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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 STATISTICS¹

 

4Q

2017

1Q

2018

2Q

2018

3Q

2018

4Q

2018

Q4’18 vs. Q4’17

Full Year

2018

Full Year

2017

2018 vs.

2017

Operating results

 

 

 

 

 

 

 

 

 

Open pit material mined (‘000 tonnes)

28,929

23,131

22,792

22,523

22,863

-21.0%

91,310

105,921

-13.8%

Ore treated (‘000 tonnes)

10,838

9,561

10,164

9,652

9,361

-13.6%

38,738

41,177

-5.9%

Average mill head grades:

 

 

 

 

 

 

 

 

 

  Copper (%)

0.53

0.51

0.48

0.51

0.55

3.8%

0.51

0.51

0.0%

  Gold (g/t)

0.20

0.25

0.26

0.38

0.56

180.0%

0.36

0.17

111.8%

  Silver (g/t)

1.54

1.32

1.17

1.19

1.22

-20.8%

1.22

1.39

-12.2%

Concentrates produced (‘000 tonnes)

205.4

177.3

178.8

179.8

189.0

-8.0%

724.9

722.5

0.3%

  Average concentrate grade (% Cu)

22.0

21.9

22.0

21.9

21.9

-0.5%

21.9

21.8

0.5%

Production of metals in concentrates:

 

 

 

 

 

 

 

 

 

  Copper (‘000 tonnes)

45.3

38.8

39.4

39.4

41.5

-8.4%

159.1

157.4

1.1%

  Gold (‘000 ounces)

35

42

50

77

117

234.3%

285

114

150.0%

  Silver (‘000 ounces)

285

221

225

230

238

-16.5%

914

974

-6.2%

Concentrates sold (‘000 tonnes)

175.5

163.1

220.0

171.9

191.4

9.1%

746.4

724.3

3.1%

Sales of metals in concentrates:

 

 

 

 

 

 

 

 

 

  Copper (‘000 tonnes)

35.7

34.3

46.1

36.0

40.2

12.6%

156.7

149.3

5.0%

  Gold (‘000 ounces)

27

31

51

55

111

311.1%

248

111

123.4%

  Silver (‘000 ounces)

205

206

250

201

216

5.4%

873

860

1.5%

Metal recovery (%)

 

 

 

 

 

 

 

 

 

  Copper

78.0

79.5

79.7

80.9

84.8

8.7%

81.4

75.4

8.0%

  Gold

50.5

55.0

59.8

64.7

71.7

42.0%

65.2

49.7

31.2%

  Silver

53.0

54.6

58.4

62.8

67.1

26.6%

60.9

52.9

15.1%

Financial results ($ in millions, unless otherwise noted)

 

 

 

 

 

 

 

 

 

Revenue

251.7

245.6

341.7

246.5

346.2

37.5%

1,180.0

939.8

25.6%

Revenue by metals in concentrates

 

 

 

 

 

 

 

 

 

  Copper

216.1

202.1

273.7

180.4

210.3

-2.7%

866.5

795.6

8.9%

  Gold

32.5

40.3

64.1

63.3

132.7

308.3%

300.4

130.8

129.7%

  Silver

3.2

3.2

4.0

2.9

3.0

-6.3%

13.1

13.4

-2.2%

Operating cash flow

91.1

14.7

149.6

52.5

146.1

60.4%

363.0

325.8

11.4%

Cost of sales

182.7

168.9

239.6

181.0

187.7

2.7%

777.2

763.8

1.8%

  Production and delivery costs

106.6

114.6

174.2

135.9

143.3

34.4%

568.0

468.4

21.3%

  Depreciation and depletion

73.4

55.6

64.1

45.2

44.6

-39.2%

209.5

304.1

-31.1%

Capital expenditure on cash basis

330.4

285.7

318.0

328.8

371.8

12.5%

1,304.3

917.5

42.2%

  Underground

309.0

270.5

291.2

304.8

347.3

12.4%

1,213.8

835.7

45.2%

  Open pit (2)

21.4

15.2

26.8

24.0

24.5

14.5%

90.5

81.8

10.6%

Royalties

15.8

14.9

20.3

15.5

20.1

27.2%

70.8

57.1

24.0%

Operating cash costs(3)

217.7

176.6

201.7

196.4

242.3

11.3%

817.1

711.6

14.8%

Unit costs ($)

 

 

 

 

 

 

 

 

 

  Cost of sales (per pound of copper sold)

2.32

2.23

2.36

2.28

2.12

-8.6%

2.25

2.32

-3.0%

  C1 (per pound of copper produced) (3)

2.05

1.76

1.72

1.65

1.24

-39.5%

1.59

1.92

-17.2%

  All-in sustaining (per pound of copper produced) (3)

2.40

2.07

2.42

2.29

2.01

-16.3%

2.20

2.39

-7.9%

  Mining costs (per tonne of material mined) (3)

1.72

1.94

2.12

2.18

2.28

32.6%

2.13

1.51

41.1%

  Milling costs (per tonne of ore treated) (3)

5.92

7.42

6.70

7.38

6.82

15.2%

7.11

6.36

11.8%

  G&A costs (per tonne of ore treated)

3.56

1.90

2.25

3.43

4.55

27.8%

3.03

2.93

3.4%

Financial position

 

 

 

 

 

 

 

 

 

Cash and cash equivalents ($’000,000)

1,444.8

1,498.4

1,463.3

1,520.6

1,603.1

 

1,603.1

1,444.8

 

 

(1) Any financial information in this press release 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 the NON-GAAP MEASURES section of this press release for further information.

Symbol TRQ.TO
Last $2.36
High $2.36
Year High $4.31
Bid $2.35
Volume 380,446
Market Capitalization $4749051392
Open $2.32
Low $2.28
Year Low $1.94
Ask $2.36
Change 0.02 (0.85%)
As of March 18, 2019 07:26 am PDT
Symbol TRQ.TO
Last $1.76
High $1.77
Year High $3.30
Bid $1.76
Volume 1,293,246
Market Capitalization $3632939264
Open $1.74
Low $1.72
Year Low $1.43
Ask $1.77
Change 0.05 (2.92%)
As of March 18, 2019 07:26 am PDT

Latest Metrics

0.16 AIFR per 200,000 hours worked
41,500 T Q4'18 copper production
117,000 Oz Q4'18 gold production
$346.2 Q4'18 revenue
$1.24/lb Cu Q4'18 C1 cash costs
1.6 Km Q4'18 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

Ed Jack

Investor Relations

Office: +1 604 688 5755
Mobile: +1 514 244 7436
ed.jack@turquoisehill.com
© 2019 Turquoise Hill Resources
All rights reserved.