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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 Q1’21 are as follows:

Oyu Tolgoi Production Data
All data represents full production and sales on a 100% basis

 1Q
2020
2Q
2020
3Q
2020
4Q
2020
1Q
2021
Full Year
2020
Open pit material mined (‘000 tonnes)26,83423,21823,97923,66322,58897,694
Ore treated (‘000 tonnes)10,8899,64510,0729,5949,81340,200
Average mill head grades:      
Copper (%)0.420.470.450.500.560.46
Gold (g/t)0.150.190.210.410.680.24
Silver (g/t)1.141.221.221.161.291.18
Concentrates produced (‘000 tonnes)164.5169.9168.5190.2201.9693.1
Average concentrate grade(%Cu)21.421.521.521.922.521.6
Production of metals in concentrates:      
Copper (‘000 tonnes)35.236.536.341.645.4149.6
Gold (‘000 ounces)26313788146182
Silver (‘000 ounces)214212219231255876
Concentrate sold (‘000 tonnes)125.9194.3167.9181.5186.3669.6
Sales of metals in concentrates:      
Copper (‘000 tonnes)25.839.734.437.939.0137.8
Gold (‘000 ounces)20313466111150
Silver (‘000 ounces)146220201194207760
Metal recovery (%)      
Copper74.379.178.985.986.379.6
Gold46.052.053.768.872.258.6
Silver51.555.854.664.365.356.4

 

Key financial metrics for Q1’21 are as follows:

Oyu Tolgoi Key Financial Metrics(1)

($ in millions, unless otherwise noted)1Q
2021
1Q
2020
Change
%
12 months
2020
     
Revenue526.5130.7302.8%1,078.2
Income (loss) for the period332.119.0494.6
Income (loss) attributable to owners of Turquoise Hill236.745.2406.3
Basic and diluted income (loss) per share attributable to owners of Turquoise Hill1.180.222.02
Revenue by metals in concentrates    
Copper333.796.9244.4%797.3
Gold188.231.6495.6%265.7
Silver4.62.2109.1%15.2
Cost of sales155.6145.96.6%669.4
Production and delivery costs103.4104.7(1.2%)493.4
Depreciation and depletion52.235.049.1%176.0
Capital expenditure on cash basis250.3301.1(16.9%)1,080.5
Underground-Development181.1291.5(37.9%)926.7
Underground-Sustaining60.9100.0%94.4
Open pit8.39.6(13.5%)59.4
Proceeds from pre-production revenue0.0%(26.1)
Royalties22.710.2122.5%63.4
Operating cash costs(2)201.2188.17.0%747.9
Unit costs ($)    
Cost of sales (per pound of copper sold)1.812.57(29.6%)2.20
C1 (per pound of copper produced)(2)0.082.07(96.1%)1.45
All-in sustaining (per pound of copper produced)(2)0.492.39(79.5%)1.94
Mining costs (per tonne of material mined)(2)1.971.7313.7%1.80
Milling costs (per tonne of ore treated)(2)6.255.5811.9%6.35
G&A costs (per tonne of ore treated)3.472.9517.8%3.11
Cash generated from (used in) operating activities(133.2)(24.4)445.9%40.9
Cash generated from operating activities before interest and tax248.21.516,446.7%371.2
Interest paid26.526.8(1.1%)316.8
Total assets13,67312,9155.9%13,369
Total non-current financial liabilities4,4314,3841.1%4,419

(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) Please refer to NON-GAAP MEASURES – on page 25 of Q1 2021 MD&A for further information.

SymbolTRQ:CA
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As of May 15, 2021 10:49 am EDT
SymbolTRQ
Last$
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As of May 15, 2021 10:42 am EDT

Latest Metrics

0.20 AIFR Q1'21 AIFR per 200,000 hours worked
45,449T Q1'21 copper production
145,656 Oz Q1'21 gold production
$526.5 m Q1'21 revenue
$0.08 /lb Cu Q1'21 C1 cash costs
3.5 Km Q1'21 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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