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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)24,84428,12226,83423,21823,97974,03273,195101,316
Ore treated (‘000 tonnes)10,04011,08810,8899,64510,07230,60629,68940,777
Average mill head grades:        
Copper (%)0.370.420.420.470.450.450.460.45
Gold (g/t)0.140.150.150.190.210.180.340.29
Silver (g/t)1.031.061.141.221.221.191.161.13
Concentrates produced (‘000 tonnes)131.3152.6164.5169.9168.5502.9552.1647.6
Average concentrate grade(%Cu)21.721.621.421.521.521.521.721.7
Production of metals in concentrates:        
Copper (‘000 tonnes)28.432.935.236.536.3108.0113.4146.3
Gold (‘000 ounces)262426313794218242
Silver (‘000 ounces)191190214212219645677866.6
Concentrate sold (‘000 tonnes)157.0157.5125.9194.3167.9488.1567.2724.7
Sales of metals in concentrates:        
Copper (‘000 tonnes)32.432.325.839.734.499.9117.6149.9
Gold (‘000 ounces)352520313484249274
Silver (‘000 ounces)207244146220201566652896
Metal recovery (%)        
Copper75.174.274.379.178.977.480.378.7
Gold54.748.246.052.053.751.066.263.6
Silver56.053.551.555.864.654.059.658.1

 

Key financial metrics for Q3’20 are as follows:

Oyu Tolgoi Key Financial Metrics(1)

($ in millions, unless otherwise noted)3Q
2020
3Q
2019
Change
%
9 months
2020
9 months
2019
Change
%
       
Revenue264.4209.226.4%673.1944.6(28.7%)
Income (loss) for the period161.745.1253.0(568.4)
Income (loss) attributable to owners of Turquoise Hill128.671.1246.4(263.5)
Basic and diluted income (loss) per share attributable to owners of Turquoise Hill0.030.640.361.22(1.31)
Revenue by metals in concentrates      
Copper198.7153.429.5%517.3609.7(15.2%)
Gold61.152.416.6%145.3324.8(55.3%)
Silver4.63.435.3%10.510.14.0%
Cost of sales168.0174.2(3.6%)495.9568.0(12.7%)
Production and delivery costs125.7137.8(8.8%)367.5433.9(15.3%)
Depreciation and depletion42.234.920.9%128.3134.1(4.3%)
Capital expenditure on cash basis254.5329.2(22.7%)817.5989.4(17.4%)
Underground242.1296.8(18.4%)783.6885.2(11.5%)
Open pit(2)12.432.4(61.7%)33.9104.2(67.5%)
Royalties15.511.139.6%40.051.5(22.3%)
Operating cash costs(3)181.4175.13.6%550.3579.9(5.1%)
Unit costs ($)      
Cost of sales (per pound of copper sold)2.222.44(9.0%)2.252.192.7%
C1 (per pound of copper produced)(3)1.482.14(30.8%)1.721.1253.6%
All-in sustaining (per pound of copper produced)(3)1.882.84(33.8%)2.131.8217.0%
Mining costs (per tonne of material mined)(3)1.931.873.2%1.782.00(11.0%)
Milling costs (per tonne of ore treated)(3)5.906.92(14.7%)6.067.03(13.8%)
G&A costs (per tonne of ore treated)2.982.970.3%3.053.23(5.6%)
Cash generated from operating activities77.66.11,172.1%(28.6)141.9(120.2%)
Cash generated from (used in) operating activities before interest and tax89.2(13.1)780.9%125.4299.4(58.1%)
Interest paid0.72.5(72.0%)146.2220.8(33.8%)
Total assets13,08712,7872.3%13,08712,7872.3%
Total non-current financial liabilities4,3904,411(0.5%)4,3904,411(0.5%)

(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 27 of Q3 2020 MD&A for further information.

SymbolTRQ.TO
Last$12.98
High$13.02
Year High$15.60
Bid$12.94
Volume48,534
Market Capitalization$2611978496
Open$12.56
Low$12.56
Year Low$4.30
Ask$12.98
Change0.41 (3.26%)
As of November 26, 2020 08:31 am PST
SymbolTRQ.TO
Last$9.66
High$10.63
Year High$12.00
Bid$9.54
Volume1,362,047
Market Capitalization$1941544064
Open$10.54
Low$9.50
Year Low$3.00
Ask$10.19
Change-1.05 (-9.80%)
As of November 26, 2020 08:31 am PST

Latest Metrics

0.17 AIFR per 200,000 hours worked
36,286 T Q3'20 copper production
36,743 Oz Q3'20 gold production
$264.4 Q3'20 revenue
$1.48/lb Cu Q3'20 C1 cash costs
4.7 Km Q3'20 Equivalent

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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