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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 Q4’19 are as follows:
Oyu Tolgoi Production Data
All data represents full production and sales on a 100% basis
| 4Q 2018 | 1Q 2019 | 2Q 2019 | 3Q 2019 | 4Q 2019 | 1H 2019 | 1H 2018 | Full Year 2018 | Full Year 2019 | |
| Open pit material mined (‘000 tonnes) | 22,863 | 23,943 | 24,408 | 24,844 | 28,122 | 48,351 | 45,923 | 91,309 | 101,316 |
| Ore treated (‘000 tonnes) | 9,361 | 9,255 | 10,394 | 10,040 | 11,088 | 19,649 | 19,725 | 38,738 | 40,777 |
| Average mill head grades: | |||||||||
| Copper (%) | 0.55 | 0.57 | 0.46 | 0.37 | 0.42 | 0.51 | 0.50 | 0.51 | 0.45 |
| Gold (g/t) | 0.56 | 0.58 | 0.31 | 0.14 | 0.15 | 0.44 | 0.25 | 0.36 | 0.29 |
| Silver (g/t) | 1.22 | 1.25 | 1.20 | 1.03 | 1.06 | 1.23 | 1.24 | 1.22 | 1.13 |
| Concentrates produced (‘000 tonnes) | 189.0 | 210.1 | 180.6 | 131.3 | 152.6 | 390.7 | 356.1 | 724.9 | 647.6 |
| Average concentrate grade(%Cu) | 21.9 | 21.8 | 21.7 | 21.7 | 21.6 | 21.8 | 22.0 | 21.9 | 21.7 |
| Production of metals in concentrates: | |||||||||
| Copper (‘000 tonnes) | 41.5 | 45.8 | 39.2 | 28.4 | 32.9 | 85.0 | 78.2 | 159.1 | 146.3 |
| Gold (‘000 ounces) | 117 | 120 | 72 | 25.6 | 24.3 | 192 | 92 | 285 | 241.8 |
| Silver (‘000 ounces) | 238 | 247 | 238 | 191 | 190 | 486 | 446 | 914 | 866.6 |
| Concentrate sold (‘000 tonnes) | 191.4 | 184.9 | 225.3 | 157 | 157.5 | 410.3 | 383.1 | 746.4 | 724.7 |
| Sales of metals in concentrates: | |||||||||
| Copper (‘000 tonnes) | 40.2 | 38.5 | 46.6 | 32.4 | 32.3 | 85.1 | 80.4 | 156.7 | 149.9 |
| Gold (‘000 ounces) | 111 | 98 | 116 | 35.4 | 24.7 | 213 | 82 | 248 | 273.6 |
| Silver (‘000 ounces) | 216 | 200 | 245 | 207 | 243.6 | 445 | 456 | 873 | 895.9 |
| Metal recovery (%) | |||||||||
| Copper | 84.8 | 83.8 | 80.2 | 75.1 | 74.2 | 82.2 | 79.6 | 81.4 | 78.7 |
| Gold | 71.7 | 70.1 | 63.6 | 54.7 | 48.2 | 68.2 | 57.6 | 65.2 | 63.6 |
| Silver | 67.1 | 63.2 | 59.2 | 56 | 53.5 | 61.2 | 56.4 | 60.9 | 58.1 |
Key financial metrics for Q4’19 are as follows:
Oyu Tolgoi Key Financial Metrics(1)
| Three months ended | Year ended | |||||
| ($ in millions, unless otherwise noted)
| 4Q 2019 | 4Q 2018 | Change | 12 months 2019 | 12 months 2018 | Change |
| Revenue | 221.4 | 346.2 | -36.0% | 1,166.0 | 1,180.0 | -1.2% |
| Income (loss) for the period | 109.5 | 95.0 | – | (476.9) | 394.3 | – |
| Income (loss) attributable to owners of Turquoise Hill | 113.1 | 101.0 | – | (150.5) | 411.2 | – |
| Basic and diluted income (loss) per share attributable to owners of Turquoise Hill | 0.06 | 0.05 | – | (0.07) | 0.20 | – |
| Revenue by metals in concentrates | ||||||
| Copper | 178.1 | 210.3 | -15.3% | 787.8 | 866.5 | -9.1% |
| Gold | 40.1 | 132.7 | -69.8% | 365.0 | 300.4 | 21.5% |
| Silver | 3.2 | 3.0 | 6.7% | 13.2 | 13.1 | 0.8% |
| Cost of sales | 175.0 | 187.7 | -6.8% | 743.0 | 777.2 | -4.4% |
| Production and delivery costs | 125.2 | 143.3 | -12.6% | 559.1 | 568.0 | -1.6% |
| Depreciation and depletion | 49.8 | 44.6 | 11.7% | 183.9 | 209.5 | -12.2% |
| Capital expenditure on cash basis | 318.6 | 371.8 | -14.3% | 1,308.1 | 1,304.3 | 0.3% |
| Underground | 289.7 | 347.3 | -16.6% | 1,174.9 | 1,213.8 | -3.2% |
| Open pit(2) | 28.9 | 24.5 | 18.0% | 133.2 | 90.5 | 47.2% |
| Royalties | 12.5 | 20.1 | -37.8% | 64.0 | 70.8 | -9.6% |
| Operating cash costs(3) | 194.6 | 242.3 | -19.7% | 774.5 | 817.0 | -5.2% |
| Unit costs ($) | ||||||
| Cost of sales (per pound of copper sold) | 2.46 | 2.12 | 16.0% | 2.25 | 2.25 | 0.0% |
| C1 (per pound of copper produced)(3) | 2.21 | 1.24 | 78.2% | 1.37 | 1.59 | -13.8% |
All-in sustaining (per pound of copper produced)(3) | 2.97 | 2.019 | 47.8% | 2.08 | 2.20 | -5.5% |
| Mining costs (per tonne of material mined)(3) | 1.55 | 2.28 | -31.9% | 1.88 | 2.13 | -11.7% |
| Milling costs (per tonne of ore treated)(3) | 5.01 | 6.28 | -26.6% | 6.48 | 7.11 | -8.9% |
| G&A costs (per tonne of ore treated) | 3.49 | 4.55 | -23.2% | 3.30 | 3.03 | 9.1% |
| Cash generated from operating activities | (153.6) | 36.0 | -526.7% | (11.7) | 180.0 | -106.5% |
| Cash generated from (used in) operating activities before interest and tax | 42.4 | 146.1 | -71.0% | 341.7 | 363.0 | -5.9% |
| Interest paid | 206.6 | 130.5 | 58.3% | 427.5 | 261.4 | 63.5% |
| Total assets | 12,822 | 13,312 | -3.7% | 12,822 | 13,312 | -3.7% |
| Total non-current financial liabilities | 4,371 | 4,367 | 0.1% | 4,371 | 4,367 | 0.1% |
(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 40 of this MD&A for further information.
| Symbol | TRQ.TO |
| Last | $0.55 |
| High | $0.57 |
| Year High | $2.36 |
| Bid | $0.53 |
| Volume | 407,860 |
| Market Capitalization | $1106770560 |
| Open | $0.54 |
| Low | $0.54 |
| Year Low | $0.43 |
| Ask | $0.54 |
| Change | -0.02 (-3.51%) |
| Symbol | TRQ.TO |
| Last | $0.38 |
| High | $0.40 |
| Year High | $1.77 |
| Bid | $0.38 |
| Volume | 1,034,160 |
| Market Capitalization | $760558144 |
| Open | $0.38 |
| Low | $0.38 |
| Year Low | $0.30 |
| Ask | $0.39 |
| Change | -0.02 (-4.24%) |
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