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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
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3Q 2017 |
4Q 2017 |
1Q 2018 |
2Q 2018 |
3Q 2018 |
9 months 2018 |
9 months 2017 |
Full Year 2017 |
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Operating results |
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Open pit material mined (‘000 tonnes) |
27,466 |
28,929 |
23,131 |
22,792 |
22,523 |
68,446 |
76,992 |
105,921 |
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Ore treated (‘000 tonnes) |
10,615 |
10,838 |
9,561 |
10,164 |
9,652 |
29,377 |
30,339 |
41,177 |
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Average mill head grades: |
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Copper (%) |
0.48 |
0.53 |
0.51 |
0.48 |
0.51 |
0.50 |
0.50 |
0.51 |
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Gold (g/t) |
0.18 |
0.20 |
0.25 |
0.26 |
0.38 |
0.29 |
0.16 |
0.17 |
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Silver (g/t) |
1.34 |
1.54 |
1.32 |
1.17 |
1.19 |
1.22 |
1.34 |
1.39 |
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Concentrates produced (‘000 tonnes) |
170.0 |
205.4 |
177.3 |
178.8 |
179.8 |
535.9 |
517.0 |
722.5 |
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Average concentrate grade (% Cu) |
21.7 |
22.0 |
21.9 |
22.0 |
21.9 |
21.9 |
21.7 |
21.8 |
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Production of metals in concentrates: |
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Copper (‘000 tonnes) |
36.9 |
45.3 |
38.8 |
39.4 |
39.4 |
117.6 |
112.1 |
157.4 |
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Gold (‘000 ounces) |
31 |
35 |
42 |
50 |
77 |
169 |
80 |
114 |
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Silver (‘000 ounces) |
239 |
285 |
221 |
225 |
230 |
676 |
689 |
974 |
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Concentrates sold (‘000 tonnes) |
176.6 |
175.5 |
163.1 |
220.0 |
171.9 |
555.0 |
548.8 |
724.3 |
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Sales of metals in concentrates: |
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Copper (‘000 tonnes) |
36.9 |
35.7 |
34.3 |
46.1 |
36.0 |
116.4 |
113.6 |
149.3 |
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Gold (‘000 ounces) |
29 |
27 |
31 |
51 |
55 |
137 |
84 |
111 |
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Silver (‘000 ounces) |
229 |
205 |
206 |
250 |
201 |
657 |
656 |
860 |
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Metal recovery (%) |
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Copper |
73.5 |
78.0 |
79.5 |
79.7 |
80.9 |
80.1 |
74.3 |
75.4 |
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Gold |
51.2 |
50.5 |
55.0 |
59.8 |
64.7 |
61.2 |
49.4 |
49.7 |
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Silver |
52.8 |
53.0 |
54.6 |
58.4 |
62.8 |
58.4 |
51.8 |
52.9 |
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Financial results ($ in millions, unless otherwise noted) |
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Revenue |
246.9 |
251.7 |
245.6 |
341.7 |
246.5 |
833.9 |
688.1 |
939.8 |
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Revenue by metals in concentrates |
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Copper |
209.2 |
216.1 |
202.1 |
273.7 |
180.4 |
656.1 |
579.5 |
795.6 |
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Gold |
34.2 |
32.5 |
40.3 |
64.1 |
63.3 |
167.6 |
98.3 |
130.8 |
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Silver |
3.5 |
3.2 |
3.2 |
4.0 |
2.9 |
10.1 |
10.3 |
13.4 |
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Operating cash flow |
94.7 |
91.1 |
14.7 |
149.6 |
52.5 |
216.9 |
234.7 |
325.8 |
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Cost of sales |
197.8 |
182.7 |
168.9 |
239.6 |
181.0 |
589.5 |
581.0 |
763.8 |
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Production and delivery costs |
123.4 |
106.6 |
114.6 |
174.2 |
135.9 |
424.6 |
361.8 |
468.4 |
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Depreciation and depletion |
77.4 |
73.4 |
55.6 |
64.1 |
45.2 |
164.9 |
230.7 |
304.1 |
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Capital expenditure on cash basis |
234.0 |
330.4 |
285.7 |
318.0 |
328.8 |
932.6 |
587.1 |
917.5 |
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Underground |
205.6 |
309.0 |
270.5 |
291.2 |
304.8 |
866.5 |
526.7 |
835.7 |
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Open pit ² |
28.4 |
21.4 |
15.2 |
26.8 |
24.0 |
66.0 |
60.4 |
81.8 |
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Royalties |
14.5 |
15.8 |
14.9 |
20.3 |
15.5 |
50.7 |
41.4 |
57.1 |
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Operating cash costs³ |
161.9 |
217.7 |
176.6 |
201.7 |
196.4 |
574.8 |
494.0 |
711.6 |
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Unit costs ($) |
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Cost of sales (per pound of copper sold) |
2.43 |
2.32 |
2.23 |
2.36 |
2.28 |
2.30 |
2.32 |
2.32 |
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C1 (per pound of copper produced) ³ |
1.83 |
2.05 |
1.76 |
1.72 |
1.65 |
1.71 |
1.87 |
1.92 |
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All-in sustaining (per pound of copper produced) ³ |
2.76 |
2.40 |
2.07 |
2.42 |
2.29 |
2.26 |
2.39 |
2.39 |
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Financial position |
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Cash and cash equivalents ($’000,000) |
1,485.5 |
1,444.8 |
1,498.4 |
1,463.3 |
1,520.6 |
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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 | $2.09 |
| High | $2.19 |
| Year High | $4.37 |
| Bid | $2.08 |
| Volume | 756,995 |
| Market Capitalization | $4205727744 |
| Open | $2.19 |
| Low | $2.06 |
| Year Low | $1.94 |
| Ask | $2.20 |
| Change | -0.09 (-4.13%) |
| Symbol | TRQ.TO |
| Last | $1.56 |
| High | $1.64 |
| Year High | $3.34 |
| Bid | $1.55 |
| Volume | 2,867,417 |
| Market Capitalization | $3153446400 |
| Open | $1.63 |
| Low | $1.54 |
| Year Low | $1.43 |
| Ask | $1.75 |
| Change | -0.07 (-4.29%) |
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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 | |