Rewriting the Mining Rulebook: Inside Mongolia’s Pivot from Boardroom Battles to a 60% Revenue-First Sovereign Wealth Empire

The demand for state equity in strategic deposits has not vanished. It has been reframed. New memorandums of understanding with four private companies replace ownership with a pledge to deliver 60% of project “economic return,” or өгөөж, to citizens through the Sovereign Wealth Fund.

The term, rooted in the amended 2019 Constitution, is intentionally broad. It signals a claim on outcomes rather than shares.

The Oyu Tolgoi underground mine

That distinction matters. For example, Oyu Tolgoi argues that their contribution to Mongolia already exceeds 60% once all taxes, royalties, jobs, infrastructure, local procurement, and future dividends are counted. 

Prime Minister Zandanshatar is pressing a narrower definition. Cabinet Secretary Byambatsogt claims the actual return from OT is much lower, around 25% for Mongolia. 

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