In 2022, Mongolia recovered US$228 million in tax evaded by multinational mining giant Turquoise Hill, which is owned by conglomerate Rio Tinto.   In 2009, Turquoise Hill signed an agreement with the Mongolian government to manage and operate the Oyu Tolgoi mine – one of the world’s largest copper and gold sites. However, despite Turquoise Hill eventually announcing more than US$1 billion in annual revenue from the project, the mine failed to yield much financial benefit for the Mongolian government. It later came to light that Turquoise Hill was using transfer pricing – selling goods or services under the same corporate umbrella at a manipulated price, or funneling profits through a subsidiary in a tax haven – to reduce its tax burden, taking advantage of Mongolia’s under-resourced tax agency.