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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 Q1’20 are as follows:
Oyu Tolgoi Production Data
All data represents full production and sales on a 100% basis
| 1Q 2019 | 2Q 2019 | 3Q 2019 | 4Q 2019 | 1Q 2020 | Full Year 2019 | |
| Open pit material mined (‘000 tonnes) | 23,943 | 24,408 | 24,844 | 28,122 | 26,834 | 101,316 |
| Ore treated (‘000 tonnes) | 9,255 | 10,394 | 10,040 | 11,088 | 10,889 | 40,777 |
| Average mill head grades: | ||||||
| Copper (%) | 0.57 | 0.46 | 0.37 | 0.42 | 0.42 | 0.45 |
| Gold (g/t) | 0.58 | 0.31 | 0.14 | 0.15 | 0.15 | 0.29 |
| Silver (g/t) | 1.25 | 1.20 | 1.03 | 1.06 | 1.14 | 1.13 |
| Concentrates produced (‘000 tonnes) | 210.1 | 180.6 | 131.3 | 152.6 | 164.5 | 647.6 |
| Average concentrate grade(%Cu) | 21.8 | 21.7 | 21.7 | 21.6 | 21.4 | 21.7 |
| Production of metals in concentrates: | ||||||
| Copper (‘000 tonnes) | 45.8 | 39.2 | 28.4 | 32.9 | 35.2 | 146.3 |
| Gold (‘000 ounces) | 120.1 | 71.8 | 25.6 | 24.3 | 26.2 | 241.8 |
| Silver (‘000 ounces) | 247 | 238 | 191 | 190 | 214 | 866.6 |
| Concentrate sold (‘000 tonnes) | 184.9 | 225.3 | 157.0 | 157.5 | 125.9 | 724.7 |
| Sales of metals in concentrates: | ||||||
| Copper (‘000 tonnes) | 38.5 | 46.6 | 32.4 | 32.3 | 25.8 | 149.9 |
| Gold (‘000 ounces) | 97.9 | 116 | 35.4 | 24.7 | 19.7 | 273.6 |
| Silver (‘000 ounces) | 200 | 245 | 207 | 244 | 146 | 896 |
| Metal recovery (%) | ||||||
| Copper | 83.8 | 80.2 | 75.1 | 74.2 | 74.3 | 78.7 |
| Gold | 70.1 | 63.6 | 54.7 | 48.2 | 46.0 | 63.6 |
| Silver | 63.2 | 59.2 | 56.0 | 53.5 | 51.5 | 58.1 |
Key financial metrics for Q1’20 are as follows:
Oyu Tolgoi Key Financial Metrics(1)
| ($ in millions, unless otherwise noted)
| 1Q 2020 | 1Q 2019 | Change % | 12 months 2019 |
| Revenue | 130.7 | 352.7 | (62.9%) | 1,166.0 |
| Income (loss) for the period | 19.0 | 105.2 | – | (476.9) |
| Income (loss) attributable to owners of Turquoise Hill | 55.4 | 111.2 | – | (150.5) |
| Basic and diluted income (loss) per share attributable to owners of Turquoise Hill0.03 | 0.03 | 0.06 | – | (0.07) |
| Revenue by metals in concentrates | ||||
| Copper | 96.9 | 223.9 | (56.7%) | 787.8 |
| Gold | 31.6 | 125.7 | (74.9%) | 365.0 |
| Silver | 2.2 | 3.1 | (29.0%) | 13.2 |
| Cost of sales | 145.9 | 169.1 | (13.7%) | 743.0 |
| Production and delivery costs | 104.7 | 126.0 | (16.9%) | 559.1 |
| Depreciation and depletion | 35.0 | 44.6 | (21.5%) | 183.9 |
| Capital expenditure on cash basis | 301.1 | 325.3 | (7.4%) | 1,308.1 |
| Underground | 291.5 | 296.4 | (1.7%) | 1,174.9 |
| Open pit(2) | 9.6 | 28.9 | (66.8%) | 133.2 |
| Royalties | 10.2 | 19.7 | (48.2%) | 64.0 |
| Operating cash costs(3) | 188.1 | 198.1 | (5.1)% | 774.5 |
| Unit costs ($) | ||||
| Cost of sales (per pound of copper sold) | 2.57 | 1.99 | 29.1% | 2.25 |
| C1 (per pound of copper produced)(3) | 2.07 | 0.77 | 168.8% | 1.37 |
| All-in sustaining (per pound of copper produced)(3) | 2.39 | 1.45 | 64.8% | 2.08 |
| Mining costs (per tonne of material mined)(3) | 1.73 | 2.10 | (17.5%) | 1.88 |
| Milling costs (per tonne of ore treated)(3) | 5.58 | 8.06 | (30.7%) | 6.48 |
| G&A costs (per tonne of ore treated) | 2.95 | 3.65 | (19.3%) | 3.30 |
| Cash generated from operating activities | (24.4) | (5.7) | 328.1% | (11.7) |
| Cash generated from (used in) operating activities before interest and tax | 1.5 | 49.8 | (97.0%) | 341.7 |
| Interest paid | 26.8 | 78.6 | (65.9%) | 427.5 |
| Total assets | 12,915 | 13,437 | (3.9%) | 12,822 |
| Total non-current financial liabilities | 4,384 | 4,389 | (0.1%) | 4,371 |
(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 26 of Q1 2020 MD&A for further information.
| Symbol | TRQ.TO |
| Last | $1.13 |
| High | $1.16 |
| Year High | $1.42 |
| Bid | $1.13 |
| Volume | 351,615 |
| Market Capitalization | $2273910272 |
| Open | $1.12 |
| Low | $1.11 |
| Year Low | $0.43 |
| Ask | $1.14 |
| Change | 0.02 (1.80%) |
| Symbol | TRQ.TO |
| Last | $0.83 |
| High | $0.85 |
| Year High | $1.10 |
| Bid | $0.81 |
| Volume | 1,310,535 |
| Market Capitalization | $1645201024 |
| Open | $0.82 |
| Low | $0.81 |
| Year Low | $0.30 |
| Ask | $0.83 |
| Change | 0.00 (-0.43%) |
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V6E 3X1
| Office: | +1 604 648 3934 |
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