Q3 2026 Performance results

Q3 2026 Performance results

Third quarter of 2026 – Oyu Tolgoi Performance Scorecard can be viewed here.

Summary

• Following multiple consultations and discussions with the relevant authorities regarding the water pollution fee, Oyu Tolgoi has fully paid MNT 11.3 billion to the Mongolian Tax Authority, covering the period from 2019 through the third quarter of 2026.
• The 220 kV Zes-Oyu switching station, funded by Oyu Tolgoi, was commissioned at Oyu Tolgoi mine. The new facility enables the import of additional electricity during peak winter demand periods, helping reduce pressure on Mongolia’s Central Energy System while enhancing the reliability and flexibility of the national power grid.
• In Q3 2026, Oyu Tolgoi paid US$202 million in taxes, fees and other payments, and spent US$389.5 million on domestic procurement and suppliers.
• Since 2011, the total number of students who have received scholarships from Oyu Tolgoi has reached 1,514, investing a cumulative MNT 5.4 billion to date.
• In Q3 2026, Oyu Tolgoi produced 113.5 thousand tonnes of copper and 123.6 thousand ounces of gold in concentrate. Strong copper and gold production performance in the third quarter was driven by increased underground mine production and strong metal recovery performance at the concentrator.

Detailed

Highlights

• The 2009 Oyu Tolgoi Investment Agreement includes provisions to stabilize the tax environment applicable to the project, while the Law on Water Pollution Fee was enacted in 2012. Differences between legislative and contractual provisions had led to varying interpretations regarding water pollution charge obligations. Following extensive consultations and discussions with the relevant authorities, payments totaling US$3.1 million, covering the period from 2019 to Q3 2026, were paid in full to the Mongolian Tax Authority. Oyu Tolgoi will continue to collaborate with relevant stakeholders to further clarify the regulatory framework.
• The Oyu Tolgoi Shareholders’ Agreement has been amended. On 11 September 2026, the Chief Executive Officers of “Erdenes Oyu Tolgoi” and Oyu Tolgoi signed an agreement amending the 2011 Oyu Tolgoi Shareholders’ Agreement. Following extensive negotiations, the shareholders agreed to reduce shareholder loan interest rates and management fees. In addition, loan interest rates will now be renegotiated and reviewed every three years instead of every seven years. These outcomes represent an important milestone in strengthening cooperation between the shareholders and advancing their partnership to a new level.
  This progress has been enabled by Oyu Tolgoi completing major mine infrastructure supporting the underground production continued ramp up and increased copper concentrate production. The Government of Mongolia and Rio Tinto, the shareholders of Oyu Tolgoi, also agreed that Oyu Tolgoi will distribute dividends from 2027. To support this process, a working group has been established, and discussions are ongoing to determine terms and conditions of distribution.

• On 03 August 2026, the strategically important 220kV Zes-Oyu switchyard was commissioned to enhance the reliability of Mongolia’s power system and support the country’s growing demand for electricity. Funded by Oyu Tolgoi, the facility provides the techinical capability for Mongolia’s Central Energy System to operate in parallel with the power grid of Inner Mongolia Autonomous Region. More than 20 Mongolian companies and over 2,000 engineers and technical personnel contributed to the project, completing over 600,000 injury-free work hours.
• Oyu Tolgoi supported Mongolia’s hosting of the 17th Conference of the Parties to the United Nations Convention to Combat Desertification (COP17). During the conference, Rio Tinto, Erdenes Oyu Tolgoi and Oyu Tolgoi also announced plans to accelerate joint initiatives focused on increasing the use of renewable energy, protecting water resources, reducing land degradation, and promoting leading rehabilitation practices. Oyu Tolgoi also showcased its work in responsible water use, biodiversity conservation, reforestation, rehabilitation, and waste management to both domestic and international visitors.
• Oyu Tolgoi supported Mongolia’s hosting of Caving 2026, marking the first time the international conference has been held in Asia. During the event, leading underground mining experts shared best practices and insights on safety, automation, artificial intelligence and advanced mining technologies. As part of the conference, international and local delegates visited the Oyu Tolgoi underground mine, gaining firsthand insight into its operations and experience in block cave mining

Contributions to the State Budget

• In the third quarter of 2026, Oyu Tolgoi has paid US$202 million in tax, fees and other payments. Since 2010, Oyu Tolgoi has paid US$6.6 billion¹ in taxes, fees and other payments, including the VAT² paid to Mongolian suppliers.

• In Q3 2026, Through procurement, taxes, fees, and employee salaries, Oyu Tolgoi spent MNT 2.3 trillion in Mongolia during the equivalent to an average daily contribution of approximately MNT 24.9 billion to the national economy.

¹ Includes payment of the disputed tax of US$880 million, which is pending the international arbitration decision.

² Oyu Tolgoi does not reclaim VAT.

In-Country Procurement Spending and Contribution to Economic Growth

• In Q3 2026, Oyu Tolgoi collaborated with 706 suppliers, of which 540 were domestic businesses, representing 91% of total operational procurement spend, equivalent to US$389.5 million.
• Since 2010, Oyu Tolgoi has spent a total of US$2.3 billion on procurement from local suppliers based in Umnugovi province. In Q3 2026, 101 local suppliers provided goods and services of US$90 million to Oyu Tolgoi.
• In recognition of its significant contribution to Mongolia’s economy, its role in creating employment opportunities, its long-term partnerships with local businesses, and its efforts to introduce international best practices and standards, Oyu Tolgoi was recognized by the European Bank for Reconstruction and Development as a “Company with High Economic Impact.

Contribution to Local Community Sustainable Development

Partnering with local communities to promote sustainable development in the regions where Oyu Tolgoi operates.

• Khanbogd soum hosted its first national-level marathon, organised by the Oyu Tolgoi Catalyst Fund for Khanbogd Development. More than 700 participants, including local residents, Oyu Tolgoi employees, runners from Ulaanbaatar, and professional athletes, took part in the event. https://shorturl.at/zAz1x
• Since 2005, the population of Khanbogd soum has increased by 3.5 times. The soum now ranks higher than all 21 provinces, as well as several districts of Ulaanbaatar, including Bayanzurkh, Songinokhairkhan, Baganuur, Bagakhangai, and Nalaikh, in terms of business activity measured by the number of active businesses per 1,000 residents.
• Between 2015 and 2025, Oyu Tolgoi invested a total of US$112.1 million in Khanbogd soum through direct investment, the Gobi Oyu Development Support Fund, and the the Oyu Tolgoi Catalyst Fund for Khanbogd Development. These investments supported hard and soft infrastructure developments, including roads, buildings, healthcare, and education.
• The seventh kindergarten funded by Oyu Tolgoi has officially opened its doors in Dalanzadgad. Kindergarten No. 34, a modern facility with capacity for 200 children, was constructed in the soum’s 6th bagh with funding from the Oyu Tolgoi funded Gobi Oyu Development Support Fund, and has now begun welcoming children.The new kindergarten will expand access to early childhood education in the community while creating more than 30 local jobs.
• Construction has commenced on a new Education and Development Centre in Khanbogd soum, Umnugovi province. Supported by the Oyu Tolgoi Catalyst Fund for Khanbogd Development, the facility will feature classrooms, laboratories, workshops, a library and dedicated after-school spaces, with capacity for up to 350 children at a time. Once completed, the centre will strengthen education and youth development opportunities in Khanbogd by providing a modern learning environment where children and young people can develop their skills, pursue their interests and make meaningful use of their free time https://shorturl.at/UJFYz

Contribution to Human Development, Training, and Education

Oyu Tolgoi actively invests in the education of future generations, fostering the development of knowledge and skills, and preparing a highly skilled workforce.

• For the 2026-2027 academic year, 79 selected students for the Gobi Oyu Scholarship Program, and 60 selected students for the Domestic Scholarship Program received their scholarship certificates. Since 2011, Oyu Tolgoi has awarded scholarships totaling MNT 5.4 billion to 1,514 students, supporting their studies at universities in Mongolia and abroad. https://shorturl.at/C7Rb9

Investment made towards the Environment

Oyu Tolgoi continues to create a positive environmental impact across Mongolia, extending beyond its mine site.

• As part of the “100 Million Trees for the Future” initiative, Oyu Tolgoi is planting 4.4 million trees in the Khangai region in 2026. Oyu Tolgoi successfully completed the rehabilitation of 426.7 hectares of degraded land in Khuder and Yeruu soums of Selenge province and handed over the rehabilitated areas to the Selenge Province Department of Environment and Tourism. The environmental benefits of this work are equivalent to planting and growing approximately 8.1 million trees. In addition, Oyu Tolgoi carried out technical rehabilitation on 187 hectares of land in Khongor and Shariin Gol soums of Darkhan-Uul province that had been abandoned due to irresponsible mining activities, laying the foundation for the restoration of ecosystem balance in the degraded areas. https://shorturl.at/Ys4LG
• As of the third quarter of 2026, a total of 47.8 million trees have been planted and grown, either directly or through equivalent reforestation initiatives, under the “100 Million Trees for the Future” programme.
• On 2 July 2026, Oyu Tolgoi co-hosted the “Blue Sky” Dialogue in Khanbogd soum, Umnugovi province, bringing together diverse stakeholders to discuss solutions for strengthening resilience in arid regions, achieving land degradation neutrality, and promoting sustainable rangeland and water management. Held ahead of COP17, the dialogue served as a platform bringing together government representatives, the private sector, international organisations, researchers and local communities, laying the foundation for expanded collaboration.
• On 2 July 2026, the “Blue Sky” Dialogue was held in Khanbogd soum, Umnugovi province, as an initiative of Oyu Tolgoi and Rio Tinto, with the support of the Mongolian National Mining Association and jointly organised by the United Nations Convention to Combat Desertification (UNCCD) and the Business Council of Mongolia. The dialogue brought together diverse stakeholders to discuss solutions for strengthening resilience in arid regions, achieving land degradation neutrality, and promoting sustainable rangeland and water management. Held ahead of COP17, the dialogue served as a platform that convened government representatives, the private sector, international organisations, researchers and local communities, laying the foundation for expanded collaboration.

Transparency

• The 2009 Oyu Tolgoi Investment Agreement includes provisions to stabilize the tax environment applicable to the project, while the Law on Water Pollution Fee was enacted in 2012. Differences between legislative and contractual provisions had led to varying interpretations regarding water pollution charge obligations. Following extensive consultations and discussions with the relevant authorities, payments totaling US$3.1 million, covering the period from 2019 to Q3 2026, were paid in full to the Mongolian Tax Authority. Oyu Tolgoi will continue to collaborate with relevant stakeholders to further clarify the regulatory framework.

Production report

• In Q3 2026, the injury frequency rate was 0.27 per 200,000 person-hours worked, meeting the annual performance target.
• Strong copper and gold production performance in the third quarter was driven by increased underground mine production and strong metal recovery performance at the concentrator. As a result, copper production for Q3 2026 is 10% above plan, providing a solid foundation for achieving the full-year production plan.
• Panel 0 maintained stable production, while mining preperation and development activities at Panel 2 North (P2N) continued to advance, further strengthening the foundation for susatainable production growth.
• Major shutdown and maintenance activities were executed safely across the underground and concentrator during the quarter. These included quarterly maintenance of the Underground Material Handling System and planned shutdowns of Concentrator Lines 1 and 2. The successful completion of these activities strengthened operational readiness for continued stable and reliable production.

	2025 Q3	2025 Q4	2025	2026 Q1	2026 Q2	2026 Q3	2026 YTD
Ore Treated – consolidated (‘000 tonnes)	10,152.87	11,331.85	41,422.16	10,833.53	9,902.08	11,158.60	31,894.20
Ore Treated – OP (‘000 tonnes)	7,282.38	7,926.14	29,513.93	7,333.77	6,639.24	7,390.13	21,363.14
Ore Treated – UG (‘000 tonnes)	2,870.48	3,405.71	11,908.23	3,499.76	3,262.84	3,768.47	10,531.06
Average mill head grades (consolidated):
Copper (%)	1.00	1.05	0.97	1.06	1.11	1.14	1.10
Gold (g/t)	0.59	0.61	0.50	0.51	0.55	0.47	0.51
Silver (g/t)	2.19	2.29	2.15	2.29	2.38	2.48	2.38
Average mill head grades (Open pit) :
Copper (%)	0.54	0.55	0.50	0.54	0.53	0.51	0.53
Gold (g/t)	0.58	0.62	0.46	0.46	0.52	0.38	0.45
Silver (g/t)	1.13	1.16	1.09	1.08	1.11	1.12	1.10
Average mill head grades (Underground) :
Copper (%)	2.16	2.20	2.14	2.16	2.28	2.36	2.27
Gold (g/t)	0.63	0.59	0.59	0.61	0.61	0.65	0.62
Silver (g/t)	4.87	4.94	4.77	4.81	4.98	5.14	4.98
Copper concentrates produced (‘000 tonnes)	394.91	464.28	1,544.13	465.93	405.88	493.47	1,365.27
Average concentrates grade (% Cu)	22.60	22.39	22.36	21.84	23.84	23.00	22.85
Production of metals in concentrates:
Copper in concentrates (‘000 tonnes)	89.25	103.94	345.20	101.77	96.75	113.48	312.00
Gold in concentrates (‘000 ounces)	138.22	158.62	455.86	123.28	127.10	123.61	373.99
Silver in concentrates (‘000 ounces)	559.35	668.19	2,179.86	616.61	593.12	705.74	1,915.47
Metal recovery (%)
Copper	86.69	87.49	86.10	88.50	88.41	89.42	88.80
Gold	70.56	70.93	68.91	69.95	72.48	72.83	71.74
Silver	77.06	79.89	76.03	77.38	78.17	79.48	78.39
Sales of metals in concentrates:
Copper in concentrates (‘000 tonnes)	80.94	92.42	317.38	105.09	98.75	106.78	310.62
Gold in concentrates (‘000 ounces)	121.23	144.17	414.08	137.47	127.66	118.35	383.48
Silver in concentrates (‘000 ounces)	474.17	556.78	1,883.37	613.67	568.11	623.28	1,805.06
Open pit material mined (‘000 tonnes)	19,813.80	22,443.10	86,712.60	21,538.74	17,328.77	15,791.16	54,658.66
Concentrate sold in DMT	372,659.63	433,143.89	1,491,726.77	499,596.82	437,925.93	486,221.44	1,423,744.15

———————————————--ТӨГСӨВ- ———————————————————–

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