The Mongolian Government may increase its interest in the Oyu Tolgoi project from 34% to 50%.

The copper project is being jointly developed by Rio Tinto and Ivanhoe Mines.

Under the terms of the original contract signed in 2009, Mongolia can increase its stake only after 30 years, reports BBC News.

Mongolia’s mining minister Dashdorj Zorigt said that the government plans to send a proposal to renegotiate the timeframe.