Mongolia demands lower interest and fees from Rio Tinto on Oyu Tolgoi loan, citing unfair terms.

Mongolia is pushing Rio Tinto to renegotiate the Oyu Tolgoi mine’s terms, seeking to lower a multibillion-dollar loan’s interest rate from over 11% to below 6% and reduce annual management fees, citing unfairness and lack of transparency. The government, which owns 34% of the project, says current terms mislead the public and risks higher export taxes if no deal is reached. Rio Tinto, which operates the mine and views it as its top copper growth project, confirms ongoing talks and a commitment to cooperation, though no agreement has been reached.