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Turquoise Hill (TRQ: TSX & NYSE) 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 Q3’20 are as follows:
Oyu Tolgoi Production Data
All data represents full production and sales on a 100% basis
| 3Q 2019 | 4Q 2019 | 1Q 2020 | 2Q 2020 | 3Q 2020 | 9 months 2020 | 9 months 2019 | Full Year 2019 | |
| Open pit material mined (‘000 tonnes) | 24,844 | 28,122 | 26,834 | 23,218 | 23,979 | 74,032 | 73,195 | 101,316 |
| Ore treated (‘000 tonnes) | 10,040 | 11,088 | 10,889 | 9,645 | 10,072 | 30,606 | 29,689 | 40,777 |
| Average mill head grades: | ||||||||
| Copper (%) | 0.37 | 0.42 | 0.42 | 0.47 | 0.45 | 0.45 | 0.46 | 0.45 |
| Gold (g/t) | 0.14 | 0.15 | 0.15 | 0.19 | 0.21 | 0.18 | 0.34 | 0.29 |
| Silver (g/t) | 1.03 | 1.06 | 1.14 | 1.22 | 1.22 | 1.19 | 1.16 | 1.13 |
| Concentrates produced (‘000 tonnes) | 131.3 | 152.6 | 164.5 | 169.9 | 168.5 | 502.9 | 552.1 | 647.6 |
| Average concentrate grade(%Cu) | 21.7 | 21.6 | 21.4 | 21.5 | 21.5 | 21.5 | 21.7 | 21.7 |
| Production of metals in concentrates: | ||||||||
| Copper (‘000 tonnes) | 28.4 | 32.9 | 35.2 | 36.5 | 36.3 | 108.0 | 113.4 | 146.3 |
| Gold (‘000 ounces) | 26 | 24 | 26 | 31 | 37 | 94 | 218 | 242 |
| Silver (‘000 ounces) | 191 | 190 | 214 | 212 | 219 | 645 | 677 | 866.6 |
| Concentrate sold (‘000 tonnes) | 157.0 | 157.5 | 125.9 | 194.3 | 167.9 | 488.1 | 567.2 | 724.7 |
| Sales of metals in concentrates: | ||||||||
| Copper (‘000 tonnes) | 32.4 | 32.3 | 25.8 | 39.7 | 34.4 | 99.9 | 117.6 | 149.9 |
| Gold (‘000 ounces) | 35 | 25 | 20 | 31 | 34 | 84 | 249 | 274 |
| Silver (‘000 ounces) | 207 | 244 | 146 | 220 | 201 | 566 | 652 | 896 |
| Metal recovery (%) | ||||||||
| Copper | 75.1 | 74.2 | 74.3 | 79.1 | 78.9 | 77.4 | 80.3 | 78.7 |
| Gold | 54.7 | 48.2 | 46.0 | 52.0 | 53.7 | 51.0 | 66.2 | 63.6 |
| Silver | 56.0 | 53.5 | 51.5 | 55.8 | 64.6 | 54.0 | 59.6 | 58.1 |
Key financial metrics for Q2’20 are as follows:
Oyu Tolgoi Key Financial Metrics(1)
| ($ in millions, unless otherwise noted) | 2Q 2020 | 2Q 2019 | Change % | 6 months 2020 | 6 months 2019 | Change % |
| Revenue | 278.0 | 382.7 | (27.4%) | 408.6 | 735.4 | (44.4%) |
| Income (loss) for the period | 72.3 | (736.7) | – | 91.3 | (631.5) | – |
| Income (loss) attributable to owners of Turquoise Hill | 84.8 | (446.5) | – | 140.3 | (335.3) | – |
| Basic and diluted income (loss) per share attributable to owners of Turquoise Hill0.03 | 0.04 | (0.22) | – | 0.07 | (0.17) | – |
| Revenue by metals in concentrates | ||||||
| Copper | 221.7 | 232.4 | (4.6%) | 318.5 | 456.3 | (30.2%) |
| Gold | 52.6 | 146.8 | (64.2%) | 84.2 | 272.5 | (69.1%) |
| Silver | 3.7 | 3.5 | 5.7% | 5.9 | 6.6 | (10.6%) |
| Cost of sales | 182.0 | 224.7 | (19.0%) | 327.9 | 393.8 | (16.7%) |
| Production and delivery costs | 137.1 | 170.1 | (19.4%) | 241.8 | 296.1 | (18.3%) |
| Depreciation and depletion | 51.1 | 54.6 | (6.4%) | 86.1 | 99.2 | (13.2%) |
| Capital expenditure on cash basis | 254.3 | 335.0 | (24.1%) | 555.4 | 660.3 | (15.9%) |
| Underground | 242.4 | 292.0 | (17.0%) | 533.9 | 588.4 | (9.3%) |
| Open pit(2) | 11.9 | 43.0 | (72.3%) | 21.5 | 71.9 | (70.1%) |
| Royalties | 14.2 | 20.7 | (31.4%) | 24.5 | 40.8 | (39.4%) |
| Operating cash costs(3) | 180.8 | 206.7 | (12.5%) | 368.9 | 404.8 | (8.9%) |
| Unit costs ($) | ||||||
| Cost of sales (per pound of copper sold) | 2.08 | 2.19 | (5.0%) | 2.27 | 2.10 | 8.1% |
| C1 (per pound of copper produced)(3) | 1.61 | 0.79 | 103.8% | 1.84 | 0.78 | 135.9% |
| All-in sustaining (per pound of copper produced)(3) | 2.18 | 1.54 | 41.6% | 2.29 | 1.48 | 54.7% |
| Mining costs (per tonne of material mined)(3) | 1.69 | 2.05 | (17.4%) | 1.71 | 2.07 | (17.2%) |
| Milling costs (per tonne of ore treated)(3) | 6.77 | 6.17 | 9.7% | 6.14 | 7.06 | (13.0%) |
| G&A costs (per tonne of ore treated) | 3.25 | 3.34 | (2.7%) | 3.09 | 3.35 | (7.8%) |
| Cash generated from operating activities | (81.8) | 141.5 | (157.8%) | (106.3) | 135.8 | (178.3%) |
| Cash generated from (used in) operating activities before interest and tax | 34.7 | 262.6 | (86.8%) | 36.2 | 312.4 | (88.4%) |
| Interest paid | 118.7 | 139.8 | (15.1%) | 145.5 | 218.3 | (33.3%) |
| Total assets | 12,895 | 12,705 | 1.5% | 12,895 | 12,705 | 1.5% |
| Total non-current financial liabilities | 4,374 | 4,399 | (0.6%) | 4,374 | 4,399 | (0.6%) |
(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 26 of Q1 2020 MD&A for further information.
| Symbol | TRQ.TO |
| Last | $10.47 |
| High | $10.72 |
| Year High | $15.60 |
| Bid | $10.45 |
| Volume | 250,782 |
| Market Capitalization | $2106888704 |
| Open | $10.62 |
| Low | $10.36 |
| Year Low | $4.30 |
| Ask | $10.50 |
| Change | -0.04 (-0.38%) |
| Symbol | TRQ.TO |
| Last | $7.85 |
| High | $8.01 |
| Year High | $12.00 |
| Bid | $7.87 |
| Volume | 301,577 |
| Market Capitalization | $1572716032 |
| Open | $7.87 |
| Low | $7.79 |
| Year Low | $3.00 |
| Ask | $7.88 |
| Change | -0.08 (-1.01%) |
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