Q2 2025 PERFORMANCE RESULTS  

Q2 2025 PERFORMANCE RESULTS  

Key Highlights:  

• Oyu Tolgoi was ranked No.1 on Mongolia’s TOP-100 Enterprises list for the third consecutive year for its contribution to Mongolia’s social and economic development. In 2024, Oyu Tolgoi contributed USD513 million to the state budget through taxes, fees, and other payments. Since 2010, the amount has reached USD5.1 billion. Over the same period, we have spent USD13.4 billion on in-country procurement, supporting local businesses and strengthening national supply chains. We continue to invest in education and capacity-building programmes through a range of domestic and international scholarships and training programmes, helping to prepare the next generation of skilled professionals.  

• To ensure the implementation of the Cooperation Agreement signed on 22 April 2015, between Umnugovi province, Khanbogd soum, and Oyu Tolgoi, Oyu Tolgoi established the non-governmental organization “Gobi Oyu Development Support Fund (DSF),” on 25 September 2015. Over the past decade, the DSF has invested a total of USD51.6 million in more than 520 sustainable local development projects and programs. These efforts have created over 700 new jobs and positively impacted more than 840,000 people. Notable achievements include the construction of six kindergartens and two schools, a fully equipped museum, health centers in three soums, and the installation of 103 new wells across Umnugovi province. 

• For the first time in Mongolia, a state-of-the-art conveyor belt system – spanning 8 kilometers and capable of transporting ore from depths of 1,300 meters below the surface was fully launched in June. Initiated in 2016, this comprehensive engineering solution, the second largest of its kind in the world, was completed by Mongolian engineers in collaboration with international experts. This conveyor system can transport up to 95,000 tonnes of ore per day, significantly boosting productivity while also serving as an environmentally responsible solution powered by electricity.  

• Oyu Tolgoi CEO Deirdré Lingenfelder delivered a keynote speech at the Silicon Valley Minerals Forum 2025, held at Stanford University in California, USA, as a guest speaker, she highlighted the development of Mongolia’s mining sector, with a particular focus on Oyu Tolgoi mine. She shared progress on construction milestones and technological best practices, emphasizing Oyu Tolgoi’s steady advancement toward becoming one of the world’s leading copper mines. 

Enviromental Stewardships 

• Oyu Tolgoi uses nearly four times less water per tonne of copper ore processed compared to the average of similar international mining operations. (In Q2 2025, 0.34 cubic metres of water used per tonne of copper ore processed). In Q2, Oyu Tolgoi surpassed its water recycling target of 80%, achieving an average recycling rate of 87.1%.    

• As part of its “100 Million Trees for the Future” programme, Oyu Tolgoi has officially launched the planting of 100,000 trees across 143.9 hectares in the Ikh Khaad Garden Park of new Kharkhorum city. This effort includes the planting of 30,000 coniferous trees, 3,325 deciduous trees, and 32,675 shrubs, all selected to suit the region’s climate and soil conditions. In addition, Oyu Tolgoi will be responsible for the maintenance, irrigation, and replanting of the area for the next three years.  

• To strengthen the future workforce in forestry, Oyu Tolgoi, in collaboration with local environmental experts, introduced 60 high school students from School No.1 in Sukhbaatar soum, Selenge province to the forestry engineering field. As part of the initiative, students visited the Tujiin Nars Nature Reserve and learned about the operations of Oyu Tolgoi’s reforestation partners: Oi Bayasakh, Shaamar Pitomnik, and Agroforest. Beginning in 2025, Oyu Tolgoi will award annual scholarships to five students pursuing degrees in forestry engineering. 

• Oyu Tolgoi CEO Deirdré Lingenfelder participated as a guest speaker at the “Trans Altai Sustainability Dialogue 2025”, and she expressed pride in Oyu Tolgoi’s responsible and purposeful contribution to the global energy transition. She emphasized, “We have introduced 14 battery-electric vehicles at our mine and have set a goal to achieve net-zero greenhouse gas emissions by 2050.” 

Educational Initiatives 

• Oyu Tolgoi’s 227 skilled employees and 22 apprentices have received internationally recognised certifications in high-demand trades such as mechanics, welding, electrical work, and instrumentation. These certifications were awarded through our Skilled Trades Development and Apprenticeship programmes, based on the Dual Training Model. This approach combines classroom instruction with hands-on experience in real industrial environments, ensuring that graduates acquire both practical skills and theoretical knowledge. This achievement reflects the strong collaboration between Oyu Tolgoi and our valued partners, including the Ministry of Education, the Embassy of Germany, the Technical and Vocational Education and Training Department, and the Skills and Industry Council. 

• Funded by Oyu Tolgoi, “Gerelt” project has been advancing adolescent mental and reproductive health. In the 2024-2025 academic year, the project was implemented at four public schools—No. 68, 85, 87, and Amgalan Complex School—reaching a total of 7,595 individuals, including adolescents, parents, and school staff, through psychological counseling and training sessions. “Gerelt” project introduced dedicated “green” counseling rooms at participating schools, where psychologists use age-appropriate tools tailored to adolescents—bringing real improvements to their quality of life. Through the “Gerelt” project, we also support children and youth in practicing jiu-jitsu. Over 180 children are actively training at the Thunder BJJ, Sho Gi, and Elysium academies established under the project, building self-confidence, discipline, and teamwork — something we’re proud of. These young athletes have competed in national and international tournaments, earning a total of 44 medals. Now in its sixth year, the project will continue in the 2025–2026 academic year with four participating schools in Bayanzurkh District—School No. 14, 69, 120, and 147. 

Community Sustainable Development Initiatives 

• Oyu Tolgoi has collaborated with the Centre for Social Responsibility in Mining at the University of Queensland, Australia, on an initiative aimed at strengthening systems and building capacity for responsible local engagement among mining companies and relevant stakeholders. As part of this project, in collaboration with experts from the Mongolian National Mining Association, the Council for Sustainable Development and Social Responsibility, the German-Mongolian Institute for Resource and Technology, the National University of Mongolia, and the Mongolian University of Science and Technology, we have translated and adapted a comprehensive six-module training curriculum—“Foundations of Responsible Local Engagement”—into Mongolian, designed for both in-person and online delivery. To promote consistent use of professional terminology across the sector, we also organized terminology workshops to establish a unified language. 

• Oyu Tolgoi has financed the construction of a 12.5 km paved road connecting the mine site in Khanbogd soum to the Tavantolgoi coal transport route and officially handed it over to the State Commission. The new road includes a 220-meter-long concrete embankment across the Undai River and 27 drainage structures. Notably, the project was developed in close consultation with local residents, incorporating their input and feedback throughout the process. With this new road, Khanbogd soum is fully connected to Ulaanbaatar, offering local communities a safer and more convenient travel route.  

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 0.13.  

• 97.6% of the total workforce is Mongolian, and 23.6% of all employees are women.  

• USD157 million has been paid in taxes, fees and other payments in the second quarter of 2025. Since 2010, Oyu Tolgoi has paid USD5.1 billion in taxes, fees and other payments to Mongolian suppliers.  

• In the second quarter, we collaborated with 772 suppliers, 588 of which were local, spending 86% of our operational procurement on these national suppliers.
• Progress for 2025 copper production increase remains on track with a ramp up in the second half of the year.  

• Record copper production was achieved in the second quarter with all three months overdelivering against previous production numbers, representing strong performance from underground and open pit operations. 

• Record concentrate production was achieved in May leading to record logistics shipments in June. 

• New record material handling system performance was achieved in underground mine with May average of 37ktpd and a single day record of 47ktpd in April.  

• Significant milestone was achieved with the Conveyor to Surface system, which has been officially accepted by the State Commission.  

• 2025 second-quarter Performance Scorecard can be viewed here.  

Production table 

	2024 Q2	2024 H1	2024 Q3	2024 Q4	2024	2025 Q1	2025 Q2	2025 H1
Ore Treated – consolidated (‘000 tonnes)	10,816.57	21,139.89	8,872.83	11,024.59	41,037.31	9,903.25	10,034.20	19,937.45
Ore Treated – OP (‘000 tonnes)	9,284.01	18,294.66	7,352.01	8,880.98	34,527.65	7,468.92	6,836.49	14,305.41
Ore Treated – UG (‘000 tonnes)	1,532.56	2,845.23	1,520.82	2,143.61	6,509.66	2,434.33	3,197.71	5,632.04
Average mill head grades (consolidated):
Copper (%)	0.61	0.58	0.67	0.73	0.64	0.82	1.00	0.91
Gold (g/t)	0.24	0.23	0.28	0.30	0.26	0.32	0.44	0.38
Silver (g/t)	1.64	1.57	1.62	1.77	1.63	1.87	2.24	2.05
Average mill head grades (Open pit) :
Copper (%)	0.37	0.38	0.39	0.43	0.39	0.42	0.47	0.44
Gold (g/t)	0.17	0.18	0.22	0.24	0.21	0.25	0.37	0.30
Silver (g/t)	1.12	1.18	0.97	1.08	1.11	1.02	1.07	1.04
Average mill head grades (Underground) :
Copper (%)	2.02	1.86	2.05	1.96	1.94	2.03	2.13	2.09
Gold (g/t)	0.62	0.53	0.61	0.55	0.56	0.55	0.61	0.58
Silver (g/t)	4.75	4.07	4.76	4.59	4.40	4.47	4.75	4.63
Copper concentrates produced (‘000 tonnes)	246.22	454.69	231.96	307.31	993.97	303.38	381.56	684.94
Average concentrates grade (% Cu)	21.34	21.69	21.57	21.59	21.63	21.50	22.75	22.19
Production of metals in concentrates:
Copper in concentrates (‘000 tonnes)	52.54	98.62	50.03	66.33	214.99	65.21	86.80	152.02
Gold in concentrates (‘000 ounces)	46.88	89.64	50.39	66.32	206.35	61.53	97.50	159.03
Silver in concentrates (‘000 ounces)	362.66	673.44	324.58	425.91	1,423.93	402.73	549.59	952.32
Metal recovery (%)
Copper	80.88%	80.57%	83.16%	82.15%	81.64%	82.98%	86.36%	84.85
Gold	57.21%	57.11%	62.00%	61.13%	59.50%	62.06%	68.38%	65.75
Silver	64.43%	63.21%	69.40%	67.53%	65.79%	69.69%	75.76%	73.02
Sales of metals in concentrates:
Copper in concentrates (‘000 tonnes)	48.29	92.02	43.62	62.59	198.23	57.65	86.36	144.02
Gold in concentrates (‘000 ounces)	43.26	84.78	42.12	63.64	190.55	55.84	92.83	148.67
Silver in concentrates (‘000 ounces)	316.56	588.41	272.98	382.26	1,243.64	338.39	514.03	852.42
Open pit material mined (‘000 tonnes)	21,086.47	43,789.91	20,069.37	20,403.50	84,262.78	21,879.71	22,575.99	44,455.70
Concentrate sold in DMT	236.30	444.81	216.07	301.82	962.70	281,971.67	403,951.58	685,923.25