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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 Q1’22 are as follows:

Oyu Tolgoi Production Data

All data represents full production and sales on a 100% basis

  1Q
2021
2Q
2021
3Q
2021
4Q
2021
1Q
2022
Full Year
2021
Open pit material mined('000 tonnes) 25,588 15,829 22,588 23.979 24,386 84,983
Ore treated (‘000 tonnes) 9,813 9,401 9,336 10,573 9,581 39,124
Average mill head grades:
Copper (%)
0.56 0.47 0.53 0.46 0.40 0.50
Gold (g/t)
0.68 0.50 0.63 0.38 0.32 0.54
Silver (g/t)
1.29 1.19 1.29 1.27 1.25 1.26
Concentrates produced (‘000 tonnes) 201.9 173.2 191.9 182.7 144.3 749.6
Average concentrate grade(%Cu)
22.5 21.2 21.9 21.3 21.0 21.7
Production of metals in concentrates:
Copper (‘000 tonnes)
45.4 36.7 41.9 38.9 30.3 163.0
Gold (‘000 ounces)
146 113 131 79 59 468
Silver (‘000 ounces)
255 235 249 238 211 977
Concentrate sold (‘000 tonnes) 186.3 92.6 224.4 165.9 148.3 669.2
Sales of metals in concentrates:
Copper (‘000 tonnes)
39.0 19.6 46.4 34.4 29.9 139.4
Gold (‘000 ounces)
111 73 149 102 57 435
Silver (‘000 ounces)
207 106 278 192 179 783
Metal recovery* (%)
Copper
86.3 79.7 83.9 80.1 78.1 82.8
Gold
72.2 69.3 68.7 59.3 59.0 68.4
Silver
65.3 62.5 64.1 55.1 54.3 61.6

*Metal recovery is a function of head grade and reflects grades delivered in the quarter.


Key financial metrics for Q1’22 are as follows:

Oyu Tolgoi Key Financial Metrics(1)

Three Months
ended
Year
ended
($ in millions, unless otherwise noted) 1Q
2022
1Q
2021
Change
%
12 months
2021
Restated(6)
         
Revenue(6) 402.7 526.5 (23.5%) 2,040.8
Income (loss) for the period(6) 394.3 332.1 18.7% 735.9
Income (loss) attributable to owners of Turquoise Hill Resources Ltd(6) 275.2 236.7 16.3% 561.1
Basic and diluted earnings per share attributable to owners of Turquoise Hill Resources Ltd(6) 1.37 1.18 16.1% 2.79
Revenue by metals in concentrates        
Copper(6)
290.5 333.7 (12.9%) 1,262.5
Gold(6)
108.0 188.2 (42.6%) 759.5
Silver(6)
4.2 4.6 (8.7%) 18.8
Cost of sales(6) 175.0 155.6 12.5% 637.2
Production and delivery costs(6)
135.5 103.4 31.0% 474.2
Depreciation and depletion
39.5 52.2 (24.3%) 163.0
Capital expenditure on cash basis(2)(6) 229.9 250.3 (8.2%) 982.0
Underground-Development(6)
119.0 181.0 (34.3%) 666.0
Underground-Sustaining
84.8 60.9 39.2% 232.4
Open pit
26.1 8.3 214.5% 83.6
Royalty expenses 24.9 22.7 9.7% 105.4
Total operating cash costs(3)(6) 228.9 201.2 13.8% 889.7
Unit costs ($)        
Cost of sales (per pound of copper sold)(4)(6)
2.65 1.81 46.4% 2.07
C1 (per pound of copper produced)(5)(6)
1.66 0.08 1,975.0% 0.23
All-in sustaining (per pound of copper produced)(5)(6)
2.72 0.49 455.1.% 0.89
Mining costs (per tonne of material mined)(5)
2.25 1.97 14.2% 2.24
Milling costs (per tonne of ore treated)(5)
7.10 6.25 13.6% 7.13
G&A costs (per tonne of ore treated)(4)
3.72 3.47 7.2% 3.99
Net cash generated from (used in) operating activities(6) 122.4 (133.2) 191.9% 630.9
Cash generated from operating activities before interest and tax(6) 122.6 248.2 (50.6%) 1,265.6
Interest paid 0.8 26.5 (97.0%) 276.4
Total assets(6)(7) 14,641 13,694 6.9% 14,200
Total non-current financial liabilities 4,103 4,431 (7.4%) 4,084

(1)All financial information in this MD&A should be reviewed in conjunction with the Company‘s consolidated financial statements for the reporting periods indicated.

(2)Capital expenditure on cash basis for underground-development, underground sustaining and for open-pit are supplementary financial measures, which are not standardised financial measures and are not intended to replace measures prepared in accordance with IFRS. Please refer to the Section titled – “Non-GAAP and Other Financial Measures” on page 28 of this MD&A for further information.

(3)Total operating cash costs is a non-GAAP financial measure. Please refer to the Section titled – “Non-GAAP and Other Financial Measures” on page 28 of Q1 2022 MD&A for further information.

(4)Cost of sales (per pound of copper sold) and General & Administrative (G&A) costs (per tonne of ore treated) are supplementary financial measures which are not standardised financial measures and are not intended to replace measures prepared in accordance with IFRS. Please refer to the Section titled – “Non-GAAP and Other Financial Measures” on page 28 of Q1 2022 MD&A for further information.

(5)C1 cash costs (per pound of copper produced), all-in sustaining costs (per pound of copper produced), mining costs (per tonne of material mined), and milling costs (per tonne of ore treated) are non-GAAP ratios which are not standardised financial measures and are not intended to replace measures prepared in accordance with IFRS. Please refer to the Section titled – “Non-GAAP and Other Financial Measures” on page 28 of Q1 2022 MD&A for further information.

(6)Prior year comparatives have been restated for adoption of the IAS16 amendment to Property, Plant and Equipment: Proceeds before intended use. Please refer to the Section titled “Recent Accounting Pronouncements” on page 24 of Q1 2022 MD&A for further information.

(7)Q1 2021 comparative has been restated for adoption of the IAS16 amendment to Property, Plant and Equipment: Proceeds before intended use. Please refer to the Section titled “Recent Accounting Pronouncements” on page 24 of Q1 2022 MD&A for further information.

Latest Metrics

0.09 AIFR Q1'22 AIFR per 200,000 hours worked
30,290 T Q1'22 copper production
59,217 Oz Q1'22 gold production
$402.7 m Q1'22 revenue
$1.66 /lb Cu Q1'22 C1 cash costs
3.5 Km Q1'22 Equivalent