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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 Q2’22 are as follows:

Oyu Tolgoi Production Data

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

  2Q
2022
2Q
2021
Change 1H
2022
1H
2021
Change
Open pit material mined('000 tonnes) 25,550 15,829 61.4% 49,936 38,417 30.0%
Ore treated (‘000 tonnes) 9,685 9,401 3.0% 19,266 19,214 0.3%
Average mill head grades:
Copper (%)
0.40 0.47 (14.9%) 0.40 0.51 (21.6%)
Gold (g/t)
0.26 0.50 (48.0%) 0.29 0.59 (50.8%)
Silver (g/t)
1.15 1.19 (3.4%) 1.20 1.24 (3.2%)
Concentrates produced (‘000 tonnes) 146.0 173.2 (15.7%) 290.3 375.1 (22.6%)
Average concentrate grade (% Cu)
20.9 21.2 (1.4%) 21.0 21.9 (4.1%)
Production of metals in concentrates:
Copper (‘000 tonnes)
30.6 36.7 (16.6%) 60.8 82.2 (26.0%)
Gold (‘000 ounces)
48 113 (57.5%) 107 259 (58.7%)
Silver (‘000 ounces)
201 235 (14.5%) 412 490 (15.9%)
Concentrate sold (‘000 tonnes) 175.3 92.6 89.3% 323.6 278.9 16.0%
Sales of metals in concentrates:
Copper (‘000 tonnes)
35.3 19.6 80.1% 65.2 58.6 11.3%
Gold (‘000 ounces)
68 73 (6.8%) 125 183 (31.7%)
Silver (‘000 ounces)
224 106 111.3% 403 313 28.8%
Metal recovery* (%)
Copper
81.4 79.7 2.1% 79.8 83.4 (4.3%)
Gold
59.1 69.3 (14.7%) 59.3 71.0 (16.5%)
Silver
57.8 62.5 (7.5%) 56.0 64.0 (12.5%)

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


Key financial metrics for Q2’22 are as follows:

Oyu Tolgoi Key Financial Metrics(1)

Three months ended Six months ended
($ in millions, unless otherwise noted) 2Q
2022
2Q
2021
Change
%
2Q
2022
2Q
2021
Change
%
    Restated(6)     Restated(6)  
             
Revenue 402.0 329.8 21.9% 804.7 856.3 (6.0%)
Income (loss) for the period 93.3 127.8 (27.0%) 487.6 460.0 6.0%
Income (loss) attributable to owners of Turquoise Hill Resources Ltd 82.6 102.9 (19.7%) 357.9 339.6 5.4%
Basic and diluted earnings per share attributable to owners of Turquoise Hill Resources Ltd 0.41 0.51 (19.6%) 1.78 1.69 5.3%
Revenue by metals in concentrates        
Copper
266.4 197.0 35.2% 556.9 530.7 4.9%
Gold
130.5 129.7 0.6% 238.6 317.9 (24.9%)
Silver
5.1 3.1 64.5% 9.3 7.7 20.8%
Cost of sales 219.4 85.5 156.6% 394.4 241.2 63.5%
Production and delivery costs
174.8 64.3 171.9% 310.4 167.7 85.1%
Depreciation and depletion
44.6 21.2 110.4% 84.1 73.4 14.6%
Capital expenditures on cash basis(2) 260.9 227.4 14.7% 490.8 477.6 2.8%
Underground development capital expenditures
132.3 158.6 (16.6%) 251.4 339.7 (26.0%)
Underground sustaining capital expenditures
85.9 49.9 72.1% 170.6 110.8 54.0%
Capital expenditures on surface operations
42.7 18.9 125.9% 68.8 27.2 152.9%
Royalty expenses 28.4 22.5 26.2% 53.4 45.2 18.1%
Total operating cash costs(3) 229.6 213.4 7.6% 458.5 414.7 10.6%
Unit costs ($)        
Cost of sales (per pound of copper sold)(4)
2.82 1.98 42.4% 2.74 1.87 46.5%
C1 (per pound of copper produced)(5)
1.31 0.85 54.1% 1.49 0.43 246.5%
All-in sustaining (per pound of copper produced)(5)
2.63 1.55 69.7% 2.67 0.96 178.1%
Mining costs (per tonne of material mined)(5)
2.42 2.71 (10.7%) 2.34 2.27 3.1%
Milling costs (per tonne of ore treated)(5)
6.58 7.09 (7.2%) 6.84 6.66 2.7%
G&A costs (per tonne of ore treated)(4)
2.75 4.98 (44.8%) 3.23 4.21 (23.3%)
Net cash generated from operating activities 229.1 218.4 4.9% 351.4 85.2 312.4%
Cash generated from operating activities before interest and tax 315.4 304.8 3.5% 438.0 553.0 (20.8%)
Interest paid 84.8 84.5 0.4% 85.6 111.0 (22.9%)
Total assets 14,791 13,903 6.4% 14,791 13,903 6.4%
Total non-current financial liabilities 3,766 4,407 (14.5%) 3,766 4,407 (14.5%)

(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 expenditures on a cash basis is split between underground development capital expenditures and underground sustaining capital expenditures and capital expenditures on surface operations, all supplementary financial measures. 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 this 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 this 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 this 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