Company: RTNTF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001628280-25-006642
Chunk: 527

Company: RIO TINTO LTD
Filing Date: 2025-02-20
Form: 20-F
Chunk 527
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 now known as the Central zone of the Oyut deposit. The Magma Copper Company subsequently secured exploration tenements in the area. Magma Copper Company was subsequently acquired by BHP, which became BHP. In 1999, TRQ (known at the time as Ivanhoe Mines Ltd.) visited Oyu Tolgoi and agreed to acquire 100% interest in Oyu Tolgoi. In 2009, the Investment Agreement between Ivanhoe Mines (now TRQ), Rio Tinto and the Government of Mongolia was signed and Oyu Tolgoi LLC was formed. In 2010 open pit mining commenced with first ore delivered in 2012 and first concentrate sales in 2013. In 2012, Rio Tinto became the majority shareholder of Ivanhoe. In 2022 the first drawbell of the Hugo North underground mine was fired. At the end of 2024, a total of 124 drawbells had been fired completing the Panel 0 production level development. Rio Tinto has managed the project since 2011 and became majority shareholder of Ivanhoe Mines in 2012. Rio Tinto now has a 66% direct interest in Oyu Tolgoi following the successful completion of the acquisition of TRQ. This is allowing Rio Tinto to focus fully on strengthening its relationship with the Government of Mongolia and moving Oyu Tolgoi forward with a simpler and more efficient ownership and governance structure. For further details regarding the history and previous operators for the Oyu Tolgoi Property, see Mines and Production Facilities– Oyu Tolgoi on page 307 .

| Annual Report on Form 20-F 2024 | 350 | riotinto.com |

Additional information | US Disclosure Infrastructure Road access to Oyu Tolgoi from Ulaanbaatar is currently by an unpaved road, via Mandalgovi. Oyu Tolgoi LLC maintains a set of gravel roads internal to the Oyu Tolgoi, locally a 35.1km gravel road to the Khanbogd Soum, and regionally via the access road from Oyu Tolgoi to the Mongolian-Chinese border crossing at Gashuun Sukhait which is a sealed all-weather 105km long road. The Chinese Government has upgraded 226km of road from Ganqimaodao to Wuyuan, providing a direct road link between the Mongolian border crossing at Gashuun Sukhait, 80km south of Oyu Tolgoi, and