Mongolia will vote in August to rip up parts of an investment agreement with Rio Tinto for the Oyu Tolgoi copper mine, which may force the miner to make concessions in a project beset by delays and political squabbles.
The country owns 34% of the mine, Mongolia’s biggest foreign investment project, but lawmakers claim delays and cost overruns have meant it has run up more debt from the project than income thus far. Ending the 2015 "Dubai agreement" that launched Oyu Tolgoi’s underground expansion would likely reduce Rio’s future profits in Mongolia’s favour.