates in Dalanzadgad soum, Umnugovi province, supplied a total of 71,400 pairs of safety gloves to Oyu Tolgoi.

Organizational Structure Change

• Oyu Tolgoi Board of Directors appointed Munkhsukh Sukhbaatar appointed as Chief Executive Officer following a rigorous international selection process. He will begin his new role from 1 February 2026. Munkhsukh brings over 25 years of leadership experience across mining, aviation, investment, and financial services in diverse geographies. Munkhsukh began his career at Oyu Tolgoi in 2012, playing an active role in range of strategically significant projects. In 2015, he transitioned to the Rio Tinto Group, expanding his expertise in stakeholder relations, partnerships, and collaborative efforts. Munkhsukh Sukhbaatar highlighted, “My focus is to further increase our contribution to Mongolia’s sustainable development and creating value for everyone who has a stake in Oyu Tolgoi’s success.” https://shorturl.at/j1y61

Open Hearing

• The public hearings held by the Parliamentary Interim Oversight Committee to examine evidence related to “Reviewing the documents and activities associated with ensuring Mongolia’s national interests and increasing the benefits from the exploitation of the Oyu Tolgoi group of deposits” took place on 8, 10, and 12 December 2025. Oyu Tolgoi has fully cooperated with the Temporary Committee from the moment its activities commenced and throughout the inspection process. We have provided all relevant materials and documentation, ensured the participation of witnesses in the hearings, and responded openly and comprehensively to all questions to the best of our knowledge and ability. Because the scope of the issues discussed during the hearings was broad and the allotted time was limited, we had limited opportunities to fully express our position regarding the experts’ conclusions to respond to questions posed by members of the Committee and to present our views on the statements and testimonies of other witnesses. As several statements made in the experts’ conclusions and in the testimonies of certain witnesses were unfounded, inaccurate, or not reflective of the actual circumstances, we requested the opportunity to provide additional clarification. The company’s written explanations and clarifications on these matters are available via the link below. https://shorturl.at/Ay8LJ

Contribution to the Community Sustainable Development

Partnering to promote sustainable development in the region we operate.

• With funding from the Oyu Tolgoi Catalyst Fund for Khanbogd Development (OTCF), a 14‑km paved road project was implemented, bringing the total length of paved roads within Khanbogd soum center to 25 km, making it the soum with the longest paved road network in the country. https://shorturl.at/snG4Y
• In 2025, the Business Development team of the OTCF delivered strong results across Khanbogd, supporting local businesses, jobs, and long-term economic resilience. Through the low-interest small and medium sized enterprise (SME) loan program, 35 businesses received MNT 2,34 billion in financing, creating 16 new jobs. Tourism development progressed into Phase II, with a 9-room hotel reaching its final stage and a laundry facility just opened. We also strengthened local capacity through a SME Capacity Development Program, co-financed by the European Bank for Reconstruction and Development (EBRD), supporting 25 businesses with three months of training, mentoring, and intensive tourism-focused workshops. In parallel, our housing pilot and co-financing initiatives with private and civil society partners advanced, mobilizing additional investment and reinforcing sustainable, inclusive growth in Khanbogd. https://shorturl.at/fC4fN
• With financing of MNT 6.7 billion from the Oyu Tolgoi–funded Gobi Oyu Development Support Fund (DSF), the groundbreaking ceremony for the “Construction of the Fifth Water and Heat Distribution Center in Khanbogd Soum” project was held on November 17, 2025. Within the framework of this project, construction and installation works for water and heat distribution facilities will be carried out in the Bayankhuuvur and Galba residential areas of Khanbogd soum, including the installation of main and branch pipelines for the first and second heating loops, as well as domestic hot water supply lines. https://shorturl.at/k2y9j
• The DSF, in partnership with the Umnugovi Governor’s Office and the Provincial Health Department, is implementing the “Umnugovi Public Health Support Programme.” Running from 2024 to 2028, the programme aims to promote healthy lifestyles, enhance medical services, and strengthen healthcare workforce capacity, with a total investment of MNT5.5 billion. Under the programme:
  • A Diabetes Center was established in Dalanzadgad soum with MNT 82.6 million in funding, introducing modern diagnostic and treatment capabilities for diabetes-related complications in Umnugovi province. This enables residents to access specialised tests locally, saving both time and cost. To ensure the center’s sustainable operation, doctors, nurses, and trainers specialising in diabetes care completed a three‑month professional development programme in 2024–2025. https://shorturl.at/9LVJq
  • Thirteen types of modern kitchen equipment, valued at over MNT 30 million, were donated to the Gurvantes soum Health Center. As inpatient numbers have increased since the center became operational in October 2025, this support contributes to hygienic, uninterrupted operations and improves the quality and accessibility of medical nutrition services.
  • A five‑day refresher training was delivered for community health workers from three family health centers in Dalanzadgad soum, combining theoretical instruction with on‑the‑job practice to strengthen professional capacity.
  • The DSF continues to support both large and small-scale community-focused projects in the region. Moving forward, the fund will prioritise long-term sustainable development programmes—particularly in education and health—rather than focusing on infrastructure alone. New five-year initiatives aimed at strengthening teacher capacity and improving English language education have already been launched.
• To support employment and skills development in Umnugovi province, Oyu Tolgoi works in partnership with the local government and Umnugovi Polytechnic College to deliver continuous training, professional certification, and job‑readiness programmes for unemployed residents. To date, 1,500 local residents have gained practical skills to support future employment. https://shorturl.at/zsqYS

Contribution to Human Development, Training, and Education

Oyu Tolgoi continues to consistently contribute to the long-term development and preparation of skilled miners, engineers, and industry professionals.

• Oyu Tolgoi has been recognised as an “Organization Supporting Future Engineers” by the Mongolian National Mining Association for its Joint Geotechnical Program, implemented in collaboration with Rio Tinto Mongolia and the Mongolian University of Science and Technology (MUST) since 2021. A USD2.42 million cooperation agreement (2021–2027) signed with MUST to train mining geotechnical engineers and establish an international research center. Under this partnership, two undergraduate cohorts have successfully graduated, with 38 geotechnical engineers, of whom 19 are currently employed at Oyu Tolgoi and contractor companies. At present, 105 students are enrolled at the bachelor’s level, including 47 students receiving full scholarships.

Between 2022 and 2023, project funding supported the provision of core geotechnical engineering textbooks, the establishment of a fully equipped computer laboratory with Rocscience software, and the setup of research laboratories for detailed rock and soil analysis. In total, more than USD 400,000 worth of equipment, computers, and training materials was provided.

Four pilot projects, with a combined value of USD 40,000, have been successfully completed, and two research projects totalling USD 200,000 are currently underway. These initiatives contribute to strengthening the research capacity of academic staff and support the identification and resolution of key sector challenges through evidence‑based, scientifically informed approaches. https://shorturl.at/mqCQW

• Rio Tinto has established the “South Gobi Underground Mass Mining Institute” (SGUMMI) in Mongolia under the leadership of Professor Andre van As from the University of Queensland, Australia. The institute has commenced delivering practical training at Oyu Tolgoi. SGUMMI began curriculum development in 2024 and plans to train both domestic and international underground mining specialists between 2025 and 2027. As part of the programme, a comprehensive 10‑module practical training course is being delivered at the Oyu Tolgoi mine, led by leading scholars and professors from world‑class universities in the United States, Canada, Australia, and the United Kingdom. The first cohort of 27 participants successfully completed the programme and received their certificates on 5 December 2025.

In 2026, SGUMMI will open its programmes to mining professionals globally, providing broader access to world‑class training, expertise, and mining technologies. https://shorturl.at/Y5Baj

• In the 2025–2026 academic year, 60 outstanding students received their scholarship certificates under Oyu Tolgoi’s Domestic Scholarship Programme. The programme fully covers tuition fees, monthly stipends, and dormitory expenses, and also provides students with access to personal development programmes. Since 2010, Oyu Tolgoi has supported 1,375 young people in pursuing higher education, helping them grow into skilled professionals and responsible citizens. https://shorturl.at/doBGG

Investment made towards Environment

Oyu Tolgoi has been creating a positive impact across Mongolia, extending beyond its mine site.

• In full compliance with Mongolia’s laws and regulations, as well as respective agreements, Oyu Tolgoi has paid all required water-use fees, totaling USD79.4 million since 2013. In addition, the company recycles 86.7% of the water it uses, with an average of 0.4m³ of water per tonne of ore processed—three times lower than the global average of 1.2 cubic metres per tonne.
• Oyu Tolgoi’s environmental stewardship and water‑management initiatives extend beyond the mine site. The company implements climate change adaptation projects at the regional level and works in partnership with herder households and local authorities to support improved and more resilient water supply systems for local communities. These include:
  • Herder well improvement: Since 2022, ~33 shallow wells restored with solar pumps, providing reliable water source for families and livestock. These upgraded wells combine traditional designs with modern technology and are based on more than 20 years of monitoring and field experience, improving long‑term performance and reliability.
  • Pastureland water supply in Khanbogd: As a result of water exploration and hydrogeological studies, more than 100 new wells have been developed over the past decade
  • Undain River diversion project: As the Undain River overlapped with the planned open‑pit expansion area, Oyu Tolgoi implemented a partial riverbed realignment between 2013 and 2014. The project prevents groundwater flows associated with the Undain River from entering the open pit while enhancing water flow, as confirmed through continuous monitoring. As a result, the human‑made Shine Bor Ovoo Spring was formed, which now retains water year‑round and functions as a “Gobi Oasis,” providing a habitat and resting area for wildlife and migratory birds.
  • Khanbogd soum water supply: Oyu Tolgoi constructed and handed over a central water supply system for Khanbogd soum in 2017, capable of providing clean drinking water for 30,000–40,000 residents.
  • Spring protection: Oyu Tolgoi has implemented measures to protect natural springs across Khanbogd soum and automated the GGW20 borehole in the Galba Gobi area, establishing a sustainable watering point for wildlife..
  • Sand dam pilot project: In response to extreme and arid climate conditions, plans are underway to pilot the construction of a retention dam designed to reduce water loss through evaporation and promote subsurface water storage.
• Oyu Tolgoi has completed land rehabilitation work equivalent to planting 12 million trees across 600 hectares near the Tsagaan Zur River in Khuder soum, Selenge province, an area previously degraded and abandoned due to irresponsible mining activities. The rehabilitated land has been officially handed over to the Selenge Province Department of Environment.

This rehabilitation work was financed by Oyu Tolgoi in line with the policy framework of the Ministry of Environment and Climate Change and implemented by local companies based in Selenge province. Restoration activities focused on improving natural soil structure and landforms, creating conditions for biological recovery and supporting the long‑term restoration of the Tsagaan Zur River basin.

Previously, Oyu Tolgoi rehabilitated 400 hectares in the Yalbag Valley of Yeruu soum, Selenge Province, and 215 hectares in Shariin Gol soum, Darkhan‑Uul Province, bringing the total rehabilitated area to 1,215 hectares. Between 2022 and 2025, a total of 36.4 million trees were planted and nurtured directly and through offset initiatives under Oyu Tolgoi’s “100 million Trees for the Future” programme. https://shorturl.at/OmIwT

Production Report

• Prioritizing safety, we achieved our goal by maintaining an All-Injury Frequency Rate below 0.23 per 200,000 person-hours, with a recorded rate of 0.22.
• 5% of the total workforce is Mongolian, and 24.2% of all employees are women.
• Underground delivered exceptional results, achieving 52ktpd new record performance, with December marking average performance of 42ktpd. Panel 2 North progression continued acceleration with 6 drawbells blasted in total.
• In 2025, copper production increased by 61% and gold production by 121% compared to the previous year. These increases were driven by higher ore grades from both open‑pit and underground mining operations, as well as the completion and commissioning of major infrastructure projects, including the underground mine’s Second Primary Crusher, the concentrator’s Fifth Sag Mill, and the conveyer system.
• Continuing engagement with Government of Mongolia including for the Entrée licence transfer. We maintain flexibility and options in the mine plan, with options to reallocate workforce and equipment to Panel 1 to resume development activities, or to bring Panel 2 South into production first, depending on the timing of the licence transfer.

Production table