Oyu Tolgoi Appoints Mongolian CEO Amid Loan and Tax Talks

Oyu Tolgoi LLC has named Sukhbaataryn Munkhsukh as its Chief Executive Officer, effective 1 February 2026. He will be the first Mongolian to lead the copper gold mine since 2009.

Oyu Tolgoi CEO Sukhbaataryn Munkhsukh (www.ot.mn)

The appointment follows an international search and a public call from Prime Minister Zandanshatar for a national to head the project. It answers years of criticism over foreign dominance at the country's flagship asset.

Munkhsukh brings more than 25 years of experience across mining, aviation, investment and financial services. He joined Oyu Tolgoi in 2012, managing key projects during its troubled early development. In 2015 he moved into the Rio Tinto Group, broadening his remit across Asia.

As Managing Director for Growth and Development Asia Pacific, he oversaw parts of Rio Tinto's regional copper portfolio and climate work, including the Winu copper gold project in Australia. His promotion reflects trust built over a decade in senior roles rather than a simple political concession.

The timing of the appointment of Mongolian CEO at Oyu Tolgoi is not accidental. His arrival coincides with the most serious test of Mongolia-Rio Tinto relations since the 2022 debt cancellation deal. In late October the government opened formal talks with Rio Tinto on cutting the shareholder loan interest rate and revisiting management fees. A joint protocol commits both sides to seek agreement by 31 January 2026 and accepts that negotiations can continue beyond that date. The long criticised seven year "lock" on reopening the loan terms is no longer treated as a hard stop.

Mongolia is also pressing for stronger governance. Working groups led by Finance Minister Javkhlan and Mining Minister Damdinnyam are pushing for lower management charges and a clearer Mongolian voice in decision making.

In parallel, the government has started direct talks with Entrée over licences that sit across the Oyu Tolgoi ore body. A December parliamentary hearing will expose two decades of classified decisions on the project and put both the government and the operator under live television scrutiny.

In that context a Mongolian chief executive is a political asset. The Oyu Tolgoi board says the mine is entering a new phase of long term growth. It argues that the project needs a leader who understands its internal culture and can rebuild confidence among shareholders, regulators and local communities. That framing casts Munkhsukh as more than a symbolic flag on the org chart. He is expected to act as a translator between corporate logic in London and Melbourne and political pressure in Ulaanbaatar.

The appointment also lands amid a corruption probe that surfaced in October 2025. Mongolia's Intelligence Agency reportedly detained four Oyu Tolgoi procurement officials on bribery and money laundering suspicions tied to steel ball and mill liner contracts worth hundreds of millions of dollars. Local media alleged kickbacks of around 10 percent and reported seizures of cash and property. These claims remain unverified. One suspect has since been released. Oyu Tolgoi says it has opened an internal investigation and requested cooperation with law enforcement. No public update has appeared since then.

Munkhsukh, known for a disciplined and methodical style, will have to operate inside this tightening ring of scrutiny. Ultimate decisions will still sit with Rio Tinto's global leadership. His appointment improves optics and communication but does not by itself shift the balance of power.