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 Q2’21 are as follows:
Oyu Tolgoi Production Data
All data represents full production and sales on a 100% basis
| | 2Q
2021 | 2Q
2020 | Change
| 1H
2021 | 1H
2020 | Change
| | Open pit material mined (‘000 tonnes) | 15,829 | 23,218 | (31.8%) | 38,417 | 50,052 | (23.2%) | | Ore treated (‘000 tonnes) | 9,401 | 9,645 | (2.5%) | 19,214 | 20,534 | (6.4%) | | Average mill head grades: | | | | | | | | Copper (%) | 0.47 | 0.47 | 0.0% | 0.51 | 0.45 | 13.3% | | Gold (g/t) | 0.50 | 0.19 | 163.2% | 0.59 | 0.17 | 247.1% | | Silver (g/t) | 1.19 | 1.22 | (2.5%) | 1.24 | 1.18 | 5.1% | | Concentrates produced (‘000 tonnes) | 173.2 | 169.9 | 1.9% | 375.1 | 334.4 | 12.2% | | Average concentrate grade(%Cu) | 21.2 | 21.5 | (1.4%) | 21.9 | 21.4 | 2.3% | | Production of metals in concentrates: | | | | | | | | Copper (‘000 tonnes) | 36.7 | 36.5 | 0.5% | 82.2 | 71.7 | 14.6% | | Gold (‘000 ounces) | 113 | 31 | 264.5% | 259 | 57 | 354.4% | | Silver (‘000 ounces) | 235 | 212 | 10.8% | 490 | 426 | 15.0% | | Concentrate sold (‘000 tonnes) | 92.6 | 194.3 | (52.3%) | 278.9 | 320.2 | (12.9%) | | Sales of metals in concentrates: | | | | | | | | Copper (‘000 tonnes) | 19.6 | 39.7 | (50.6%) | 58.6 | 65.5 | (10.5%) | | Gold (‘000 ounces) | 73 | 31 | 135.5% | 183 | 51 | 258.8% | | Silver (‘000 ounces) | 106 | 220 | (51.8%) | 313 | 366 | (14.5%) | | Metal recovery (%) | | | | | | | | Copper | 79.7 | 79.1 | 0.8% | 83.4 | 76.7 | 8.7% | | Gold | 69.3 | 52.0 | 33.3% | 71.0 | 49.3 | 44.0% | | Silver | 62.5 | 55.8 | 12.0% | 64.0 | 53.6 | 19.4% |
Key financial metrics for Q2’21 are as follows: Oyu Tolgoi Key Financial Metrics(1) | | | | Three Months ended | | | Six Months ended | | ($ in millions, unless otherwise noted) | 2Q
2021 | 2Q
2020 | Change
% | 2Q
2021 | 2Q
2020 | Change
% | | | | | | | | | | Revenue | 317.8 | 278.0 | 14.3% | 844.3 | 408.6 | 106.6% | | Income (loss) for the period | 118.8 | 72.3 | – | 451.0 | 91.3 | – | | Income (loss) attributable to owners of Turquoise Hill | 96.9 | 72.6 | – | 333.6 | 117.8 | – | | Basic and diluted income (loss) per share attributable to owners of Turquoise Hill | 0.48 | 0.36 | – | 1.66 | 0.59 | – | | Revenue by metals in concentrates | | | | | | | | Copper | 187.4 | 221.7 | (15.5%) | 521.1 | 318.5 | 63.6% | | Gold | 127.5 | 52.6 | 142.4% | 315.7 | 84.2 | 274.9% | | Silver | 2.9 | 3.7 | (21.6%) | 7.5 | 5.9 | 27.1% | | Cost of sales | 86.2 | 182.0 | (54.6%) | 238.2 | 327.9 | (27.4%) | | Production and delivery costs | 61.4 | 137.1 | (55.2%) | 164.8 | 241.8 | (31.8%) | | Depreciation and depletion | 21.2 | 51.1 | (58.5%) | 73.4 | 86.1 | (14.8%) | | Capital expenditure on cash basis | 230.3 | 261.9 | (12.1%) | 480.6 | 563.0 | (14.6%) | | Underground-Development | 161.5 | 239.0 | (32.4%) | 342.6 | 530.5 | (35.4%) | | Underground-Sustaining | 49.9 | 11.0 | 353.6% | 110.8 | 11.0 | 907.3% | | Open pit | 18.9 | 11.9 | 58.8% | 27.2 | 21.5 | 26.5% | | Proceeds from pre-production revenue | (12.0) | (7.6) | 57.9% | (12.0) | (7.6) | 57.9% | | Royalties | 22.5 | 14.2 | 58.5% | 45.2 | 24.5 | 76.1% | | Operating cash costs(2) | 210.5 | 180.8 | 16.4% | 411.7 | 368.9 | 11.6% | | Unit costs ($) | | | | | | % | | Cost of sales (per pound of copper sold) | 1.91 | 2.08 | (8.2%) | 1.84 | 2.27 | (18.9%) | | C1 (per pound of copper produced)(2) | 0.83 | 1.61 | (48.4%) | 0.42 | 1.84 | (77.2%) | | All-in sustaining (per pound of copper produced)(2) | 1.48 | 2.18 | (32.1%) | 0.93 | 2.29 | (59.4%) | | Mining costs (per tonne of material mined)(2) | 2.71 | 1.69 | 60.1% | 2.27 | 1.71 | 32.6% | | Milling costs (per tonne of ore treated)(2) | 7.09 | 6.77 | 4.8% | 6.66 | 6.14 | 8.5% | | G&A costs (per tonne of ore treated) | 4.98 | 3.25 | 53.1% | 4.21 | 3.09 | 36.3% | | Cash generated from (used in) operating activities | 209.3 | (81.8) | 355.9% | 76.1 | (106.3) | 171.6% | | Cash generated from operating activities before interest and tax | 295.7 | 34.7 | 752.2% | 543.9 | 36.2 | 1,402.5% | | Interest paid | 84.5 | 118.7 | (28.8%) | 111.0 | 145.5 | (23.7%) | | Total assets | 13,873 | 12,895 | 7.6% | 13,873 | 12,895 | 7.6% | | Total non-current financial liabilities | 4,407 | 4,374 | 0.8% | 4,407 | 4,374 | 0.8% | |
(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. |
| Symbol | TRQ:CA |
| Last | $ |
| High | $ |
| Year High | $ |
| Bid | $ |
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| Market Capitalization | $ |
| Open | $ |
| Low | $ |
| Year Low | $ |
| Ask | $ |
| Change | (%) |
As of September 28, 2021 03:22 pm EDT
| Symbol | TRQ |
| Last | $ |
| High | $ |
| Year High | $ |
| Bid | $ |
| Volume | |
| Market Capitalization | $ |
| Open | $ |
| Low | $ |
| Year Low | $ |
| Ask | $ |
| Change | (%) |
As of September 28, 2021 03:18 pm EDT
Latest Reports & Presentations
Latest Metrics
0.14 AIFR Q2'21 AIFR per 200,000 hours worked
36,735 T Q2'21 copper production
113,054 Oz Q2'21 gold production
$317.8 m Q2'21 revenue
$0.83 /lb Cu Q2'21 C1 cash costs
1.7 Km Q2'21 Equivalent
Contact
Transfer Agent & Registrars
AST Trust Company (Canada)
Attn: Manager, Client Relations
1600 - 1066 West Hastings Street
Vancouver, BC, Canada
V6E 3X1
Roy McDowall
Investor Relations
