Oyu Tolgoi shareholder loan agreement

Research evidence excerpt

Oyu Tolgoi shareholder loan agreement

Update

June 30, 2026 02:17 PM GMT

Morgan Stanley & Co. International plc+MRio Tinto Plc | Europe Alain Gabriel, CFA

Equity Analyst

Oyu Tolgoi shareholder loan Alain.Gabriel@MorganStanley.comMorgan Stanley Australia Limited+ +44 20 7425-8959

Rahul Anand, CFA

Equity Analystagreement R.Anand@morganstanley.com +61 2 9770-1136

What's New? Rio Tinto announced today that it has reached an agreement with the Morgan Stanley & Co. International plc+

Ioannis Masvoulas, CFA

Government of Mongolia to adjust the interest rate on shareholder loans for the Equity Analyst

Oyu Tolgoi copper-gold project, following the periodic review required under the Ioannis.Masvoulas@morganstanley.com +44 20 7425-0427

Shareholders Agreement. The parties also committed to resolving outstanding Ferdinand Huber

Research Associate

issues related to the Entrée Resources mine lease areas in a timely manner and to Ferdinand.Huber@morganstanley.com +44 20 7677-2702

accelerating shareholder distributions. Adahna Ekoku

Our View: Combined with the May in-principle agreement to halve management Adahna.Ekoku@morganstanley.com +44 20 7425-0578

fees (previously 6% of capital and operating costs post-production), today’s Morgan Stanley Australia Limited+

announcement marks further progress in renegotiating Oyu Tolgoi’s fiscal Michael A Stancliff

framework. While the revised interest rate was not disclosed, the adjustment Michael.Stancliff@morganstanley.com +61 2 9770-9253

addresses a key government request: improving the economics of its 34% stake by

easing the burden of high-cost shareholder financing (historically around SOFR/ Rio Tinto Plc (RIO.L, RIO LN)

LIBOR + 6.5%). Although these steps erode some economics of Rio Tinto’s Metals & Mining | United Kingdom