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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)22,52322,86323,94324,40824,84448,35145,92391,309
Ore treated (‘000 tonnes)9,6529,3619,25510,39410,04019,64919,72538,738
Average mill head grades:        
Copper (%)0.510.550.570.460.370.510.500.51
Gold (g/t)0.380.560.580.310.140.440.250.36
Silver (g/t)1.191.221.251.201.031.231.241.22
Concentrates produced (‘000 tonnes)179.8189.0210.1180.6131.3390.7356.1724.9
Average concentrate grade (% Cu)21.921.921.821.721.721.822.021.9
Production of metals in concentrates:        
Copper (‘000 tonnes)39.441.545.839.228.485.078.2159.1
Gold (‘000 ounces)771171207225.619292285
Silver (‘000 ounces)230238247238191486446914
Concentrate sold (‘000 tonnes)171.9191.4184.9225.3157410.3383.1746.4
Sales of metals in concentrates:        
Copper (‘000 tonnes)36.040.238.546.632.485.180.4156.7
Gold (‘000 ounces)551119811635.421382248
Silver (‘000 ounces)201216200245207445456873
Metal recovery (%)        
Copper80.984.883.880.275.182.279.681.4
Gold64.771.770.163.654.768.257.665.2
Silver62.867.163.259.25661.256.460.9

Key financial metrics for Q3’19 are as follows:

Oyu Tolgoi Key Financial Metrics(1)

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

 

3Q
2019
3Q
2018
Change9 months
2019
9 months
2018
Change
       
Revenue209.2246.5-15.1%944.6833.913.3%
Income (loss) for the period32.315.2112.5%(599.2)299.3-300.2%
Income (loss) attributable to owners of Turquoise Hill63.353.219.0%(272.0)310.2-187.7%
Basic and diluted income (loss) per share attributable to owners of Turquoise Hill0.030.03(0.14)0.15-193.3%
Revenue by metals in concentrates      
Copper153.41080.4-15.0%609.7656.1-7.1%
Gold52.463.3-17.2%324.8167.693.7%
Silver3.42.917.2%10.110.10.0%
Cost of sales174.2181.0-3.8%568.0589.5-3.6%
Production and delivery costs137.8135.91.4%433.9424.62.2%
Depreciation and depletion34.945.2-22.8%134.1164.9-18.7%
Capital expenditure on cash basis329.2328.80.1%989.4932.66.1%
Underground296.8304.8-2.6%885.2866.52.2%
Open pit(2)32.424.035.0%104.266.057.9%
Royalties11.115.5-28.4%30.850.7-39.3%
Operating cash costs(3)175.1196.4-10.8%579.9574.80.9%
Unit costs ($)      
Cost of sales (per pound of copper sold)2.442.287.0%2.192.30-4.3%
C1 (per pound of copper produced)(3)2.141.6529.7%1.121.71-34.5%
All-in sustaining (per pound of copper produced)(3)2.842.2924.0%1.822.26-19.5%
Mining costs (per tonne of material mined)(3)1.872.18-14.2%2.002.07-3.4%
Milling costs (per tonne of ore treated)(3)6.927.38-6.2%7.037.19-2.2%
G&A costs (per tonne of ore treated)2.973.43-13.4%3.232.5228.2%
Cash generated from operating activities6.176.2-92.0%141.9143.9-1.4%
 
Cash generated from (used in) operating activities before interest and tax(13.1)52.5-125.0%299.4216.938.0%
Interest paid2.50.1-96.8%220.8130.968.7%
Total assets12,77413,223-3.4%12,77413,223-3.4%
Total non-current financial liabilities4,4114,3441.6%4,4114,3441.6%

(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.

SymbolTRQ.TO
Last$0.91
High$1.00
Year High$2.84
Bid$0.91
Volume2,437,930
Market Capitalization$1831202176
Open$0.92
Low$0.91
Year Low$0.53
Ask$0.92
Change-0.10 (-9.90%)
As of January 21, 2020 01:21 pm PST
SymbolTRQ.TO
Last$0.70
High$0.76
Year High$2.17
Bid$0.70
Volume2,481,416
Market Capitalization$1437092992
Open$0.75
Low$0.70
Year Low$0.40
Ask$0.70
Change0.01 (1.26%)
As of January 21, 2020 01:21 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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