Oyu Tolgoi is one of the world’s largest new copper-gold mines and is located in the South Gobi region of Mongolia, approximately 550 km south of the capital, Ulaanbaatar, and 80 km north of the Mongolia-China border.
Oyu Tolgoi has the potential to operate for approximately 100 years from five known mineralized deposits. The first of those (the Oyut deposit) was put into production as an open-pit operation in 2013.
A second deposit, Hugo North (Lift One), is under development as an underground operation and is scheduled to begin sustainable production in 2021. The other three deposits, Hugo North (Lift Two), Hugo South and Heruga, are not yet scheduled for development.
With the current development schedule, Turquoise Hill expects that Oyu Tolgoi will be the world’s third-largest copper producer at peak metal production in 2025¹.
Turquoise Hill expects average production from 2025 to 2030 to be more than 550,000 tonnes of copper and over 450,000 ounces of gold per year, all from the Oyut open pit and the Hugo North Lift One underground operation².
On October 6, 2009, Turquoise Hill Resources and Rio Tinto signed a long-term, comprehensive Investment Agreement with the Government of Mongolia for the construction and operation of the Oyu Tolgoi copper-gold mining complex. The agreement created a partnership between the Mongolian Government – which acquired a 34% interest in the project - and Turquoise Hill Resources, which retained a controlling 66% interest in Oyu Tolgoi. Global miner Rio Tinto, which joined Turquoise Hill Resources as a strategic partner in October 2006, began managing the development of Oyu Tolgoi in December 2010.
- Based on 2016 Oyu Tolgoi Technical Report assumptions. Ranking based on analysis by Wood Mackenzie metal forecast based on 2018 guidance. Subject to change based on review of second Oyu Tolgoi annual schedule and cost re-forecast outcomes.
- Subject to change based on review of second Oyu Tolgoi annual schedule and cost re-forecast outcomes.
Cautionary Note to U.S. Investors
The United States Securities and Exchange Commission permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms on this website such as “measured,” “indicated,” and “inferred” “resources,” which the SEC guidelines generally prohibit U.S. registered companies from including in their filings with the SEC. U.S. investors are urged to consider closely the disclosure in our Form 40-F which may be secured from us, or from the SEC’s website at www.sec.gov/edgar.shtml.