The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookiesbefore using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Mongolia: Mining deal signals Mongolia’s return to the stage

Ivanhoe claims GDP could get 30% lift; Deal expected to be worth $4 billion

  A new beginning: the Oyu Tolgoi mine

A new beginning: the Oyu Tolgoi mine

Nine years after it first began exploring the Oyu Tolgoi gold and copper deposits in Mongolia, Canadian firm Ivanhoe and its larger partner Rio Tinto have secured the mining rights deal that could transform the country’s economic prospects. The long-awaited deal, signed on October 6 – the most auspicious day of the year according to the Mongolian-Tibetan Buddhist calendar – allows Ivanhoe and Rio Tinto to mine the site’s deposits after completing investments projected to total $4 billion. News of the deal will come as a relief to almost everyone with a stake in Mongolia’s future: from the foreign mining companies and investors who had begun to despair of realizing the potential of the country to the Mongolian people who faced declining employment prospects. "The impact of this deal will be huge," says Chad Blewitt, CFO of Ivanhoe, in a call from the Oyu Tolgoi site. "The project by itself could cause a rise in GDP of around 30%, and then there’s the multiplier effect on the economy as supporting services and infrastructure build up.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?