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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 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)15,82923,218(31.8%)38,41750,052(23.2%)
Ore treated (‘000 tonnes)9,4019,645(2.5%)19,21420,534(6.4%)
Average mill head grades:      
Copper (%)0.470.470.0%0.510.4513.3%
Gold (g/t)0.500.19163.2%0.590.17247.1%
Silver (g/t)1.191.22(2.5%)1.241.185.1%
Concentrates produced (‘000 tonnes)173.2169.91.9%375.1334.412.2%
Average concentrate grade(%Cu)21.221.5(1.4%)21.921.42.3%
Production of metals in concentrates:      
Copper (‘000 tonnes)36.736.50.5%82.271.714.6%
Gold (‘000 ounces)11331264.5%25957354.4%
Silver (‘000 ounces)23521210.8%49042615.0%
Concentrate sold (‘000 tonnes)92.6194.3(52.3%)278.9320.2(12.9%)
Sales of metals in concentrates:      
Copper (‘000 tonnes)19.639.7(50.6%)58.665.5(10.5%)
Gold (‘000 ounces)7331135.5%18351258.8%
Silver (‘000 ounces)106220(51.8%)313366(14.5%)
Metal recovery (%)      
Copper79.779.10.8%83.476.78.7%
Gold69.352.033.3%71.049.344.0%
Silver62.555.812.0%64.053.619.4%

 

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
%
       
Revenue317.8278.014.3%844.3408.6106.6%
Income (loss) for the period118.872.3451.091.3
Income (loss) attributable to owners of Turquoise Hill96.972.6333.6117.8
Basic and diluted income (loss) per share attributable to owners of Turquoise Hill0.480.361.660.59
Revenue by metals in concentrates      
Copper187.4221.7(15.5%)521.1318.563.6%
Gold127.552.6142.4%315.784.2274.9%
Silver2.93.7(21.6%)7.55.927.1%
Cost of sales86.2182.0(54.6%)238.2327.9(27.4%)
Production and delivery costs61.4137.1(55.2%)164.8241.8(31.8%)
Depreciation and depletion21.251.1(58.5%)73.486.1(14.8%)
Capital expenditure on cash basis230.3261.9(12.1%)480.6563.0(14.6%)
Underground-Development161.5239.0(32.4%)342.6530.5(35.4%)
Underground-Sustaining49.911.0353.6%110.811.0907.3%
Open pit 18.911.958.8%27.221.526.5%
Proceeds from pre-production revenue(12.0)(7.6)57.9%(12.0)(7.6)57.9%
Royalties22.514.258.5%45.224.576.1%
Operating cash costs(2)210.5180.816.4%411.7368.911.6%
Unit costs ($)     %
Cost of sales (per pound of copper sold)1.912.08(8.2%)1.842.27(18.9%)
C1 (per pound of copper produced)(2)0.831.61(48.4%)0.421.84(77.2%)
All-in sustaining (per pound of copper produced)(2)1.482.18(32.1%)0.932.29(59.4%)
Mining costs (per tonne of material mined)(2)2.711.6960.1%2.271.7132.6%
Milling costs (per tonne of ore treated)(2)7.096.774.8%6.666.148.5%
G&A costs (per tonne of ore treated)4.983.2553.1%4.213.0936.3%
Cash generated from (used in) operating activities209.3(81.8)355.9%76.1(106.3)171.6%
Cash generated from operating activities before interest and tax295.734.7752.2%543.936.21,402.5%
Interest paid84.5118.7(28.8%)111.0145.5(23.7%)
Total assets13,87312,8957.6%13,87312,8957.6%
Total non-current financial liabilities4,4074,3740.8%4,4074,3740.8%

(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.

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As of September 28, 2021 03:22 pm EDT
SymbolTRQ
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As of September 28, 2021 03:18 pm EDT

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

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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