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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 Q4’20 are as follows:
Oyu Tolgoi Production Data
All data represents full production and sales on a 100% basis
| 4Q 2019 | 1Q 2020 | 2Q 2020 | 3Q 2020 |
| Full Year 2019 | Full Year 2020 | ||
| Open pit material mined (‘000 tonnes) | 28,122 | 26,834 | 23,218 | 23,979 | 23,663 | 101,316 | 97,694 | |
| Ore treated (‘000 tonnes) | 11,088 | 10,889 | 9,645 | 10,072 | 9,594 | 40,777 | 40,200 | |
| Average mill head grades: | ||||||||
| Copper (%) | 0.42 | 0.42 | 0.47 | 0.45 | 0.50 | 0.45 | 0.46 | |
| Gold (g/t) | 0.15 | 0.15 | 0.19 | 0.21 | 0.41 | 0.29 | 0.24 | |
| Silver (g/t) | 1.06 | 1.14 | 1.22 | 1.22 | 1.16 | 1.13 | 1.18 | |
| Concentrates produced (‘000 tonnes) | 152.6 | 164.5 | 169.9 | 168.5 | 190.2 | 647.6 | 693.1 | |
| Average concentrate grade(%Cu) | 21.6 | 21.4 | 21.5 | 21.5 | 21.9 | 21.7 | 21.6 | |
| Production of metals in concentrates: | ||||||||
| Copper (‘000 tonnes) | 32.9 | 35.2 | 36.5 | 36.3 | 41.6 | 146.3 | 149.6 | |
| Gold (‘000 ounces) | 24 | 26 | 31 | 37 | 88 | 242 | 182 | |
| Silver (‘000 ounces) | 190 | 214 | 212 | 219 | 231 | 866.6 | 876 | |
| Concentrate sold (‘000 tonnes) | 157.5 | 125.9 | 194.3 | 167.9 | 181.5 | 724.7 | 669.6 | |
| Sales of metals in concentrates: | ||||||||
| Copper (‘000 tonnes) | 32.3 | 25.8 | 39.7 | 34.4 | 37.9 | 149.9 | 137.8 | |
| Gold (‘000 ounces) | 25 | 20 | 31 | 34 | 66 | 274 | 150 | |
| Silver (‘000 ounces) | 244 | 146 | 220 | 201 | 194 | 896 | 760 | |
| Metal recovery (%) | ||||||||
| Copper | 74.2 | 74.3 | 79.1 | 78.9 | 85.9 | 78.7 | 79.6 | |
| Gold | 48.2 | 46.0 | 52.0 | 53.7 | 68.8 | 63.6 | 58.6 | |
| Silver | 53.5 | 51.5 | 55.8 | 64.6 | 64.3 | 58.1 | 56.4 |
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 % |
| Revenue | 264.4 | 209.2 | 26.4% | 673.1 | 944.6 | (28.7%) |
| Income (loss) for the period | 161.7 | 45.1 | – | 253.0 | (568.4) | – |
| Income (loss) attributable to owners of Turquoise Hill | 128.6 | 71.1 | – | 246.4 | (263.5) | – |
| Basic and diluted income (loss) per share attributable to owners of Turquoise Hill0.03 | 0.64 | 0.36 | – | 1.22 | (1.31) | – |
| Revenue by metals in concentrates | ||||||
| Copper | 198.7 | 153.4 | 29.5% | 517.3 | 609.7 | (15.2%) |
| Gold | 61.1 | 52.4 | 16.6% | 145.3 | 324.8 | (55.3%) |
| Silver | 4.6 | 3.4 | 35.3% | 10.5 | 10.1 | 4.0% |
| Cost of sales | 168.0 | 174.2 | (3.6%) | 495.9 | 568.0 | (12.7%) |
| Production and delivery costs | 125.7 | 137.8 | (8.8%) | 367.5 | 433.9 | (15.3%) |
| Depreciation and depletion | 42.2 | 34.9 | 20.9% | 128.3 | 134.1 | (4.3%) |
| Capital expenditure on cash basis | 254.5 | 329.2 | (22.7%) | 817.5 | 989.4 | (17.4%) |
| Underground | 242.1 | 296.8 | (18.4%) | 783.6 | 885.2 | (11.5%) |
| Open pit(2) | 12.4 | 32.4 | (61.7%) | 33.9 | 104.2 | (67.5%) |
| Royalties | 15.5 | 11.1 | 39.6% | 40.0 | 51.5 | (22.3%) |
| Operating cash costs(3) | 181.4 | 175.1 | 3.6% | 550.3 | 579.9 | (5.1%) |
| Unit costs ($) | ||||||
| Cost of sales (per pound of copper sold) | 2.22 | 2.44 | (9.0%) | 2.25 | 2.19 | 2.7% |
| C1 (per pound of copper produced)(3) | 1.48 | 2.14 | (30.8%) | 1.72 | 1.12 | 53.6% |
| All-in sustaining (per pound of copper produced)(3) | 1.88 | 2.84 | (33.8%) | 2.13 | 1.82 | 17.0% |
| Mining costs (per tonne of material mined)(3) | 1.93 | 1.87 | 3.2% | 1.78 | 2.00 | (11.0%) |
| Milling costs (per tonne of ore treated)(3) | 5.90 | 6.92 | (14.7%) | 6.06 | 7.03 | (13.8%) |
| G&A costs (per tonne of ore treated) | 2.98 | 2.97 | 0.3% | 3.05 | 3.23 | (5.6%) |
| Cash generated from operating activities | 77.6 | 6.1 | 1,172.1% | (28.6) | 141.9 | (120.2%) |
| Cash generated from (used in) operating activities before interest and tax | 89.2 | (13.1) | 780.9% | 125.4 | 299.4 | (58.1%) |
| Interest paid | 0.7 | 2.5 | (72.0%) | 146.2 | 220.8 | (33.8%) |
| Total assets | 13,087 | 12,787 | 2.3% | 13,087 | 12,787 | 2.3% |
| Total non-current financial liabilities | 4,390 | 4,411 | (0.5%) | 4,390 | 4,411 | (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.
| Symbol | TRQ.TO |
| Last | $18.06 |
| High | $18.21 |
| Year High | $21.09 |
| Bid | $18.02 |
| Volume | 614,171 |
| Market Capitalization | $3634231808 |
| Open | $17.92 |
| Low | $16.82 |
| Year Low | $4.30 |
| Ask | $18.04 |
| Change | 0.10 (0.56%) |
| Symbol | TRQ.TO |
| Last | $14.25 |
| High | $14.34 |
| Year High | $16.86 |
| Bid | $14.24 |
| Volume | 1,978,484 |
| Market Capitalization | $2866259200 |
| Open | $14.30 |
| Low | $13.13 |
| Year Low | $3.00 |
| Ask | $14.25 |
| Change | 0.08 (0.56%) |
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