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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 Q4’20 are as follows:
Oyu Tolgoi Production Data
All data represents full production and sales on a 100% basis
| 4Q 2019 | 1Q 2020 | 2Q 2020 | 3Q 2020 |
| Full Year 2019 | Full Year 2020 | ||
| Open pit material mined (‘000 tonnes) | 28,122 | 26,834 | 23,218 | 23,979 | 23,663 | 101,316 | 97,694 | |
| Ore treated (‘000 tonnes) | 11,088 | 10,889 | 9,645 | 10,072 | 9,594 | 40,777 | 40,200 | |
| Average mill head grades: | ||||||||
| Copper (%) | 0.42 | 0.42 | 0.47 | 0.45 | 0.50 | 0.45 | 0.46 | |
| Gold (g/t) | 0.15 | 0.15 | 0.19 | 0.21 | 0.41 | 0.29 | 0.24 | |
| Silver (g/t) | 1.06 | 1.14 | 1.22 | 1.22 | 1.16 | 1.13 | 1.18 | |
| Concentrates produced (‘000 tonnes) | 152.6 | 164.5 | 169.9 | 168.5 | 190.2 | 647.6 | 693.1 | |
| Average concentrate grade(%Cu) | 21.6 | 21.4 | 21.5 | 21.5 | 21.9 | 21.7 | 21.6 | |
| Production of metals in concentrates: | ||||||||
| Copper (‘000 tonnes) | 32.9 | 35.2 | 36.5 | 36.3 | 41.6 | 146.3 | 149.6 | |
| Gold (‘000 ounces) | 24 | 26 | 31 | 37 | 88 | 242 | 182 | |
| Silver (‘000 ounces) | 190 | 214 | 212 | 219 | 231 | 866.6 | 876 | |
| Concentrate sold (‘000 tonnes) | 157.5 | 125.9 | 194.3 | 167.9 | 181.5 | 724.7 | 669.6 | |
| Sales of metals in concentrates: | ||||||||
| Copper (‘000 tonnes) | 32.3 | 25.8 | 39.7 | 34.4 | 37.9 | 149.9 | 137.8 | |
| Gold (‘000 ounces) | 25 | 20 | 31 | 34 | 66 | 274 | 150 | |
| Silver (‘000 ounces) | 244 | 146 | 220 | 201 | 194 | 896 | 760 | |
| Metal recovery (%) | ||||||||
| Copper | 74.2 | 74.3 | 79.1 | 78.9 | 85.9 | 78.7 | 79.6 | |
| Gold | 48.2 | 46.0 | 52.0 | 53.7 | 68.8 | 63.6 | 58.6 | |
| Silver | 53.5 | 51.5 | 55.8 | 64.6 | 64.3 | 58.1 | 56.4 |
Key financial metrics for Q4’20 are as follows:
Oyu Tolgoi Key Financial Metrics(1)
| ($ in millions, unless otherwise noted) | 4Q 2020 | 4Q 2019 | Change % | 12 months 2020 | 12 months 2019 | Change % |
| Revenue | 405.1 | 221.4 | 83.0% | 1,078.2 | 1,166.0 | (7.5%) |
| Income (loss) for the period | 241.6 | 109.5 | – | 494.6 | (476.9) | – |
| Income (loss) attributable to owners of Turquoise Hill | 159.9 | 113.1 | – | 406.3 | (0.75) | – |
| Basic and diluted income (loss) per share attributable to owners of Turquoise Hill0.03 | 0.79 | 0.56 | – | 2.02 | (1.31) | – |
| Revenue by metals in concentrates | ||||||
| Copper | 280.0 | 178.1 | 57.2% | 797.3 | 787.8 | 1.2%) |
| Gold | 120.4 | 40.1 | 200.2% | 265.7 | 365.0 | (27.2%) |
| Silver | 4.7 | 3.2 | 46.9% | 15.2 | 13.2 | 15.2% |
| Cost of sales | 173.6 | 175.0 | (0.8%) | 669.4 | 743.0 | (9.9%) |
| Production and delivery costs | 125.9 | 125.2 | 0.6% | 493.4 | 559.1 | (11.8%) |
| Depreciation and depletion | 47.7 | 49.8 | (4.2)% | 176.0 | 183.9 | (4.3%) |
| Capital expenditure on cash basis | 263.0 | 318.6 | (17.5%) | 1,080.5 | 1,308.1 | (17.4%) |
| Underground-Development | 193.0 | 289.7 | (33.4%) | 926.7 | 1,174.9 | (21.1%) |
| Underground-Sustaining | 44.5 | – | 100.0% | 94.4 | – | (100.0%) |
| Open pit(2) | 25.5 | 28.9 | (11.8%) | 59.4 | 133.2 | (55.4%) |
| Proceeds from pre-production revenue | – | – | – | (26.1) | – | 100.0% |
| Royalties | 23.4 | 12.5 | 87.2% | 63.4 | 64.0 | (0.9%) |
| Operating cash costs(2) | 197.7 | 194.6 | 1.6% | 747.9 | 774.5 | (3.4%) |
| Unit costs ($) | ||||||
| Cost of sales (per pound of copper sold) | 2.08 | 2.46 | (15.4%) | 2.20 | 2.25 | (2.2%) |
| C1 (per pound of copper produced)(2) | 0.76 | 2.21 | (65.6%) | 1.45 | 1.37 | 5.8% |
| All-in sustaining (per pound of copper produced)(2) | 1.45 | 2.97 | (51.2%) | 1.94 | 2.08 | (6.7%) |
| Mining costs (per tonne of material mined)(2) | 1.85 | 1.55 | 19.4% | 1.80 | 1.88 | (4.1%) |
| Milling costs (per tonne of ore treated)(2) | 7.29 | 5.01 | 45.6% | 6.35 | 6.48 | (2.0%) |
| G&A costs (per tonne of ore treated) | 3.28 | 3.49 | (6.0%) | 3.11 | 3.30 | (5.9%) |
| Cash generated from operating activities | 69.5 | (153.6) | 145.2% | 40.9 | (11.7) | 449.6% |
| Cash generated from (used in) operating activities before interest and tax | 245.8 | 42.4 | 479.7% | 371.2 | 341.7 | 8.6% |
| Interest paid | 170.6 | 206.6 | (17.4%) | 316.8 | 427.5 | (25.9%) |
| Total assets | 13,369 | 12,822 | 4.3% | 13,369 | 12,822 | 4.3% |
| Total non-current financial liabilities | 4,419 | 4,371 | 1.1% | 4,419 | 4,371 | 1.1% |
(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) Please refer to NON-GAAP MEASURES – on page 27 of Q3 2020 MD&A for further information.
| Symbol | TRQ.TO |
| Last | $24.41 |
| High | $24.65 |
| Year High | $24.65 |
| Bid | $24.37 |
| Volume | 281,417 |
| Market Capitalization | $4912048640 |
| Open | $24.65 |
| Low | $24.03 |
| Year Low | $5.90 |
| Ask | $24.39 |
| Change | 0.33 (1.37%) |
| Symbol | TRQ.TO |
| Last | $19.25 |
| High | $19.62 |
| Year High | $19.62 |
| Bid | $19.43 |
| Volume | 1,124,775 |
| Market Capitalization | $3866708992 |
| Open | $19.46 |
| Low | $19.22 |
| Year Low | $4.20 |
| Ask | $19.66 |
| Change | -0.20 (-1.03%) |
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