Mongolia’s Parliament discussed amendments to the Minerals Law, focusing on a recent agreement with Rio Tinto regarding the Oyu Tolgoi project. The government announced a reduction in interest rates on shareholder loans from 10.5% to 7.9%, resulting in savings of $6.2 billion and an increased benefit to Mongolia of $2.5 billion. However, MP B. Jargalan expressed concern over a lack of transparency, stating Parliament received no official documentation and relied on media reports. He questioned whether the deal was rushed before a national holiday to secure political points, citing discrepancies between government statements and Rio Tinto’s press release emphasizing forward progress on the Oyu Tolgoi project. Jargalan highlighted the outstanding loan debt of Oyu Tolgoi LLC (estimated at $18.7 billion with $5.2 billion in accumulated interest as of late 2023) and requested details on changes to investor agreements, emphasizing that Oyu Tolgoi is separate from the overall investment agreement as per parliamentary resolution 120. The MP is seeking clarity and accountability regarding the details of the revised agreement.