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Turquoise Hill Resources reported strong Q3 2020 earnings, with revenue of $264.4 million, a 26.4% increase from Q3 2019. Copper production rose 28% to 36,286 tonnes, driven by higher grades, while gold production increased 42.3% to 36,743 ounces. The company achieved net income of $161.7 million compared to $45.1 million in the same period last year. Cash generated from operations before tax reached $89.2 million, a significant improvement from a loss of $13.1 million in Q3 2019. Capital expenditures were reduced, allowing for a more streamlined funding approach.
Turquoise Hill Resources is initiating arbitration proceedings in British Columbia, seeking clarification on financing obligations with Rio Tinto International Holdings related to the Oyu Tolgoi project. This decision follows inconclusive discussions on debt re-profiling as per a September 2020 memorandum of understanding. The Special Committee of the Board believes arbitration will clarify respective rights in financing. The arbitration process is confidential and expected to take 3-5 months. Meanwhile, the Company is exploring various financing options to address funding gaps before December 31, 2020.
Turquoise Hill Resources will release its third quarter financial results on November 13, 2020, post-market in North America. The company plans to hold a conference call and webcast on November 16, 2020, at 8:00 a.m. EST to discuss these results. Dial-in details for participants are provided, ensuring accessibility for audiences in North America, the United Kingdom, and Australia. Archived playback of the call will be available on the company's website.
Turquoise Hill Resources Ltd. announced the completion of a consolidation of its common shares at a ratio of 1 for every 10 shares, effective October 23, 2020. This consolidation was approved by shareholders on July 24, 2020. The company’s shares will begin trading on a post-consolidation basis on October 26, 2020, on both the NYSE and TSX. Registered shareholders are required to exchange their old shares for new ones as per the instructions provided. The new CUSIP number is 900435207 and the new ISIN is CA9004352071.
Turquoise Hill Resources reported its Q3 2020 production results, maintaining its copper and gold production guidance for the year. Copper production increased 28% year-over-year to 36,286 tonnes, while gold production rose 43% to 36,743 ounces. The company expects sufficient liquidity to fund operations through Q2 2022. Class action complaints were filed alleging material misstatements regarding the Oyu Tolgoi project. Despite COVID-19 restrictions, underground development continues, and first sustainable production is anticipated by late 2022 to mid-2023.
Turquoise Hill Resources Ltd. announced that its Oyu Tolgoi LLC mine has received the prestigious Copper Mark, a certification for responsible production in the copper industry. This recognition comes after Oyu Tolgoi met over 30 environmental, social, and governance (ESG) criteria established by the International Copper Association. CEO Ulf Quellmann emphasized the company's commitment to responsible operations and community welfare. The mine has been operating under ISO 14001 and OHSAS 18001 standards since 2010, ensuring high safety and environmental management practices.
Turquoise Hill Resources Ltd. is proceeding with a 1-for-10 reverse stock split effective October 23, 2020, to maintain its listing on the NYSE. The share count will reduce from approximately 2.01 billion to about 201.23 million shares. This decision, approved by shareholders on July 24, 2020, aims to comply with NYSE rules requiring an average share price of at least US$1.00 over 30 days. The shares will begin trading on a consolidated basis on or about October 26, 2020. Adjustments will also occur for performance and other share units.
Turquoise Hill Resources announced the resignation of non-independent director Alan Chirgwin, effective September 17, 2020, as he departs from Rio Tinto. The company expressed gratitude for his contributions. Concurrently, Alfie Grigg has been appointed to the Board, effective September 18, 2020. Grigg brings over 20 years of experience in legal and regulatory matters within the resources sector, particularly from his role at Rio Tinto's Aluminum business. The leadership transition aims to strengthen governance and stakeholder engagement at Turquoise Hill.
On September 9, 2020, Turquoise Hill Resources and its controlling shareholder, Rio Tinto, signed a non-binding Memorandum of Understanding (MOU) regarding the funding of Oyu Tolgoi. The MOU aims to re-profile existing project debt, potentially reducing funding requirements by up to US$1.4 billion. The agreement also involves raising US$500 million in supplemental senior debt. If needed, an equity offering could be necessary, with an estimated minimum of US1.7 billion to US3.6 billion, depending on funding outcomes.
Turquoise Hill Resources has announced an increased gold production outlook for 2021, now estimated between 500,000 – 550,000 ounces, up from 450,000 – 500,000 ounces. This adjustment is attributed to improved access to higher-grade gold ore at the Oyu Tolgoi Project. The 2020 Oyu Tolgoi Technical Report also highlights low C1 cash costs and substantial projected growth in copper and gold production through 2028. Notably, the report forecasts a net cash flow after tax of $12.7 billion between 2024 and 2030. However, COVID-19 impacts on operations remain significant.
