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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 Q3’19 are as follows:
Oyu Tolgoi Key Financial Metrics(1)
| Three months ended | Nine months ended | |||||
| ($ in millions, unless otherwise noted)
| 3Q 2019 | 3Q 2018 | Change | 9 months 2019 | 9 months 2018 | Change |
| Revenue | 209.2 | 246.5 | -15.1% | 944.6 | 833.9 | 13.3% |
| Income (loss) for the period | 32.3 | 15.2 | 112.5% | (599.2) | 299.3 | -300.2% |
| Income (loss) attributable to owners of Turquoise Hill | 63.3 | 53.2 | 19.0% | (272.0) | 310.2 | -187.7% |
| Basic and diluted income (loss) per share attributable to owners of Turquoise Hill | 0.03 | 0.03 | – | (0.14) | 0.15 | -193.3% |
| Revenue by metals in concentrates | ||||||
| Copper | 153.4 | 1080.4 | -15.0% | 609.7 | 656.1 | -7.1% |
| Gold | 52.4 | 63.3 | -17.2% | 324.8 | 167.6 | 93.7% |
| Silver | 3.4 | 2.9 | 17.2% | 10.1 | 10.1 | 0.0% |
| Cost of sales | 174.2 | 181.0 | -3.8% | 568.0 | 589.5 | -3.6% |
| Production and delivery costs | 137.8 | 135.9 | 1.4% | 433.9 | 424.6 | 2.2% |
| Depreciation and depletion | 34.9 | 45.2 | -22.8% | 134.1 | 164.9 | -18.7% |
| Capital expenditure on cash basis | 329.2 | 328.8 | 0.1% | 989.4 | 932.6 | 6.1% |
| Underground | 296.8 | 304.8 | -2.6% | 885.2 | 866.5 | 2.2% |
| Open pit(2) | 32.4 | 24.0 | 35.0% | 104.2 | 66.0 | 57.9% |
| Royalties | 11.1 | 15.5 | -28.4% | 30.8 | 50.7 | -39.3% |
| Operating cash costs(3) | 175.1 | 196.4 | -10.8% | 579.9 | 574.8 | 0.9% |
| Unit costs ($) | ||||||
| Cost of sales (per pound of copper sold) | 2.44 | 2.28 | 7.0% | 2.19 | 2.30 | -4.3% |
| C1 (per pound of copper produced)(3) | 2.14 | 1.65 | 29.7% | 1.12 | 1.71 | -34.5% |
| All-in sustaining (per pound of copper produced)(3) | 2.84 | 2.29 | 24.0% | 1.82 | 2.26 | -19.5% |
| Mining costs (per tonne of material mined)(3) | 1.87 | 2.18 | -14.2% | 2.00 | 2.07 | -3.4% |
| Milling costs (per tonne of ore treated)(3) | 6.92 | 7.38 | -6.2% | 7.03 | 7.19 | -2.2% |
| G&A costs (per tonne of ore treated) | 2.97 | 3.43 | -13.4% | 3.23 | 2.52 | 28.2% |
| Cash generated from operating activities | 6.1 | 76.2 | -92.0% | 141.9 | 143.9 | -1.4% |
| Cash generated from (used in) operating activities before interest and tax | (13.1) | 52.5 | -125.0% | 299.4 | 216.9 | 38.0% |
| Interest paid | 2.5 | 0.1 | -96.8% | 220.8 | 130.9 | 68.7% |
| Total assets | 12,774 | 13,223 | -3.4% | 12,774 | 13,223 | -3.4% |
| Total non-current financial liabilities | 4,411 | 4,344 | 1.6% | 4,411 | 4,344 | 1.6% |
(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 21 of this MD&A for further information.
| Symbol | TRQ.TO |
| Last | $0.72 |
| High | $0.73 |
| Year High | $2.45 |
| Bid | $0.72 |
| Volume | 589,886 |
| Market Capitalization | $1448863232 |
| Open | $0.69 |
| Low | $0.68 |
| Year Low | $0.53 |
| Ask | $0.72 |
| Change | 0.01 (1.41%) |
| Symbol | TRQ.TO |
| Last | $0.53 |
| High | $0.55 |
| Year High | $1.84 |
| Bid | $0.53 |
| Volume | 2,663,588 |
| Market Capitalization | $1074453888 |
| Open | $0.52 |
| Low | $0.51 |
| Year Low | $0.40 |
| Ask | $0.53 |
| Change | 0.00 (-0.17%) |
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