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Turquoise Hill (TRQ: TSX, NYSE, NASDAQ) is an international mining company focused on the operation and further development of the Oyu Tolgoi copper-gold mine in southern Mongolia, which is the Company’s principal and only material mineral resource property. Turquoise Hill’s ownership of the Oyu Tolgoi mine is held through a 66% interest in Oyu Tolgoi LLC; the remaining 34% interest is held by Erdenes Oyu Tolgoi LLC, a Mongolian state-owned entity.

Key operational metrics for Q3’19 are as follows:

Oyu Tolgoi Production Data
All data represents full production and sales on a 100% basis

  3Q
2018
4Q
2018
1Q
2019
2Q
2019
3Q
2019
1H
2019
1H
2018
Full Year
2018
Open pit material mined (‘000 tonnes) 22,523 22,863 23,943 24,408 24,844 48,351 45,923 91,309
Ore treated (‘000 tonnes) 9,652 9,361 9,255 10,394 10,040 19,649 19,725 38,738
Average mill head grades:                
Copper (%) 0.51 0.55 0.57 0.46 0.37 0.51 0.50 0.51
Gold (g/t) 0.38 0.56 0.58 0.31 0.14 0.44 0.25 0.36
Silver (g/t) 1.19 1.22 1.25 1.20 1.03 1.23 1.24 1.22
Concentrates produced (‘000 tonnes) 179.8 189.0 210.1 180.6 131.3 390.7 356.1 724.9
Average concentrate grade (% Cu) 21.9 21.9 21.8 21.7 21.7 21.8 22.0 21.9
Production of metals in concentrates:                
Copper (‘000 tonnes) 39.4 41.5 45.8 39.2 28.4 85.0 78.2 159.1
Gold (‘000 ounces) 77 117 120 72 25.6 192 92 285
Silver (‘000 ounces) 230 238 247 238 191 486 446 914
Concentrate sold (‘000 tonnes) 171.9 191.4 184.9 225.3 157 410.3 383.1 746.4
Sales of metals in concentrates:                
Copper (‘000 tonnes) 36.0 40.2 38.5 46.6 32.4 85.1 80.4 156.7
Gold (‘000 ounces) 55 111 98 116 35.4 213 82 248
Silver (‘000 ounces) 201 216 200 245 207 445 456 873
Metal recovery (%)                
Copper 80.9 84.8 83.8 80.2 75.1 82.2 79.6 81.4
Gold 64.7 71.7 70.1 63.6 54.7 68.2 57.6 65.2
Silver 62.8 67.1 63.2 59.2 56 61.2 56.4 60.9

Key financial metrics for Q3’19 are as follows:

Oyu Tolgoi Key Financial Metrics(1)

  Three months ended Nine months ended
($ in millions, unless otherwise noted)

 

3Q
2019
3Q
2018
Change 9 months
2019
9 months
2018
Change
             
Revenue 209.2 246.5 -15.1% 944.6 833.9 13.3%
Income (loss) for the period 32.3 15.2 112.5% (599.2) 299.3 -300.2%
Income (loss) attributable to owners of Turquoise Hill 63.3 53.2 19.0% (272.0) 310.2 -187.7%
Basic and diluted income (loss) per share attributable to owners of Turquoise Hill 0.03 0.03 (0.14) 0.15 -193.3%
Revenue by metals in concentrates            
Copper 153.4 1080.4 -15.0% 609.7 656.1 -7.1%
Gold 52.4 63.3 -17.2% 324.8 167.6 93.7%
Silver 3.4 2.9 17.2% 10.1 10.1 0.0%
Cost of sales 174.2 181.0 -3.8% 568.0 589.5 -3.6%
Production and delivery costs 137.8 135.9 1.4% 433.9 424.6 2.2%
Depreciation and depletion 34.9 45.2 -22.8% 134.1 164.9 -18.7%
Capital expenditure on cash basis 329.2 328.8 0.1% 989.4 932.6 6.1%
Underground 296.8 304.8 -2.6% 885.2 866.5 2.2%
Open pit(2) 32.4 24.0 35.0% 104.2 66.0 57.9%
Royalties 11.1 15.5 -28.4% 30.8 50.7 -39.3%
Operating cash costs(3) 175.1 196.4 -10.8% 579.9 574.8 0.9%
Unit costs ($)            
Cost of sales (per pound of copper sold) 2.44 2.28 7.0% 2.19 2.30 -4.3%
C1 (per pound of copper produced)(3) 2.14 1.65 29.7% 1.12 1.71 -34.5%
All-in sustaining (per pound of copper produced)(3) 2.84 2.29 24.0% 1.82 2.26 -19.5%
Mining costs (per tonne of material mined)(3) 1.87 2.18 -14.2% 2.00 2.07 -3.4%
Milling costs (per tonne of ore treated)(3) 6.92 7.38 -6.2% 7.03 7.19 -2.2%
G&A costs (per tonne of ore treated) 2.97 3.43 -13.4% 3.23 2.52 28.2%
Cash generated from operating activities 6.1 76.2 -92.0% 141.9 143.9 -1.4%
 
Cash generated from (used in) operating activities before interest and tax (13.1) 52.5 -125.0% 299.4 216.9 38.0%
Interest paid 2.5 0.1 -96.8% 220.8 130.9 68.7%
Total assets 12,774 13,223 -3.4% 12,774 13,223 -3.4%
Total non-current financial liabilities 4,411 4,344 1.6% 4,411 4,344 1.6%

(1) Any financial information in this MD&A should be reviewed in conjunction with the Company‘s consolidated financial statements or condensed interim consolidated financial statements for the reporting periods indicated.

(2) Open-pit capital expenditure includes both sustaining and non-underground development activities.

(3) Please refer to NON-GAAP MEASURES – on page 21 of this MD&A for further information.

Symbol TRQ.TO
Last $0.57
High $0.58
Year High $2.84
Bid $0.56
Volume 682,821
Market Capitalization $1147016704
Open $0.58
Low $0.55
Year Low $0.53
Ask $0.58
Change -0.02 (-3.39%)
As of November 19, 2019 03:41 pm PST
Symbol TRQ.TO
Last $0.43
High $0.44
Year High $2.17
Bid $0.42
Volume 2,804,851
Market Capitalization $859087040
Open $0.44
Low $0.42
Year Low $0.40
Ask $0.43
Change -0.02 (-4.31%)
As of November 19, 2019 03:41 pm PST

Latest Metrics

0.09 AIFR per 200,000 hours worked
45,800 T Q1'19 copper production
120,000 Oz Q1'19 gold production
$352.7 Q1'19 revenue
$0.77/lb Cu Q1'19 C1 cash costs
2.3 Km Q1'19 lateral development

Contact

Transfer Agent & Registrars

AST Trust Company (Canada)
Attn: Manager, Client Relations
1600 - 1066 West Hastings Street
Vancouver, BC, Canada
V6E 3X1

Office: +1 604 648 3934
Mobile: +1 778 238 8590
Website: www.canstockta.com
inquiries@canstockta.com

Roy McDowall

Investor Relations

+1.514.848.1506  
Roy.McDowall@Turquoisehill.com
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