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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
4Q
2020
Full Year
2019
Full Year
2020
Open pit material mined (‘000 tonnes)28,12226,83423,21823,97923,663101,31697,694
Ore treated (‘000 tonnes)11,08810,8899,64510,0729,59440,77740,200
Average mill head grades:       
Copper (%)0.420.420.470.450.500.450.46
Gold (g/t)0.150.150.190.210.410.290.24
Silver (g/t)1.061.141.221.221.161.131.18
Concentrates produced (‘000 tonnes)152.6164.5169.9168.5190.2647.6693.1
Average concentrate grade(%Cu)21.621.421.521.521.921.721.6
Production of metals in concentrates:       
Copper (‘000 tonnes)32.935.236.536.341.6146.3149.6
Gold (‘000 ounces)2426313788242182
Silver (‘000 ounces)190214212219231866.6876
Concentrate sold (‘000 tonnes)157.5125.9194.3167.9181.5724.7669.6
Sales of metals in concentrates:       
Copper (‘000 tonnes)32.325.839.734.437.9149.9137.8
Gold (‘000 ounces)2520313466274150
Silver (‘000 ounces)244146220201194896760
Metal recovery (%)       
Copper74.274.379.178.985.978.779.6
Gold48.246.052.053.768.863.658.6
Silver53.551.555.864.664.358.156.4

 

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
%
       
Revenue405.1221.483.0%1,078.21,166.0(7.5%)
Income (loss) for the period241.6109.5494.6(476.9)
Income (loss) attributable to owners of Turquoise Hill159.9113.1406.3(0.75)
Basic and diluted income (loss) per share attributable to owners of Turquoise Hill0.030.790.562.02(1.31)
Revenue by metals in concentrates      
Copper280.0178.157.2%797.3787.81.2%)
Gold120.440.1200.2%265.7365.0(27.2%)
Silver4.73.246.9%15.213.215.2%
Cost of sales173.6175.0(0.8%)669.4743.0(9.9%)
Production and delivery costs125.9125.20.6%493.4559.1(11.8%)
Depreciation and depletion47.749.8(4.2)%176.0183.9(4.3%)
Capital expenditure on cash basis263.0318.6(17.5%)1,080.51,308.1(17.4%)
Underground-Development193.0289.7(33.4%)926.71,174.9(21.1%)
Underground-Sustaining44.5100.0%94.4(100.0%)
Open pit(2)25.528.9(11.8%)59.4133.2(55.4%)
Proceeds from pre-production revenue(26.1)100.0%
Royalties23.412.587.2%63.464.0(0.9%)
Operating cash costs(2)197.7194.61.6%747.9774.5(3.4%)
Unit costs ($)      
Cost of sales (per pound of copper sold)2.082.46(15.4%)2.202.25(2.2%)
C1 (per pound of copper produced)(2)0.762.21(65.6%)1.451.375.8%
All-in sustaining (per pound of copper produced)(2)1.452.97(51.2%)1.942.08(6.7%)
Mining costs (per tonne of material mined)(2)1.851.5519.4%1.801.88(4.1%)
Milling costs (per tonne of ore treated)(2)7.295.0145.6%6.356.48(2.0%)
G&A costs (per tonne of ore treated)3.283.49(6.0%)3.113.30(5.9%)
Cash generated from operating activities69.5(153.6)145.2%40.9(11.7)449.6%
Cash generated from (used in) operating activities before interest and tax245.842.4479.7%371.2341.78.6%
Interest paid170.6206.6(17.4%)316.8427.5(25.9%)
Total assets13,36912,8224.3%13,36912,8224.3%
Total non-current financial liabilities4,4194,3711.1%4,4194,3711.1%

(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.

SymbolTRQ.TO
Last$24.41
High$24.65
Year High$24.65
Bid$24.37
Volume281,417
Market Capitalization$4912048640
Open$24.65
Low$24.03
Year Low$5.90
Ask$24.39
Change0.33 (1.37%)
As of April 16, 2021 03:48 pm PDT
SymbolTRQ.TO
Last$19.25
High$19.62
Year High$19.62
Bid$19.43
Volume1,124,775
Market Capitalization$3866708992
Open$19.46
Low$19.22
Year Low$4.20
Ask$19.66
Change-0.20 (-1.03%)
As of April 16, 2021 03:48 pm PDT

Latest Metrics

0.15 AIFR per 200,000 hours worked
41,647 T Q4'20 copper production
87,812 Oz Q4'20 gold production
$405.1 m Q4'20 revenue
$1.45/lb Cu Q4'20 C1 cash costs
4.2 Km Q4'20 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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