Turquoise Hill نتایج مالی و بررسی عملیات سه ماهه سوم سال 2020 را اعلام می کند

Turquoise Hill نتایج مالی و بررسی عملیات سه ماهه سوم سال 2020 را اعلام می کند

مونترال، 13 نوامبر 2020 / PRNewswire / – Turquoise Hill Resources Ltd. (“تپه فیروزه ای” یا “شرکت“) امروز نتایج مالی خود را برای دوره پایان یافته اعلام کرد 30 سپتامبر 2020. همه ارقام به دلار آمریکا است مگر اینکه خلاف آن ذکر شده باشد.

“علیرغم چالشهای مداوم مربوط به بیماری همه گیر COVID-19 ، Oyu Tolgoi سه ماهه عالی دیگری را از نظر ایمنی ، بهره وری و توسعه زیرزمینی ارسال کرد. گودال آزاد بدون وقفه به کار خود ادامه داد و اولین تولید پایدار اکنون به سمت ماههای ابتدایی قبلی پیش می رود. دامنه هدایت شده از اکتبر 2022 تا ژوئن 2023 ، با یک پرونده تجدید نظر شده در اکتبر 2022. همچنین از دولت مغولستان برای پشتیبانی مداوم و همکاری در کمک به Oyu Tolgoi برای انتقال مجدد منابع تخصصی مورد نیاز به کشور ، تشکر می کنیم.

گزارش فنی Oyu Tolgoi (OTTR) ما که در اواخر ماه اوت منتشر شد ، شواهد دیگری از پیشرفت Oyu Tolgoi به سمت تبدیل شدن به یک دارایی Tier 1 که در حال تبدیل شدن به یکی از بزرگترین معادن مس در جهان است با اولین هزینه های نقدی چهارم ، ارائه داده است. ما به عنوان بخشی از تفاهم نامه تأمین مالی که با ریو تینتو امضا کردیم ، در مورد برنامه بودجه خود نیز وضوح لازم را ارائه داده ایم که اولویت بندی بودجه افزایشی از طریق بدهی و / یا سرمایه گذاری ترکیبی نسبت به بودجه سهام برای مانده بالقوه نیازهای مالی اوو تولگو است. ما فعالانه درگیر همکاری فعالان بازار هستیم تا گزینه های مالی جذاب و اجرایی را تهیه کنیم که به نفع Oyu Tolgoi و سهامداران ما باشد.

ما مشتاقانه منتظر برآورد نهایی قطعی شده هستیم که تپه فیروزه را بعنوان یکی از سرمایه گذاری های برتر مربوط به مس در جهان معرفی کنیم. “” اولف کوئلمن ، مدیر ارشد اجرایی تپه فیروزه ای اظهار داشت.

نکات برجسته

  • تعهد Oyu Tolgoi به ایمنی با AIFR 0.17 در هر 200000 ساعت کار برای نه ماه به پایان رسیده است 30 سپتامبر 2020، که شامل Q3 AIFR برجسته 0.03 است.
  • در Q3’20 ، گودال آزاد Oyu Tolgoi بدون وقفه به کار خود ادامه داد و 36،286 تن مس و 36،743 اونس طلا تولید کرد.
  • تولید مس همچنان در مسیر دستیابی به هدایت 140،000 تا 170،000 ton باقی مانده است ، در حالی که پیش بینی تولید طلای 2020 به سمت پایان بالاتر از محدوده 155،000 تا 180،000 اونس قبلی اعلام شده است.
  • توان تولید Q3’20 آسیاب در مقایسه با Q3’19 به دلیل کمی بیشتر بودن کارخانه در تولید ، 0.3٪ بیشتر بود.
  • درآمد از 264.4 میلیون دلار در Q3’20 افزایش 26.4 from از 209.2 میلیون دلار در Q3’19. درآمد مس 29.5٪ افزایش یافته است که ناشی از فروش بیشتر و 12.5٪ افزایش متوسط ​​قیمت مس است. درآمد طلا 16.6٪ افزایش یافته که ناشی از افزایش 29.7٪ متوسط ​​قیمت طلا است و تا حدودی با حجم کمتری از طلا در کنسانتره فروخته شده جبران می شود.
  • درآمد دوره بود 161.7 میلیون دلار در مقایسه با 45.1 میلیون دلار در Q3’19. این اختلاف در درجه اول به دلیل الف بود 55.2 میلیون دلار افزایش درآمد در مقابل Q3’19 همراه با 86.1 میلیون دلار دارایی های مالیاتی معوق اضافی شناخته شده در Q3’20 در مقابل Q3’19. درآمد قابل انتساب به صاحبان تپه فیروزه در Q3’20 بوده است 128.6 میلیون دلار یا 0.64 دلار در هر سهم ، در مقایسه با 71.7 میلیون دلار یا 0.36 دلار هر سهم در Q3’19.
  • پول نقد حاصل از فعالیتهای عملیاتی قبل از بهره و مالیات در Q3’20 بود 89.2 میلیون دلار، در مقابل 13.1 میلیون دلار در فعالیت های عملیاتی در Q3’19 استفاده می شود ، در درجه اول به دلیل 61.5 میلیون دلار بهبود حاشیه ناخالص ناشی از درآمد فروش بالاتر ، همراه با حرکت مطلوب در سرمایه در گردش.
  • رهنمودهای هزینه های سرمایه ای سال 2020 به صورت نقدی برای فعالیت های فضای باز تقریباً کاهش یافته است 60 میلیون دلار به 70 میلیون دلار از جانب 70 میلیون دلار به 90 میلیون دلار.
  • در Q3’20 ، هزینه فروش بود 2.22 دلار هر پوند مس فروخته شده و هزینه های نقدی C11 بود 1.48 دلار به ازای هر پوند مس تولید شده. تمام هزینه های پایدار1 بود 1.88 دلار به ازای هر پوند مس تولید شده.
  • کل هزینه های نقدی عملیاتی1 از 181.4 میلیون دلار در Q3’20 افزایش 3.6 from از 175.1 میلیون دلار در Q3’19 ، عمدتا به دلیل هزینه های حق امتیاز بیشتر ناشی از درآمد فروش بالاتر ، تا حدی با هزینه های پایین تر جبران می شود.
  • کل هزینه های نقدی عملیاتی1 و هزینه های نقدی C11 محدوده راهنمایی برای سال 2020 بر اساس برآورد هزینه های فروش در سال است 2.10 دلار به 2.50 دلار به ازای هر پوند مس فروخته شده. هزینه های نقدی عملیاتی1 راهنمایی در باقی می ماند 780 میلیون دلار به 830 میلیون دلار. هزینه های نقدی C11 دامنه راهنمایی به کاهش یافته است 1.30 دلار1.70 دلار در هر پوند مس تولید شده از 1.60 دلار2.00 دلار به ازای هر پوند مس تولید شده.
  • در طول Q3’20 ، هزینه های توسعه زیر زمینی بود 242.1 میلیون دلار، در نتیجه هزینه کل پروژه از آن زمان به بعد 1 ژانویه 2016 تقریباً 4.2 میلیارد دلار.
  • همان طور که در 30 سپتامبر 2020، فیروزه تپه دارد 1.3 میلیارد دلار نقدینگی موجود ، که طبق پیش بینی های فعلی انتظار می رود برای تأمین نیازهای شرکت ، از جمله عملیات و توسعه زیرزمینی آن ، تا Q2’22 کافی باشد.
  • بر 9 سپتامبر 2020، Turquoise Hill و Rio Tinto plc (Rio Tinto) یک تفاهم نامه تفاهم نامه غیر الزام آور (MOU) در مورد بودجه Oyu Tolgoi امضا کردند که منعکس کننده تفاهم طرفین برای پیگیری پروفایل مجدد بدهی پروژه موجود مطابق با جریان نقدی فعلی است پیش بینی ، و بیشتر به دنبال جمع آوری بدهی مسن تر (SSR) در مقدار کل تا 500 میلیون دلار.
  • به طور کلی ، توسعه جانبی زیرزمینی در حال حاضر به 48604 eqm رسیده است ، و پیشرفت به طور گسترده ای مطابق با انتظارات مندرج در گزارش فنی Oyu Tolgoi ثبت شده در 28 آگوست 2020 (OTTR20)
  • تمام زیرساخت های سطح مورد نیاز برای اولین تولید پایدار کامل است و تیم متمرکز بر تحویل ایمن و کارآمد سیستم کنترل مهم مواد زیرزمینی 1 (MHS1) است. تعادل زیرساخت های پروژه پس از اتمام MHS1 برای اولین تولید پایدار مورد نیاز نیست. با این حال ، برای حمایت از مشخصات افزایش سطح تولید و عمر ظرفیت تولید معدن مورد نیاز است.
  • اگرچه شافت 3 و 4 به مراقبت و نگهداری ادامه می دهند ، برخی از فعالیت های راه اندازی در آماده سازی غرق شدن شافت پیشرفت کرده است ، از جمله نصب طناب و آزمایش بدون بار سیستم بالابرنده شافت 4. پیشرفت قابل توجه بیشتر مستلزم جابجایی مجدد متخصصان بین المللی غرق شدن شافت است و با محدودیت های مرزی محلی ، آماده سازی برای بسیج این پیمانکاران و شروع به غرق شدن قبل از پایان Q4’20 در حال انجام است. بررسی تأثیر تأخیرهای شافت 3 و 4 در حال انجام است ، اما پیش بینی نمی شود که اولین تولید پایدار تحت تأثیر قرار گیرد. ما هرگونه پیامد را به ویژه در سطح شیب دار پنل 1 و پنل 2 که شافت 3 و 4 از آنها پشتیبانی می کند ، در زمان مناسب اعلام خواهیم کرد.
  • نشانه های اولیه از روند برآورد قطعی این است که تولید پایدار در حال حرکت به سمت ماه های اولیه از محدوده قبلی هدایت شده است اکتبر 2022 به ژوئن 2023، از جمله یک مورد پایه از اکتبر 2022، و اینکه پیش بینی هزینه سرمایه توسعه در محدوده 6.6 دلار به 7.1 میلیارد دلار با یک مورد پایه 6.8 میلیارد دلار. Turquoise Hill در حال انجام یک فرآیند اطمینان فنی مستقل در برآورد نهایی اولیه است که توسط مدیر ابلاغ شده است. محدوده هزینه و برنامه کاهش محدودیت های سفر و کنترل های مربوط به COVID-19 را از زمان گزارش ، فرض می کند که همچنان تحت نظارت و بررسی قرار می گیرند.
  • در طول Q3’20 ، هیرو فیروزه ای یک تیم اکتشافی را ساخت و شش نیروی ماهر را برای اضافه کردن به تیم خدمات فنی مستقر در اولان باتور به کار گرفت. Turquoise Hill با به کارگیری تجربه و دانش تیم جدید همراه با حضور تثبیت شده در کشور ، از موقعیت خوبی برخوردار است که می تواند رهبر اکتشاف در South Gobi باشد.
  • پس از پایان سه ماهه ، در 4 نوامبر 2020، شرکت اعلام کرد که به دنبال اعلامیه ای برای روشن کردن مفاد توافق نامه های خاص با Rio Tinto International Holdings Limited (RTIHL) در مورد نقش و تعهدات آنها برای حمایت از شرکت در جستجوی بودجه اضافی برای پروژه Oyu Tolgoi ، دادرسی داوری را آغاز کرد. داوری در سال آغاز شد بریتیش کلمبیا، مطابق توافق نامه های مربوطه بین طرفین.
  • این شرکت وضعیت بی سابقه ای را که در مورد بیماری همه گیر COVID-19 ادامه دارد ، تشخیص می دهد. Turquoise Hill یک تیم انعطاف پذیری تجاری ایجاد کرده است و از نزدیک تحت تأثیر نظارت همه گیر COVID-19 بر تجارت ، عملیات و مردم ما قرار دارد و به روزآوری بازار در مورد تأثیرات تجاری و عملیاتی شرکت در رابطه با این شرایط خارق العاده ادامه خواهد داد. . به بخش “خطرات و عدم اطمینان” در بحث مدیریت شرکت و تحلیل وضعیت مالی و نتایج عملیات 9 ماهه پایان یافته مراجعه کنید 30 سپتامبر 2020 (Q3 2020 MD&A).

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برنامه عملیاتی 2020

راهنمای تولید Oyu Tolgoi از روباز و شروع پردازش مواد توسعه زیرزمینی به ترتیب در محدوده 140000 تا 170،000 تن مس و 155،000 تا 180،000 اونس طلا باقی مانده است ، با تولید طلا به سمت انتهای بالاتر محدوده. اگرچه اواسط راهنمای محدوده تولید مس 2020 از تولید سال 2019 بالاتر است ، انتظار می رود تولید طلای کمتری برای سال 2020 در مقایسه با سال 2019 باشد. این به دلیل نیاز به استخراج مواد درجه پایین طلای حاشیه گودال جنوب غربی است به عنوان فاز 4B به سمت بالاترین درجه های طلا و مس در گودال فرو می رود. ابتکاراتی که توسط Oyu Tolgoi اجرا شد تاکنون موفق شده اند که سنگ معدن بلبرینگ طلا را که پیش از این در سال 2021 استخراج می شد ، به سال 2020 ارائه دهند و انتظار می رود این کار تا پایان سال ادامه یابد. حتی با فرض موفقیت این اقدامات در سال 2020 ، شرکت چشم انداز تولید طلای 2021 خود را حفظ کرده است. پیش بینی می شود میزان تولید آسیاب برای سال 2020 حدود 40 میلیون تن باشد.

هزینه های نقدی عملیاتی2 و هزینه های نقدی C12 برای سال 2020 بر اساس برآورد هزینه های فروش از 2.10 دلار به 2.50 دلار به ازای هر پوند مس فروخته شده. هزینه های نقدی عملیاتی2 برای سال 2020 انتظار می رود 780 میلیون دلار به 830 میلیون دلار. هزینه های نقدی C12 انتظار می رود در محدوده 1.30 دلار به 1.70 دلار به ازای هر پوند مس تولید شده ، از 1.60 دلار به 2.00 دلار به ازای هر پوند مس تولید شده ، جایی که هدایت هزینه واحد حد وسط مس 2020 انتظار می رود و پایان بالای طلا و محدودیت های تولید کالا 2.74 دلار به ازای هر پوند مس و 1837 دلار در هر اونس طلا. هزینه های نقدی C12 دامنه راهنمایی به دلیل تأثیر تولید طلا که انتظار می رود به سمت پایان بالاتر از محدوده 155،000 تا 180،000 اونس و همچنین تأثیر بهبود برآورد قیمت طلا پیش رود ، کاهش یافته است.

پیش بینی می شود هزینه های سرمایه ای برای سال 2020 به صورت نقدی تقریباً باشد 1.0 میلیارد دلار به 1.1 میلیارد دلار برای توسعه زیرزمینی

هزینه های سرمایه ای برای سال 2020 به صورت نقدی برای فعالیت های روباز تقریباً به حدود کاهش یافته است 60 میلیون دلار به 70 میلیون دلار از جانب 70 میلیون دلار به 90 میلیون دلار علت اصلی آن تعویق پروژه ها تا سال 2021 است.

سرمایه گودال عمدتاً شامل سلب مالکیت معوق ، خرید تجهیزات ، ساخت و سازه و نگهداری قطعات تأسیسات ذخیره سازی باطله است. سرمایه توسعه زیرزمینی هم شامل سرمایه انبساطی و هم مالیات بر ارزش افزوده است.

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چشم انداز 2021

پیش بینی می شود تولید در سال 2021 در محدوده 170،000 تا 200،000 تن مس و 500،000 تا 550،000 اونس طلا باقی بماند زیرا ما همچنان به انتقال سنگ معدن بالاتر در نیمکتهای پایین چاله جنوب غربی ادامه می دهیم و مقدار آن را افزایش می دهیم مواد توسعه زیرزمینی پردازش شده است.

شغل ما

Turquoise Hill یک شرکت معدنی بین المللی است که متمرکز بر بهره برداری و ادامه توسعه معدن طلای مس Oyu Tolgoi در مغولستان، که اصلی ترین و تنها دارایی اصلی مواد معدنی شرکت است. مالکیت شرکت در معدن Oyu Tolgoi از طریق سود 66٪ در Oyu Tolgoi LLC برگزار می شود. سود 34٪ ​​باقیمانده توسط Erdenes Oyu Tolgoi LLC (Erdenes) ، یک نهاد دولتی مغولستان نگهداری می شود.

املاک Oyu Tolgoi در حدود 550 کیلومتری جنوب اولان باتور واقع شده است ، مغولستان پایتخت و 80 کیلومتری شمال مغولستانچین مرز این املاک توسط روند Oyu Tolgoi ، یک راهرو 12 کیلومتری شمال به جنوب واقع شده است که میزبان کانسارهای شناخته شده ، Hugo North ، هوگو جنوبی، اویوت و هروگا. عملیات استخراج معدن روباز در Oyut در سال 2013 آغاز شد. سپرده هوگو شمال (آسانسور 1) در حال حاضر به عنوان یک عملیات زیرزمینی در حال توسعه است.

کارخانه کنسانتره مس ، با امکانات مربوطه و زیرساخت های لازم ، در ابتدا برای فرآوری تقریباً 100000 تن سنگ معدن در روز از گودال اویوت طراحی شده است. با این حال ، از سال 2014 ، متمرکز کننده به دلیل بهبود روشهای عملیاتی ، به طور مداوم به توان تولید بیش از 105000 تن در روز رسیده است. توان غلظت کنسانتره برای سال 2020 بیش از 110،000 تن در روز هدف گذاری شده است و پیش بینی می شود به دلیل پیشرفت در عملکرد کنسانتره و خصوصیات مطلوب تر سنگ معدن ، حدود 40 میلیون تن در سال باشد.

در پایان Q3’20 ، Oyu Tolgoi دارای کل نیروی کار (کارمندان و پیمانکاران) بود ، از جمله ساخت پروژه های زیرزمینی ، تقریباً 12،500 ، که 93٪ آنها مغول بودند.

روشهای مالی انتخاب شده (1)

سه ماه تمام شد

نه ماه تمام شد

(میلیون دلار ، مگر اینکه خلاف آن ذکر شده باشد)

3Q

3Q

تغییر دادن

9 ماه

9 ماه

تغییر دادن

2020

2019

٪

2020

2019

٪

درآمد

264.4

209.2

26.4٪

673.1

944.6

(28.7٪)

درآمد (ضرر) دوره

7/161

45.1

253.0

(586.4)

درآمد (ضرر) که به صاحبان تپه فیروزه تعلق می گیرد

128.6

71.7

246.4

(263.5)

درآمد (زیان) اساسی و رقیق شده به ازای هر سهم قابل انتساب به صاحبان تپه فیروزه

0.64

0.36

1.22

(1.31)

درآمد فلزات در کنسانتره

مس

198.7

153.4

29.5٪

517.3

609.7

(15.2٪)

طلا

61.1

52.4

16.6٪

145.3

324.8

(55.3٪)

نقره اي

4.6

3.4

35.3٪

10.5

10.1

4.0٪

هزینه فروش

168.0

174.2

(3.6٪)

495.9

568.0

(12.7٪)

هزینه های تولید و تحویل

125.7

137.8

(8.8٪)

367.5

433.9

(15.3٪)

استهلاک و تخلیه

42.2

34.9

20.9٪

128.3

134.1

(4.3٪)

هزینه سرمایه به صورت نقدی

254.5

329.2

(22.7٪)

817.5

989.4

(17.4٪)

زیرزمینی

242.1

296.8

(18.4٪)

783.6

885.2

(11.5٪)

گودال روباز (2)

12.4

32.4

(61.7٪)

33.9

104.2

(67.5٪)

درآمد حاصل از درآمد قبل از تولید

(18.5)

100.0٪

(26.1)

100.0٪

مزایا و امتیازها

15.5

11.1

39.6٪

40.0

51.5

(22.3٪)

هزینه های نقدی عملیاتی (3)

181.4

175.1

3.6٪

550.3

579.9

(5.1٪)

هزینه های واحد ($)

هزینه فروش (به ازای هر پوند مس فروخته شده)

2.22

2.44

(9.0٪)

2.25

2.19

2.7٪

C1 (به ازای هر پوند مس تولید شده) (3)

1.48

2.14

(30.8٪)

1.72

1.12

53.6٪

نگهدارنده تمام (در هر پوند مس تولید شده) (3)

1.88

84/2

(33.8٪)

2.13

1.82

17.0٪

هزینه های استخراج (به ازای هر تن ماده استخراج شده) (3)

93/1

87/1

3.2٪

1.78

2.00

(11.0٪)

هزینه های فرز (به ازای هر تن سنگ معدن) (3)

90/5

92/6

(14.7٪)

6.06

7.03

(13.8٪)

هزینه های G&A (به ازای هر تن ماده معدنی)

2.98

97/2

0.3٪

3.05

3.23

(5.6٪)

وجوه نقدی که از فعالیتهای عملیاتی (استفاده شده) حاصل می شود

77.6

6.1

1،172.1٪

(28.6)

141.9

(120.2٪)

پول نقد حاصل از فعالیتهای عملیاتی قبل از بهره و مالیات

89.2

(13.1)

780.9٪

125.4

299.4

(58.1٪)

سود پرداخت شد

0.7

2.5

(72.0٪)

146.2

220.8

(33.8٪)

کل دارایی

13،087

12،787

2.3٪

13،087

12،787

2.3٪

کل بدهی های مالی غیر جاری

4390

4،411

(0.5٪)

4390

4،411

(0.5٪)

(1)

هرگونه اطلاعات مالی در این بیانیه مطبوعاتی باید همراه با صورتهای مالی تلفیقی شرکت یا صورتهای مالی تلفیقی میان دوره ای فشرده برای دوره های گزارش شده مشخص شود.

(2)

هزینه های سرمایه در فضای باز شامل فعالیت های توسعه پایدار و غیر زیرزمینی است.

(3)

برای اطلاعات بیشتر لطفاً به اقدامات غیر GAAP – در صفحه 18 این بیانیه مطبوعاتی مراجعه کنید.

Q3’20 در مقابل Q3’19

  • درآمد از 264.4 میلیون دلار در Q3’20 افزایش 26.4 from از 209.2 میلیون دلار در Q3’19. درآمد مس 29.5٪ افزایش یافته است که ناشی از فروش بیشتر و 12.5٪ افزایش متوسط ​​قیمت مس است. درآمد طلا 16.6٪ افزایش یافته که ناشی از افزایش 29.7٪ متوسط ​​قیمت طلا است و تا حدی با حجم کمتری از کنسانتره طلا فروخته می شود.
  • هزینه فروش در Q3’20 از 168.0 میلیون دلار در مقابل 3.6٪ کاهش یافته است 174.2 میلیون دلار در Q3’19 به دلیل 9.0٪ کاهش در هزینه واحد فروش هر پوند مس فروخته شده ، تا حدی با افزایش 6.9٪ در حجم کنسانتره فروخته شده.
  • Q3’20 هزینه واحد فروش 2.22 دلار به ازای هر پوند مس فروخته شده 9.0 درصد نسبت به کاهش یافت 2.44 دلار در Q3’19 نشان دهنده بهبود درجه سر و هزینه های پایین تر فرز است3 از فرآوری سنگ معدن نرمتر سود می برد.
  • درآمد در Q3’20 بود 161.7 میلیون دلار در مقایسه با 45.1 میلیون دلار در Q3’19. این اختلاف در درجه اول به دلیل الف بود 55.2 میلیون دلار افزایش درآمد در مقابل Q3’19 همراه با 86.1 میلیون دلار دارایی های مالیاتی معوق اضافی که در Q3’20 در مقابل Q3’19 شناخته شده اند. درآمد قابل انتساب به صاحبان تپه فیروزه در Q3’20 بوده است 128.6 میلیون دلار یا 0.64 دلار در هر سهم ، در مقایسه با 71.7 میلیون دلار یا 0.36 دلار هر سهم در Q3’19.
  • هزینه سرمایه به صورت نقدی در Q3’20 بود 254.5 میلیون دلار در مقایسه با 329.2 میلیون دلار در Q3’19 ، و از تشکیل شده است 242.1 میلیون دلار منسوب به پروژه زیرزمینی و 12.4 میلیون دلار به فعالیت های روباز
  • کل هزینه های نقدی عملیاتی3 از 181.4 میلیون دلار در Q3’20 افزایش 3.6 from از 175.1 میلیون دلار در Q3’19. این امر اساساً به دلیل هزینه های بیشتر حق امتیاز ناشی از درآمد فروش بالاتر بود که تا حدی با هزینه های کمتر جبران می شد.
  • هزینه های نقدی Oyu Tolgoi C13 از 1.48 دلار به ازای هر پوند مس تولید شده 30.8٪ از کاهش یافت 2.14 دلار در Q3’19 ، در درجه اول منعکس کننده تأثیر 27.8٪ افزایش تولید مس از Q3’19 به Q3’20 است. این تأثیر مثبتی بر مبنای هزینه واحد برای هر دو هزینه نقدی عملیاتی داشت3 هر پوند مس تولید شده و هزینه های نقدی C13 به ازای هر پوند مس تولید شده. کاهش باقیمانده در هزینه های نقدی C13 به ازای تولید هر پوند مس در Q3’20 به دلیل اقدامات پیشگیرانه صرفه جویی در هزینه و هزینه های کمتر فرز بود.
  • تمام هزینه های پایدار3 از 1.88 دلار به ازای هر پوند مس تولید شده در Q3’20 33.8٪ از کاهش یافت 2.84 دلار در Q3’19. مشابه هزینه های نقدی C13، این کاهش در درجه اول به دلیل تأثیر مثبت افزایش تولید مس بر اساس هزینه واحد بود. علاوه بر این ، تمام هزینه های پایدار3 در Q3’20 بیشتر تحت تأثیر هزینه های پایدار پایین تر سرمایه قرار گرفتند. این امر تا حدودی با هزینه های حق امتیاز بیشتر ناشی از درآمد فروش بالاتر در Q3’20 در مقایسه با Q3’19 جبران شد.
  • هزینه های استخراج3 از 1.93 دلار در هر تن ماده استخراج شده در Q3’20 از 3.2٪ افزایش یافته است 1.87 دلار در Q3’19. این افزایش عمدتا به دلیل كاهش كل مواد استخراج شده همراه با هزینه های بالاتر خدمات نگهداری معادن و هزینه های مصرفی بیشتر بود.
  • هزینه های فرز3 از 5.90 دلار در هر تن سنگ معدن در Q3’20 کاهش 14.7 from از 6.92 دلار به ازای هر تن سنگ معدن در Q3’19. این کاهش عمدتا به دلیل مصرف کمتر گلوله های آسیاب و معرف ، هزینه های کمتری که از یوان چین ضعیف تر حاصل می شود و هزینه های خدمات تعمیر و نگهداری پایین تر به دلیل خاموش شدن نیروگاه های اصلی برای سال 2020 در Q2’20 در مقابل Q3’19 بود.
  • هزینه های G&A در هر تن سنگ معدن 2.98 دلار در Q3’20 مطابقت داشت 2.97 دلار به ازای هر تن سنگ معدن در Q3’19.
  • وجوه نقدی که از فعالیتهای عملیاتی قبل از بهره و مالیات حاصل می شد 89.2 میلیون دلار در Q3’20 ، افزایش از 13.1 میلیون دلار در فعالیت های عملیاتی در Q3’19 استفاده می شود ، در درجه اول به دلیل 61.5 میلیون دلار بهبود حاشیه ناخالص ناشی از درآمد فروش بیشتر ، همراه با حرکت مطلوب در سرمایه در گردش.

OYU TOLGOI

عملکرد ایمنی و پاسخ COVID-19

عملکرد ایمنی Oyu Tolgoi با کاهش AIFR از 0.22 در 200000 ساعت کار برای شش ماه پایان یافته بهبود یافت 30 ژوئن 2020 به 0.17 در هر 200000 ساعت کار برای نه ماه به پایان رسید 30 سپتامبر 2020، با AIFR برای سه ماهه 0.03 در هر 200000 ساعت کار کرده است. علاوه بر تعهد مداوم برای کاهش خطرات بهداشتی و ایمنی و آسیب در Oyu Tolgoi ، جلوگیری از گسترش COVID-19 یک اولویت اصلی برای Oyu Tolgoi و Turquoise Hill است. در حالی که عملیات روباز و فرآوری سنگ معدن در Oyu Tolgoi با وجود COVID-19 بدون وقفه ادامه یافته است ، تأثیر بی سابقه این بیماری همه گیر محدودیت های اعمال شده توسط دولت مغولستان در مورد مسافرت و جابجایی کالا و افراد از دو طرف و در داخل مرزهای آن ، و این شرایط دسترسی تیم ها به اوی تولگو ، ریو تینتو و شرکای ساختمانی ما را به سایت دشوار کرده است. محدودیت های اعمال شده بر تعداد کل پرسنل در محل و بهره وری عالی توسعه جانبی ، امکان جابجایی مجدد خدمه توسعه جانبی را بر روی مواد حیاتی انجام فعالیت های ساخت زیرساخت در Q3’20 به منظور به حداقل رساندن اثرات احتمالی COVID-19 فراهم کرد. خدمه که به دور از فعالیت های توسعه جانبی اعزام می شوند منجر به کاهش مرتبط با متر متر معادل توسعه جانبی می شود ، با این حال پیش بینی نشده است که این تولید مجدد کار بر اولین تولید پایدار تأثیر بگذارد. چهل مهاجر بازگشتند مغولستان در ماه جولای ، که اولین بار پرسنل خارج از کشور است مغولستان از زمان شروع همه گیر شدن قادر به سفر به سایت بودند. با انجام دو پرواز اضافی که در اوایل ماه نوامبر وارد شده اند ، پروازهای دیگری در نظر گرفته شده است تا متخصصان مورد نیاز را به سایت برگردانند. تأثیرات مربوط به COVID-19 در تولید و افزایش سطح زیرساختهای آسیب دیده در برآورد نهایی بعداً در Q4’20 گنجانده خواهد شد.

بر 11 نوامبر 2020، دو مورد COVID-19 در اولان باتور گزارش شد. در نتیجه ، مقامات محلی اقداماتی را برای به حداقل رساندن انتقال انجام داده و محدودیت های اولیه را تا زمان اعلام کرده اند 17 نوامبر 2020، از جمله توقف موقت پروازهای داخلی که شامل سفر به و از سایت معدن Oyu Tolgoi است. در نتیجه ، اگرچه عملیات OT و پروژه همچنان ادامه دارد ، محدودیت های COVID-19 موجود در سایت همراه با مقامات مربوطه در حال بررسی هستند. در این مرحله اولیه ، وضعیت هنوز در دست ارزیابی است و اطلاعات بیشتری در صورت لزوم ارائه خواهد شد.

معیارهای اصلی عملیاتی برای Q3’20 به شرح زیر است:

داده های تولید Oyu Tolgoi
تمام داده ها تولید و فروش کامل را به صورت 100٪ نشان می دهند

داده های تولید Oyu Tolgoi

تمام داده ها تولید و فروش کامل را به صورت 100٪ نشان می دهند

سه ماه تمام شد

نه ماه تمام شد

3Q

3Q

تغییر دادن

9 ماه

9 ماه

تغییر دادن

2020

2019

2020

2019

استخراج مواد روباز (000 تن)

23979

24،844

(3.5٪)

74،032

73،195

1.1٪

تیمار سنگ معدن (000 تن)

10،072

10،040

0.3٪

30،606

29689

3.1٪

میانگین نمرات سر آسیاب:

مس (٪)

0.45

0.37

21.6٪

0.45

0.46

(2.2٪)

طلا (گرم در تن)

0.21

0.14

50.0٪

0.18

0.34

(47.1٪)

نقره (گرم / تن)

1.22

1.03

18.4٪

1.19

1.16

2.6٪

کنسانتره تولید شده (‘000 تن)

168.5

131.3

28.3٪

502.9

552.1

(8.9٪)

درجه کنسانتره متوسط ​​(٪ Cu)

21.5

21.7

(0.9٪)

21.5

21.7

(0.9٪)

تولید فلزات در کنسانتره:

مس (‘000 تن)

36.3

28.4

27.8٪

108.0

113.4

(4.8٪)

طلا (‘000 اونس)

37

26

42.3٪

94

218

(56.9٪)

نقره (000 اونس)

219

191

14.7٪

645

677

(4.7٪)

کنسانتره فروخته شده (000 تن)

167.9

157.0

6.9٪

488.1

567.2

(13.9٪)

فروش فلزات در کنسانتره:

مس (‘000 تن)

34.4

32.4

6.2٪

99.9

117.6

(15.1٪)

طلا (‘000 اونس)

34

35

(2.9٪)

84

249

(66.3٪)

نقره (000 اونس)

201

207

(2.9٪)

566

652

(13.2٪)

بازیابی فلز (٪)

مس

78.9

75.1

5.1٪

77.4

80.3

(3.6٪)

طلا

53.7

54.7

(1.8٪)

51.0

66.2

(23.0٪)

نقره اي

54.6

56.0

(2.5٪)

54.0

59.6

(9.4٪)

تولید مس در Q3’20 به دلیل افزایش برنامه ریزی شده در درجه سر ، به دلیل افزایش عمق گودال در فاز درجه بالاتر ، 28٪ نسبت به Q3’19 افزایش یافت 4B منطقه گودال روباز.

به دلیل افزایش درجه سر ، تولید طلا در Q3’20 نسبت به Q3’19 43٪ افزایش یافته است زیرا گودال عمیق تر به مرحله بالاتر می رود 4B از گودال روباز

میزان تولید آسیاب Q3’20 به دلیل در دسترس بودن آسیاب کمی بیشتر و افزایش سرعت آسیاب مرتبط با سنگ نرم تر ، کمی بیشتر از Q3’19 بود.

توسعه زیرزمینی

بر 13 مه 2020، Turquoise Hill طراحی جدید معدن غار بلوکی را برای صفحه 0. اعلام کرد. نشانه های اولیه از روند برآورد نهایی این است که اولین تولید پایدار به سمت ماه های اولیه از محدوده هدایت قبلی اکتبر 2022 تا ژوئن 2023 ، از جمله یک مورد پایه اکتبر 2022، و اینکه پیش بینی هزینه توسعه سرمایه در محدوده 6.6 دلار به 7.1 میلیارد دلار، با یک مورد پایه از 6.8 میلیارد دلار. محدوده هزینه و برنامه کاهش محدودیت های سفر و کنترل های مربوط به COVID-19 را از زمان گزارش ، فرض می کند که همچنان تحت نظارت و بررسی قرار می گیرند. Turquoise Hill در حال انجام یک فرآیند اطمینان فنی مستقل در برآورد نهایی اولیه است که توسط مدیر ابلاغ شده است. برنامه اطمینان و تأییدات فیروزه هیل مربوط به برآورد نهایی در حال انجام است و انتظار می رود در Q4’20 به اتمام برسد. بر 2 جولای 2020، تپه فیروزه ای از اتمام مطالعه امکان سنجی Oyu Tolgoi 2020 (OTFS20) شامل طرح اصلاح شده معدن و ذخایر معدنی و منابع معدنی به روز شده خبر داد. بر 28 آگوست 2020، Turquoise Hill گزارش فنی به روز شده ای را بر اساس OTFS20 ثبت کرد.

برآورد نهایی پیش بینی می شود قبل از پایان سال 2020 به اتمام برسد و انتظار می رود مرزهای صفحه 0 را که با بهینه سازی و بررسی بیشتر داده های ژئوتکنیک اطلاع داده شده است ، به حداقل برساند و میزان مواجهه با نقاط ضعف پایین را به حداقل برساند. Turquoise Hill در حال بررسی اطمینان فنی فنی از نشانه ها و یافته های برآورد قطعی اعلام شده توسط مدیر است.

اگرچه شافت 3 و 4 در طی Q3’20 به مراقبت و نگهداری ادامه دادند ، فعالیت های آماده سازی برای از سرگیری فعالیت غرق شدن در حال انجام است ، از جمله نصب طناب و آزمایش بدون بار سیستم بالابرنده شفت 4. پیشرفت قابل توجه بیشتر در این زمینه مستلزم جابجایی متخصصان بین المللی غرق شدن شافت است ، که این شرکت پیش بینی می کند قبل از پایان Q4’20 انجام شود ، مشروط بر محدودیت های مرزی محلی که در حال حاضر برای جلوگیری از گسترش COVID-19 وجود دارد. . در طول Q3’20 ، به منظور پشتیبانی از مسیر توسعه پایدار و به حداقل رساندن هرگونه تأثیر برنامه مربوط به COVID-19 ، انتقال مجدد استراتژیک خدمه توسعه جانبی به کارهای زیرساختی زیرساخت های اساسی ، از جمله ساخت دستگاه سنگ شکن اولیه ، انجام شد.

توسعه زیرزمینی با تمرکز بر بهره وری در مهمترین مناطق توسعه ، با پیشرفت 4.7 کیلومتر معادل کل و 14.3 هزار متر مکعب حفاری جمعی در طول Q3’20 ادامه یافت. از زمان شروع مجدد توسعه زیرزمینی ، 48.6 کل کیلومتر معادل و 183.4 هزار متر مکعب حفاری جمعی به پایان رسیده است. جدول زیر تجزیه و تحلیل اجزای مختلف توسعه کامل از زمان شروع مجدد پروژه را ارائه می دهد:

پیشرفت پروژه زیرزمینی Oyu Tolgoi بدون احتساب نوار نقاله

سال

جمع
معادل
توسعه
(کیلومتر)

جانبی
توسعه
(کیلومتر)

جرم
حفاری
(“000” متر3)

2016

1.6

1.5

3.0

Q1’17

1.0

0.8

5.2

Q2’17

1.4

0.9

9.2

Q3’17

1.4

1.2

8.3

Q4’17

2.2

1.9

8.9

2017

6.1

4.8

31.6

Q1’18

2.6

2.1

11.6

Q2’18

2.4

2.1

8.6

Q3’18

3.0

2.1 *

23.3 *

Q4’18

2.3

1.6

16.0

2018

10.3

7.9

59.5

Q1’19

3.2

2.3

21.4

Q2’19

3.2

2.4

19.3

Q3’19

3.6

3.2

11.4

Q4’19

4.8

4.5

9.0

2019

14.9

12.4

61.1

Q1’20

5.5

5.3

3.2

Q2’20

5.5

5.1

10.6

Q3’20

4.7

4.1

14.3

2020

15.7

14.5

28.2

جمع

48.6

41.2

183.4

یادداشت:

به دلیل گرد شدن ممکن است مجموع بازی ها مطابقت نداشته باشد.

* مقادیر توسعه جانبی و حفاری انبوه برای Q3’18 برای بازتاب نتایج اصلاح شده به روز شده است.

نوار نقاله Oyu Tolgoi پیشرفت پروژه را کاهش می دهد

سال

جمع
معادل
توسعه
(کیلومتر)

جانبی
توسعه
(کیلومتر)

جرم
حفاری
(“000” متر3)

2016

0.0

0.0

0.0

Q1’17

0.1

0.1

0.0

Q2’17

0.4

0.4

0.2

Q3’17

0.9

0.9

0.5

Q4’17

0.9

0.8

0.5

2017

2.3

2.3

1.2

Q1’18

0.8

0.8

0.1

Q2’18

0.8

0.8

0.1

Q3’18

0.8

0.8

0.3

Q4’18

0.6

0.6

0.1

2018

3.0

3.0

0.6

Q1’19

0.8

0.8

0.8

Q2’19

0.9

0.9

0.8

Q3’19

0.9

0.7

4.9

Q4’19

1.1

0.7

8.3

2019

3.7

3.1

14.7

Q1’20

1.0

0.7

7.5

Q2’20

1.0

0.9

2.6

Q3’20

0.9

0.9

0.0

2020

3.0

2.6

10.1

Total

12.0

10.9

26.6

Note: Totals may not match due to rounding.

Oyu Tolgoi spent $242.1 million on the underground development during Q3’20. Total underground project spend from January 1, 2016 to September 30, 2020 was approximately $4.2 billion. Underground project spend on a cash basis includes expansion capital, VAT and capitalised management services payment and excludes capitalised interest and capitalised revenue. In addition, Oyu Tolgoi had contractual obligations4 of $0.6 billion as at September 30, 2020. Since the restart of project development up to September 30, 2020, Oyu Tolgoi has made underground commitments exceeding $3.5 billion to Mongolian vendors and contractors.

Underground drilling and orebody characterisation work is near completion for Panel 0 and the northern area of Panel 2, which will be the next area to be mined. Work has now shifted to the remaining central and southern portions of Panel 2 and Panel 1. During Q3’20, 6033 metres of underground and 11519 metres of surface drilling was completed. The drilling is multi-purpose and includes cover holes and cave tracker beacon holes in addition to holes for geology and geotechnical data collection. Data collection and assessment is being prioritised to complete assessments in line with mining progression. Due to the size of Panel 2, a decision has been made to consider the area as three mining zones assisting with efficiency in assessment and design updates. Drilling, data collection and analysis is expected to continue through 2021 and into 2022 with significant progress on a design review and update for the north and central areas of Panel 2 expected in H2’21. Broader Studies for P1 and P2 South are also progressing and include assessments of recoverability of the structural pillars incorporated into OTTR20.

Block caves are initiated by the drilling and blasting of a narrow slice of rock above the extraction horizon, known as the undercut. The undercut is developed across the entire ore body with “drawbells” excavated on the extraction level beneath the undercut. The drawbells serve as a place for caving rock to flow into and are designed for production equipment to load from. Due to the friability of the ore body, the ore above the undercut caves and flows into the drawbells. The void created in the ore removal process allows gravity to continue forcing the ore body downward.

The commencement of the undercut in 2021 is a key milestone and it is critical to ensure that, once commenced, the undercut and drawpoint construction continues unimpeded. This will require both technical support, such as confidence in commissioning dates for the materials handing system, as well as the achievement of non-technical criteria. We are working with Oyu Tolgoi and other stakeholders to ensure that critical supporting aspects for a successful project are in place prior to commencing the undercut.

In Q1’20, Oyu Tolgoi submitted a Resources and Reserves update for registration as required pursuant to local regulatory requirements in Mongolia. The expert review of this document continues and the required OTFS20 Feasbility Study Update is complete and awaiting acceptance and endorsement by the regulator.

Work on the project has continued to progress despite COVID-19 controls and ongoing international travel restrictions issued by the Government of Mongolia. Forty  expatriates returned to Mongolia in July – the first time this has been possible since the onset of the pandemic. Further flights are planned in order to return the required specialists to site to continue progressing the underground project , with two additional flights having arrived in early November.

____________

4

Please refer to Section – NON-GAAP MEASURES – on page 18 of this press release for further information.

EXPLORATION UPDATE

During Q3’20, Turquoise Hill built an exploration team, employing six skilled personnel to add to the Ulaanbaatar-based technical services team. The primary focus of the exploration team is to complete work on Turquoise Hill’s existing licenses and to provide a pipeline of discoveries, which will be critical to the achievement of its long-term strategy. Turquoise Hill will now be reporting exploration activities on a quarterly basis. Turquoise Hill is well-placed to be a leader of exploration in South Gobi by harnessing the experience and knowledge of this new team and our established in-country presence.

Over the years Turquoise Hill-owned companies have held multiple exploration licenses in the region. These licenses were either relinquished or sold following exploration programs and assessments. In recent times, Turquoise Hill’s exploration efforts have focused on the 50-100km “Buffer Zone” surrounding Turquoise Hill’s current mining leases. Turquoise Hill currently holds two exploration licenses within the Buffer Zone, these are Bag and Od-2.

During Q3’20, the exploration team mobilised to our Bag license to undertake a geophysical survey. There are currently about 25 people on site which includes our team members and contractors. The survey will be completed in Q4’20 and the results will be processed and interpreted over the following months.

Consistent with the way we work, Turquoise Hill sets out to build enduring relationships with our neighbours that demonstrate mutual respect, active partnership, and long term commitment. Our newly-formed exploration team has re-engaged with the host communities on our licenses to identifiy issues important to them and areas our teams can contribute meaningfully. One example of this has been our team’s ability to secure additonal hay for local livestock that were at risk over the winter due to poor local conditions for pasture.

FUNDING OF OYU TOLGOI LLC BY TURQUOISE HILL

In accordance with the Amended and Restated Shareholders’ Agreement dated June 8, 2011 (ARSHA), Turquoise Hill has funded Oyu Tolgoi LLC’s cash requirements beyond internally generated cash flows by a combination of equity investment and shareholder debt.

For amounts funded by debt, Oyu Tolgoi LLC must repay such amounts, including accrued interest, before it can pay common share dividends. As at September 30, 2020, the aggregate outstanding balance of shareholder loans extended by subsidiaries of the Company to Oyu Tolgoi LLC was $7.0 billion, including accrued interest of $1.6 billion. These loans bear interest at an effective annual rate of LIBOR plus 6.5%.

In accordance with the ARSHA, a subsidiary of the Company has funded the common share investments in Oyu Tolgoi LLC on behalf of state-owned Erdenes. These funded amounts earn interest at an effective annual rate of LIBOR plus 6.5% and are repayable, by Erdenes to a subsidiary of the Company, via a pledge over Erdenes’ share of Oyu Tolgoi LLC common share dividends. Erdenes also has the right to reduce the outstanding balance by making cash payments at any time. As at September 30, 2020, the cumulative amount of such funding was $1.3 billion, representing 34% of invested common share equity, with unrecognised interest on the amounts funded of $0.8 billion.

As at September 30, 2020, Turquoise Hill has $1.3 billion of available liquidity, which under current projections is expected to be sufficient to meet the requirements of the Company, including its operations and underground development, into Q2’22. This expectation has improved due mainly to improved commodity price estimates, continued focus on operating cost savings and other optimisation efforts as well as updated assumptions regarding the impacts of COVID-19 on our operations.

On September 9, 2020, Turquoise Hill and Rio Tinto signed the non-binding MOU concerning the funding of Oyu Tolgoi reflecting the parties’ understanding to pursue a re-profiling of existing project debt in line with current cash flow projections, including by deferring scheduled principal repayments and extending tenors (Re-profiling). The MOU reflected the parties’ understanding with respect to the raising of SSD, the process for identifying and considering other funding options, and the scope and timing for a Turquoise Hill equity offering (to the extent required) to address any remaining funding gap with respect to Oyu Tolgoi, all within the framework of existing agreements between Turquoise Hill and Rio Tinto. Such options include additional debt from banks or international financial institutions, an offering of global medium-term notes and a gold streaming transaction.

A successful Re-profiling would reduce the currently projected funding requirements of Oyu Tolgoi by up to US$1.4 billion and extend political risk mitigation.

The MOU also provided that Turquoise Hill and Rio Tinto would seek to raise SSD in the form of amortizing term loans to Oyu Tolgoi in the aggregate amount of up to US$500 million from selected international financial institutions. Under the terms of its existing project finance facility, Oyu Tolgoi LLC is permitted to arrange up to $1.6 billion of SSD, subject to meeting certain requirements relating to the tenor, amount and timing of debt service obligations of such SSD and other customary conditions.

Turquoise Hill will continue to prioritise funding by way of debt and/or hybrid financing over equity funding for the eventual balance of Oyu Tolgoi’s funding requirements. Pursuant to the MOU, Rio Tinto has advised Turquoise Hill that it does not currently support, or expect to consent to, additional debt or other non-equity sources of funding at Turquoise Hill or Oyu Tolgoi other than as provided for above.  Rio Tinto has committed in the MOU to consider all reasonable financing proposals presented to it by Turquoise Hill, subject to the parties’ respective rights and obligations under the existing agreements between them.

To the extent that the funding gap to complete the Oyu Tolgoi underground project is not eliminated by the Re-profiling, the raising of additional SSD, and additional debt and/or hybrid financing, Turquoise Hill and Rio Tinto have acknowledged that the balance of the funding gap will need to be satisfied by way of a TRQ equity offering. In the MOU, the parties have recorded their shared objective of ensuring that any required equity offering is completed not less than 90 days prior to Turquoise Hill becoming unable to meet its obligations as they become due.

If the Re-profiling is achieved and SSD in the amount of US$500 million is raised but no other debt or hybrid financing option is successfully completed, Turquoise Hill estimates that it would need to raise additional equity of at least US$ 1.1 billion. If the Re-profiling is not achieved and no additional debt (including SSD) or hybrid financing is completed, Turquoise Hill expects that it would need to raise additional equity of at least US$3.0 billion (based on the same assumptions).

Each of these aforementioned funding options, if implemented, would have the effect of reducing the Company’s incremental funding requirement. However, successful implementation of such options is subject to achieving alignment with the relevant stakeholders (including Rio Tinto, existing lenders, any potential new lenders and the Government of Mongolia), market conditions and other factors. As there appears to be a difference of views between the parties as to their respective rights and obligations with respect to the financing process, the Company has commenced arbitration proceedings in British Columbia seeking a declaration to clarify the provisions of relevant agreements with Rio Tinto and a related party relating to their role and obligations to support the Company in seeking additional financing for the project. The arbitration process is confidential and is expected to take between three and five months to reach a decision. The arbitrator’s decision will be final and binding on the parties.

مطلب مرتبط  Frontera نتایج سه ماهه اول سال 2020 و برنامه تصویب شده برای مدیریت بحران COVID-19 و محیط پایین قیمت نفت را اعلام کرد

In the meantime, as contemplated in the MOU, the Company is actively advancing its evaluation of financing options for the project that could address the funding gap, in whole or in part. Such options include additional debt from banks or international financial institutions, an offering of global medium-term notes and a gold streaming transaction. It is expected that details of the Company’s preferred funding options will be presented to Rio Tinto for consideration in accordance with the MOU prior to December 31, 2020.

Going forward, Turquoise Hill’s liquidity outlook will continue to be impacted, either positively or negatively, by various factors, many of which are outside the Company’s control, including:

  • changes in commodity prices and other market-based assumptions;
  • open pit operating performance as well as the successful implementation (or otherwise) of related optimisation efforts;
  • further and/or unanticipated impacts on operations and underground development related to the COVID-19 pandemic as well as the economic, commercial and financial consequences thereof;
  • the manner in which the amended PSFA is ultimately implemented; و
  • developments in the ongoing dispute with the Mongolian Tax Authority, with respect to which formal international arbitration proceedings were initiated.

Turquoise Hill continues to monitor its liquidity outlook and will provide updates as and when circumstances require. Turquoise Hill currently estimates its base case incremental funding requirement to be $3.0 billion (compared to $3.6 billion estimated in the Company’s Q2’20 earnings release), taking into consideration improved metal price assumptions for copper and gold over the peak funding period as well as the preliminary findings of the Definitive Estimate, which assumes:

  • first sustainable production trending toward the earlier months of the guided range of October 2022 to June 2023, including a target base case of October 2022؛
  • Forecast development capital cost remaining within the range of $6.6 to $7.1 billion with a base case of $6.8 billion؛
  • easing of travel restrictions and COVID-19 related controls; و
  • reduction in schedule contingency due to a combination of project stage and completion of engineering and analysis work streams.

Additionally, Turquoise Hill currently estimates its base case incremental funding will continue to be influenced by various factors, many of which are outside the Company’s control, including:

  • the amount of development capital required to bring the underground mine into production, assuming the upper or lower end of the capital cost range, as noted above, would have either a favourable or unfavourable impact on the base case incremental funding requirement;
  • the timing of sustainable first production and ramp-up profile and their impact on cash flows . Assuming the upper or lower end of the range for first sustainable first production, as noted above, would have either a favourable or unfavourable impact on the base case incremental funding requirement;
  • the manner in which the amended PSFA is ultimately implemented (the base case assumes the construction of a state-owned power plant (SOPP) will be financed by the Government of Mongolia, as contemplated by the PSFA Amendment; if one of the alternatives to SOPP available under the PSFA amendment, such as an Oyu Tolgoi-based, coal-fired power plant, is ultimately implemented, this could significantly increase the base case incremental funding requirement);
  • changes to the amount of cash flow expected to be generated from open-pit operations, net of sustaining capital requirements;
  • further and/or unanticipated impacts on operations and underground development related to the COVID-19 pandemic as well as the economic, commercial and financial consequences thereof;
  • changes in expected commodity prices and other market-based assumptions (upside and downside pricing sensitivities would have, respectively, a favourable or unfavourable impact on the base case incremental funding requirement); و
  • the final outcomes of the definitive estimate and potential optimisations to Panels 1 and 2.

More generally, any changes in the above factors will impact the incremental funding requirement and, as a result, the actual quantum of incremental funding required may be greater or less than the $3.0 billion base case estimate and such variance may be significant.

GOVERNMENT RELATIONS

Turquoise Hill’s ownership of the Oyu Tolgoi mine is held through a 66% interest in Oyu Tolgoi LLC. The remaining 34% interest in Oyu Tolgoi LLC is held by Erdenes Oyu Tolgoi LLC. Turquoise Hill is obliged to fund Erdenes’ share of the capital costs under the ARSHA.

Underground construction recommenced in May 2016 when Oyu Tolgoi LLC received the final requirement for the restart of underground development: formal notice to proceed approval by the boards of Turquoise Hill, Rio Tinto (as project manager) and Oyu Tolgoi LLC. Approval followed the signing of the Oyu Tolgoi Underground Mine Development and Financing Plan (Underground Plan) in May 2015 and the signing of a $4.4 billion project finance facility in December 2015. Development had been suspended in August 2013 pending resolution of matters with the Government of Mongolia.

Turquoise Hill’s investment in the Oyu Tolgoi mine is governed by a 2009 Investment Agreement (Investment Agreement). The Investment Agreement framework was authorised by the Mongolian Parliament and was concluded after 16 months of negotiations. It was reviewed by numerous constituencies within the Government. Turquoise Hill has been operating in good faith under the terms of the Investment Agreement since 2009, and we believe not only that it is a valid and binding agreement, but that it has proven to be beneficial for all parties.

Adherence to the principles of the Investment Agreement, the ARSHA and the Underground Plan has allowed for the development of the Oyu Tolgoi mine in a manner that has given rise to significant long-term benefits to Mongolia. Benefits from the Oyu Tolgoi mine open-pit operations and underground development include, but are not limited to, employment, royalties and taxes, local procurement, economic development and sustainability investments.

Oyu Tolgoi mine power supply

Oyu Tolgoi LLC currently sources power for the Oyu Tolgoi mine from China’s Inner Mongolian Western Grid, via overhead power line, pursuant to back-to-back power purchase arrangements with Mongolia’s National Power Transmission Grid JSC (NPTG), the relevant Mongolian power authority, and Inner Mongolia Power International Cooperation Co., Ltd (IMPIC), the Chinese power generation company.

Oyu Tolgoi LLC is obliged under the 2009 Oyu Tolgoi Investment Agreement to secure a long-term domestic source of power for the Oyu Tolgoi mine. The PSFA entered into between Oyu Tolgoi LLC and the Government of Mongolia بر December 31, 2018 provides a binding framework and pathway for long-term power supply to the Oyu Tolgoi mine. The PSFA originally contemplated the construction of a coal-fired power plant at Tavan Tolgoi (TTPP), which would be majority-owned by Oyu Tolgoi LLC and situated close to the Tavan Tolgoi coal mining district located approximately 150 kilometres from the Oyu Tolgoi mine. In April 2020, the Government of Mongolia advised that it was unwilling to support Oyu Tolgoi LLC’s proposal to develop TTPP and announced its intention to fund and construct SOPP at Tavan Tolgoi.

On June 26, 2020, Oyu Tolgoi LLC and the Government of Mongolia amended the PSFA (PSFA Amendment) to reflect their agreement to jointly prioritise and progress SOPP, in accordance with and subject to agreed milestones, as the domestic source of power for the Oyu Tolgoi mine.  The milestones include: signing a Power Purchase Agreement for the supply of power to the Oyu Tolgoi mine by March 31, 2021, commencing construction of SOPP by no later than July 1, 2021, commissioning SOPP within four years thereafter, and reaching agreement with IMPIC on an extension to the existing power import arrangements by March 1, 2021 in order to ensure there is no disruption to the power supply required to safeguard the Oyu Tolgoi mine’s ongoing operations and development.

The PSFA Amendment provides that if certain agreed milestones are not met in a timely manner (subject to extension for Delay Events as defined) then Oyu Tolgoi LLC will be entitled to select from, and implement, the alternative power solutions specified in the PSFA (as amended), including an Oyu Tolgoi LLC-led coal-fired power plant and a primary renewables solution, and the Government of Mongolia would be obliged to support such decision.

Oyu Tolgoi tax assessment

On January 16, 2018, Turquoise Hill announced that Oyu Tolgoi LLC had received and was evaluating a tax assessment for approximately $155 million (which was converted from Mongolian Tugrik to U.S. dollars at the exchange rate on that date) from the Mongolian Tax Authority (MTA) relating to an audit on taxes imposed and paid by Oyu Tolgoi LLC between 2013 and 2015. In January 2018, Oyu Tolgoi LLC paid an amount of approximately $4.8 million to settle unpaid taxes, fines and penalties for accepted items.

On February 20, 2020, the Company announced that Oyu Tolgoi LLC will be proceeding with the initiation of a formal international arbitration proceeding in accordance with dispute resolution provisions within Chapter 14 of the Investment Agreement entered into with the Government of Mongolia in 2009 and Chapter 8 of the Oyu Tolgoi Underground Mine Development and Financing Plan entered into with the Government of Mongolia in 2015. The dispute resolution provisions call for arbitration under the United Nations Commission on International Trade Law (UNCITRAL) seated in London before a panel of three arbitrators.

By agreeing to resolve the dispute under UNCITRAL Arbitration Rules, both parties have agreed that the arbitral award shall be final and binding on both parties and the parties shall carry out the award without delay.

The Company remains of the opinion that Oyu Tolgoi LLC has now paid all taxes and charges required under the Investment Agreement, the ARSHA, the Underground Plan and Mongolian law.

Parliamentary Resolution 92

Upon completion of the Mongolian Parliamentary Working Group’s review of certain contractual agreements with the Government of Mongolia that underpin Turquoise Hill’s investment in the Oyu Tolgoi copper-gold mine, a resolution was submitted to the Economic Standing Committee, and subsequently passed in a plenary session of the Parliament of Mongolia بر November 21, 2019. Resolution 92 was published on December 6, 2019 and includes resolutions to take comprehensive measures to improve the implementation of the Investment Agreement and the ARSHA, to improve the Underground Plan and to explore and resolve options to have a product sharing arrangement or swap Mongolia’s equity holding of 34 per cent for a special royalty. Representatives from Turquoise Hill and Rio Tinto have engaged in discussions with representatives of the relevant newly appointed Cabinet members of the Government of Mongolia to work together and resolve the issues raised in the Resolution.

Anti-Corruption Authority information requests

On March 13, 2018, we announced that Oyu Tolgoi LLC received information requests from the Mongolian Anti-Corruption Authority (ACA) for information relating to Oyu Tolgoi LLC. The ACA has also conducted interviews with representatives of Oyu Tolgoi LLC in connection with its investigation. Turquoise Hill has inquired as to the status of the investigation and Oyu Tolgoi LLC has informed the Company that the investigation appears to relate primarily to possible abuses of power by certain former Government officials in relation to the Investment Agreement, and that Oyu Tolgoi LLC is complying with the ACA’s requests in accordance with relevant laws.

To date, neither Turquoise Hill nor Oyu Tolgoi LLC has received notice from the ACA, or indeed from any regulator, that either company or their employees are subjects of any investigation involving the Oyu Tolgoi project.

In July 2020, Oyu Tolgoi LLC advised the Company that the ACA investigation had been concluded and the first instance criminal court had sentenced certain former Government officials.

The Investment Agreement framework was authorised by the Mongolian Parliament, concluded after 16 months of negotiations and reviewed by numerous constituencies within the Government. Turquoise Hill has been operating in good faith under the terms of the Investment Agreement since 2009, and we believe not only that it is a valid and binding agreement, but that it has proven to be beneficial for all parties.

Adherence to the principles of the Investment Agreement, ARSHA and Underground Plan has allowed for the development of the Oyu Tolgoi mine in a manner that has given rise to significant long-term benefits to Mongolia. Benefits from the Oyu Tolgoi open-pit operations and underground development include, but are not limited to, employment, royalties and taxes, local procurement, economic development and sustainability investments.

Class Action Complaint

On October 14, 2020, a class action complaint was filed in the U.S. District Court, Southern District of New York against the Company, certain of its current and former officers as well as Rio Tinto and certain of its officers. The complaint alleges that the defendants made material misstatements and material omissions with respect to, among other things, the schedule, cost and progress to completion of the development of Oyu Tolgoi in violation of Section 10(b) of the U.S. Securities Exchange Act and Rule 10b-5 thereunder. The Company believes that the complaint against it is without merit. See the risk factor titled “The Company may be subject to public allegations, regulatory investigations or litigation that could materially and adversely affect the Company’s business” in the “RISKS AND UNCERTAINTIES” section of the Company’s MD&A for the year ended December 31, 2019.

CORPORATE ACTIVITIES

2020 Oyu Tolgoi Technical Report

On August 28, 2020, the Company filed an updated technical report for Oyu Tolgoi prepared in accordance with the requirements of National Instrument 43-101 – Standards of Disclosure of Mineral Projects and CIM definition standards for Mineral Resources and Mineral Reserves (2014). The 2020 Oyu Tolgoi Technical Report (2020 OTTR) was prepared with the assistance of AMC Consultants Pty Ltd, and superseded the Oyu Tolgoi Technical Report dated October 14, 2016.

Board appointment

On September 18, 2020, the Company announced the resignation of director Alan Chirgwin, effective September 17, 2020, and the appointment of Alfie Grigg to the Company’s Board of Directors, effective September 18, 2020.

Completion of share consolidation

Subsequent to the end of the quarter, on October 1, 2020, the Company announced that it was proceeding with the previously-approved consolidation (reverse stock split) of the Company’s issued and outstanding common shares at a ratio of one post-consolidation share for every ten pre-consolidation shares and on October 23, 2020, the consolidation was implemented, effective as of 5:00 p.m. (Eastern Standard Time) on the same date. The consolidation reduced the number of issued and outstanding common shares of the Company from 2,012,314,469 shares to 201,231,430 shares. Proportionate adjustments were made to the Company’s outstanding performance share units, restricted share units and deferred share units. The Company’s Common Shares commenced trading on both the NYSE and the TSX on a post-consolidation basis at market open on Monday, October 26, 2020 under their existing ticker symbols.

Commencement of Arbitration with Rio Tinto International Holdings Limited

Subsequent to the end of the quarter, on November 4, 2020, the Company announced that, following approval by the Special Committee of the Company’s Board, it commenced arbitration proceedings seeking a declaration to clarify the provisions of certain agreements with Rio Tinto International Holdings Limited (RTIHL) and a related party relating to their role and obligations to support the Company in seeking additional financing for the Oyu Tolgoi project. The arbitration was commenced in British Columbia, in accordance with the relevant agreements between the parties.

See also section “Funding of Oyu Tolgoi LLC by Turquoise Hill” of this MD&A.

NON-GAAP MEASURES

The Company presents and refers to the following non-GAAP measures, which are not defined in IFRS. A description and calculation of each measure is given below and may differ from similarly named measures provided by other issuers. These measures are presented in order to provide investors and other stakeholders with additional understanding of performance and operations at the Oyu Tolgoi mine and are not intended to be used in isolation from, or as a replacement for, measures prepared in accordance with IFRS.

Operating cash costs

The measure of operating cash costs excludes: depreciation and depletion; exploration and evaluation; charges for asset write-down (including write-down of materials and supplies inventory) and includes management services payments to Rio Tinto and management services payments to Turquoise Hill which are eliminated in the consolidated financial statements of the Company.

C1 cash costs

C1 cash costs is a metric representing the cash cost per unit of extracting and processing the Company’s principal metal product, copper, to a condition in which it may be delivered to customers net of gold and silver credits from concentrates sold. This metric is provided in order to support peer group comparability and to provide investors and other stakeholders with additional information about the underlying cash costs of Oyu Tolgoi LLC and the impact of gold and silver credits on the operations’ cost structure. C1 cash costs are relevant to understanding the Company’s operating profitability and ability to generate cash flow. When calculating costs associated with producing a pound of copper, the Company deducts gold and silver revenue credits as the production cost is reduced by selling these products.

All-in sustaining costs

All-in sustaining costs (AISC) is an extended cash-based cost metric providing further information on the aggregate cash, capital and overhead outlay per unit and is intended to reflect the costs of producing the Company’s principal metal product, copper, in both the short term and over the life-cycle of its operations. As a result, sustaining capital expenditure on a cash basis is included rather than depreciation. As the measure seeks to present a full cost of copper production associated with sustaining current operations, development project capital is not included. AISC allows Turquoise Hill to assess the ability of Oyu Tolgoi LLC to support sustaining capital expenditures for future production from the generation of operating cash flows.

A reconciliation of total operating cash costs, C1 cash costs and all-in sustaining costs is provided below.

(Three Months Ended)

(Nine Months Ended)

C1 costs (Stated in $000’s of dollars)

September 30, 2020

September 30, 2019

September 30, 2020

September 30, 2019

Cost of sales

167,991

174,188

495,871

567,978

Cost of sales: $/lb of copper sold

2.22

2.44

2.25

2.19

Depreciation and depletion

(42,268)

(34,944)

(128,340)

(134,119)

Provision against carrying value of copper-gold concentrate

(1,493)

40

Change in inventory

(1,702)

(14,868)

18,182

(42,711)

Other operating expenses

49,909

40,835

144,713

169,078

Less:

– Inventory (write-down) reversal

252

6,197

2,611

1,765

– Depreciation

(629)

(2,373)

(4,579)

(6,004)

Management services payment to Turquoise Hill

7,885

7,569

21,839

23,864

Operating cash costs

181,438

175,112

550,297

579,891

Operating cash costs: $/lb of copper produced

2.27

2.80

2.31

2.32

Adjustments to operating cash costs(1)

3,086

14,442

15,732

35,609

Less: Gold and silver revenues

(65,700)

(55,783)

(155,790)

(334,906)

C1 costs ($’000)

118,824

133,771

410,239

280,594

C1 costs: $/lb of copper produced

1.48

2.14

1.72

1.12

All-in sustaining costs (Stated in $000’s of dollars)

Corporate administration

6,496

3,640

21,068

13,943

Asset retirement expense

(3,076)

2,100

(145)

6,163

Royalty expenses

15,505

11,134

39,960

51,595

Ore stockpile and stores write-down (reversal)

(252)

(6,197)

(2,611)

(1,765)

Other expenses

603

804

4,069

1,063

Sustaining cash capital including deferred stripping

12,420

32,518

33,913

104,373

All-in sustaining costs ($’000)

150,520

177,770

506,493

455,966

All-in sustaining costs: $/lb of copper produced

1.88

2.84

2.13

1.82

(1)

Adjustments to operating cash costs include: treatment, refining and freight differential charges less the 5% Government of Mongolia royalty and other expenses not applicable to the definition of C1 cost.

Mining costs and milling costs

Mining costs and milling costs are included within operating cash costs. Mining costs per tonne of material mined in Q3’20 are calculated by reference to total mining costs of $45.9 million (Q3’19: $46.5 million) and total material mined of 23.8 million tonnes (Q3’19: 24.9 million tonnes).

Milling costs per tonne of ore treated in Q2’20 are calculated by reference to total milling costs of $59.4 million (Q3’19: $69.7 million) and total ore treated of 10.1 million tonnes (Q3’19: 10.1 million tonnes).

Working capital

Consolidated working capital comprises those components of current assets and liabilities which support and result from the Company’s ongoing running of its current operations. It is provided in order to give a quantifiable indication of the Company’s short-term cash generation ability and business efficiency. As a measure linked to current operations and the sustainability of the business, the Company’s definition of working capital excludes: non-trade receivables and payables; financing items; cash and cash equivalents; deferred revenue and non-current inventory.

A reconciliation of consolidated working capital to the financial statements and notes is provided below.

Working capital

30 سپتامبر

December 31,

(Stated in $000’s of dollars)

2020

2019

Inventories (current)

$

185,656

$

175,719

Trade and other receivables

32,059

27,047

Trade and other payables:

– trade payables and accrued liabilities

(292,250)

(389,476)

– payable to related parties

(79,422)

(65,903)

Consolidated working capital

$

(153,957)

$

(252,613)

Contractual obligations

The following section of this press release discloses contractual obligations in relation to the Company’s lease, purchase, power and asset retirement obligations. Amounts relating to these obligations are calculated on the assumptions of the Company carrying out its future business activities and operations as planned at the period end. As such, contractual obligations presented in this press release and in the Company’s Q3 2020 MD&A will differ from amounts presented in the financial statements, which are prepared on the basis of minimum uncancellable commitments to pay in the event of contract termination. The presentation of contractual obligations here and in the Company’s Q3 2020 MD&A is provided in order to give an indication of future expenditure, for the disclosed categories, arising from the Company’s continuing operations and development projects.

مطلب مرتبط  SOCMA از USITC خواستار افزایش همکاری با شرکای تجاری برای کاهش موانع تجاری است

A reconciliation of contractual obligations as at September 30, 2020 to the financial statements and notes is provided below.

(Stated in $000’s of dollars)

Project Finance
Facility

خرید
obligations

Other
Obligations

Power
commitments

Lease
liabilities

Decommissioning
obligations

Commitments (MD&A)

$

4,347,375

$

589,218

$

336,617

$

320,362

$

21,303

$

225,993

Cancellable obligations

(467,128)

(173,965)

(net of exit costs)

Accrued capital expenditure

(84,860)

84,860

Discounting and other adjustments

(144,732)

(4,619)

(114,732)

Financial statement amount

$

4,202,643

$

37,230

$

421,477

$

146,397

$

16,684

$

111,261

INTERNAL CONTROL OVER FINANCIAL REPORTING AND DISCLOSURE CONTROLS AND PROCEDURES

There were no changes in the Company’s internal control over financial reporting (as such term is defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the three months ended September 30, 2020 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

Disclosure controls and procedures are designed to provide reasonable assurance that information required to be disclosed by the Company under applicable securities legislation is gathered and reported to senior management, including the Company’s CEO and CFO, on a timely basis so that appropriate decisions can be made regarding public disclosures.

QUALIFIED PERSON

Disclosure of information of a scientific or technical nature in this press release and in the Company’s Q3 2020 MD&A in respect of the Oyu Tolgoi mine was approved by Jo-Anne Dudley (FAusIMM(CP)), Chief Operating Officer of the Company. Jo-Anne Dudley is a “qualified person” as that term is defined in NI 43-101.

SELECTED QUARTERLY DATA

The Company’s interim financial statements are reported under IFRS applicable to interim financial statements, including International Accounting Standard (IAS) 34 Interim Financial Reporting.

($ in millions, except per share information)

Quarter Ended

Sep-30

Jun-30

Mar-31

Dec-31

2020

2020

2020

2019

Revenue

$

264.4

$

278.0

$

130.7

$

221.4

Income for the period

$

161.7

$

72.3

$

19.0

$

109.5

Income attributable to owners of Turquoise Hill

$

128.6

$

72.6

$

45.2

$

113.1

Basic and diluted income per share attributable to
owners of Turquoise Hill

$

0.64

$

0.36

$

0.22

$

0.56

Quarter Ended

Sep-30

Jun-30

Mar-31

Dec-31

2019

2019

2019

2018

Revenue

$

209.2

$

382.7

$

352.7

$

346.2

Income (loss) for the period

$

45.1

$

(736.7)

$

105.2

$

95.0

Income (loss) attributable to owners of Turquoise Hill

$

71.7

$

(446.5)

$

111.2

$

101.0

Basic and diluted income (loss) per share attributable to owners

of Turquoise Hill

$

0.36

$

(2.22)

$

0.55

$

0.50

TURQUOISE HILL RESOURCES LTD.

Consolidated Statements of Income (Loss)

(Stated in thousands of U.S. dollars)

(Unaudited)

Three Months Ended

Nine Months Ended

30 سپتامبر

30 سپتامبر

Note

2020

2019

2020

2019

Revenue

4

$

264,520

$

209,189

$

673,146

$

944,617

Cost of sales

5

(167,991)

(174,188)

(495,871)

(567,978)

Gross margin

96,529

35,001

177,275

376,639

Operating expenses

6

(49,909)

(40,835)

(144,713)

(169,078)

Corporate administration expenses

(6,496)

(3,640)

(21,068)

(13,943)

Other income (expenses)

(250)

(1,751)

1,550

771

Impairment charges

10

(596,906)

Income (loss) before finance items and taxes

39,874

(11,225)

13,044

(402,517)

Finance items

Finance income

7

1,590

25,693

16,214

87,584

Finance costs

7

(1,503)

(3,987)

(4,828)

(7,714)

87

21,706

11,386

79,870

Income (loss) from operations before taxes

$

39,961

$

10,481

$

24,430

$

(322,647)

Income and other taxes

121,803

34,591

228,608

(263,763)

Income (loss) for the period

$

161,764

$

45,072

$

253,038

$

(586,410)

Attributable to owners of Turquoise Hill Resources Ltd.

128,612

71,730

246,380

(263,548)

Attributable to owner of non-controlling interest

33,152

(26,658)

6,658

(322,862)

Income (loss) for the period

$

161,764

$

45,072

$

253,038

$

(586,410)

Basic and diluted earnings (loss) per share attributable

to Turquoise Hill Resources Ltd.

$

0.64

$

0.36

$

1.22

$

(1.31)

Basic weighted average number of shares

outstanding (000’s)

17

201,231

201,231

201,231

201,231

The notes to the Company’s financial statements, which are available on the Company’s website, are part of its consolidated financial statements.

TURQUOISE HILL RESOURCES LTD.

Consolidated Statements of Comprehensive Income (Loss)

(Stated in thousands of U.S. dollars)

(Unaudited)

Three Months Ended

Nine Months Ended

30 سپتامبر

30 سپتامبر

2020

2019

2020

2019

Income (loss) for the period

$

161,764

$

45,072

$

253,038

$

(586,410)

Other comprehensive income (loss):

Items that will not be reclassified to income:

Changes in the fair value of marketable securities at FVOCI

283

(2,353)

410

(2,962)

Other comprehensive income (loss) for the period (a)

$

283

$

(2,353)

$

410

$

(2,962)

Total comprehensive income (loss) for the period

$

162,047

$

42,719

$

253,448

$

(589,372)

Attributable to owners of Turquoise Hill

128,895

69,377

246,790

(266,510)

Attributable to owner of non-controlling interest

33,152

(26,658)

6,658

(322,862)

Total comprehensive income (loss) for the period

$

162,047

$

42,719

$

253,448

$

(589,372)

(آ)

No tax charges and credits arose on items recognized as other comprehensive income or loss in 2020 (2019: nil).

The notes to the Company’s financial statements, which are available on the Company’s website, are part of its consolidated financial statements.

TURQUOISE HILL RESOURCES LTD.

Consolidated Statements of Cash Flows

(Stated in thousands of U.S. dollars)

(Unaudited)

Three Months Ended

Nine Months Ended

30 سپتامبر

30 سپتامبر

Note

2020

2019

2020

2019

Cash generated from (used in) operating activities

before interest and tax

16

$

89,252

$

(13,050)

$

125,445

$

299,356

Interest received

2,393

22,347

19,591

68,457

Interest paid

(658)

(2,518)

(146,176)

(220,843)

Income and other taxes paid

(13,277)

(715)

(27,426)

(5,068)

Net cash generated from (used in) operating activities

$

77,710

$

6,064

$

(28,566)

$

141,902

Cash flows from investing activities

Receivable from related party: amounts withdrawn

18

260,000

511,284

790,000

Expenditures on property, plant and equipment

(254,510)

(329,166)

(817,540)

(989,449)

Proceeds from pre-production revenue

18,498

26,091

Purchase of other financial assets

(383)

(383)

Other investing cash flows

859

1,106

Cash used in investing activities

$

(235,536)

$

(69,166)

$

(279,442)

$

(199,449)

Cash flows from financing activities

Net proceeds from project finance facility

1,511

Repayment of project finance facility

(1,545)

Payment of project finance fees

(107)

Proceeds from bank overdraft facility

25,000

25,000

Payment of lease liability

(341)

(1,925)

(4,240)

(5,738)

Cash generated from (used in) financing activities

$

(341)

$

23,075

$

(5,785)

$

20,666

Effects of exchange rates on cash and cash equivalents

544

80

980

88

Net decrease in cash and cash equivalents

$

(157,623)

$

(39,947)

$

(312,813)

$

(36,793)

Cash and cash equivalents – beginning of period

$

1,496,795

$

1,606,221

$

1,651,985

$

1,603,067

Cash and cash equivalents – end of period

1,339,172

1,566,274

1,339,172

1,566,274

Cash and cash equivalents as presented on the balance sheets

$

1,339,172

$

1,566,274

$

1,339,172

$

1,566,274

The notes to the Company’s financial statements, which are available on the Company’s website, are part of its consolidated financial statements.

Consolidated Balance Sheets

(Stated in thousands of U.S. dollars)

(Unaudited)

30 سپتامبر

December 31,

Note

2020

2019

Current assets

Cash and cash equivalents

8

$   1,339,172

$     1,651,985

Inventories

9

185,656

175,719

Trade and other receivables

32,059

27,047

Prepaid expenses and other assets

69,493

99,671

Receivable from related party

18

511,284

1,626,380

2,465,706

Non-current assets

Property, plant and equipment

10

10,614,929

9,782,647

Inventories

9

36,482

28,985

Deferred income tax assets

13

794,599

534,078

Other financial assets

15,062

10,978

11,461,072

10,356,688

Total assets

$13,087,452

$   12,822,394

Current liabilities

Borrowings and other financial liabilities

12

$        44,277

$          26,547

Trade and other payables

11

421,477

466,206

Deferred revenue

46,911

27,896

512,665

520,649

Non-current liabilities

Borrowings and other financial liabilities

12

4,175,050

4,187,270

Deferred income tax liabilities

13

103,893

79,180

Decommissioning obligations

14

111,261

104,238

4,390,204

4,370,688

Total liabilities

$   4,902,869

$     4,891,337

Equity

Share capital

$11,432,122

$   11,432,122

Contributed surplus

1,558,889

1,558,811

Accumulated other comprehensive loss

(403)

(813)

Deficit

(3,575,509)

(3,821,889)

Equity attributable to owners of Turquoise Hill

9,415,099

9,168,231

Attributable to non-controlling interest

15

(1,230,516)

(1,237,174)

Total equity

$   8,184,583

$     7,931,057

Total liabilities and equity

$13,087,452

$   12,822,394

The notes to the Company’s financial statements, which are available on the Company’s website, are part of its consolidated financial statements.

Consolidated Statements of Equity

(Stated in thousands of U.S. dollars)

(Unaudited)

Nine Months Ended September 30, 2020

Attributable to owners of Turquoise Hill

Accumulated

other

Non-controlling

Contributed

comprehensive

interest

Share capital

surplus

income (loss)

Deficit

Total

(Note 15)

Total equity

Opening balance

$

11,432,122

$

1,558,811

$

(813)

$

(3,821,889)

$

9,168,231

$

(1,237,174)

$

7,931,057

Income for the period

246,380

246,380

6,658

253,038

Other comprehensive income for the

period

410

410

410

Employee share plans

78

78

78

Closing balance

$

11,432,122

$

1,558,889

$

(403)

$

(3,575,509)

$

9,415,099

$

(1,230,516)

$

8,184,583

Nine Months Ended September 30, 2019

Attributable to owners of Turquoise Hill

Accumulated

other

Non-controlling

Contributed

comprehensive

interest

Share capital

surplus

income (loss)

Deficit

Total

(Note 15)

Total equity

Opening balance

$

11,432,122

$

1,558,264

$

844

$

(3,670,310)

$

9,320,920

$

(910,135)

$

8,410,785

Impact of change in accounting

policy

(1,122)

(1,122)

(579)

(1,701)

Restated opening balance

$

11,432,122

$

1,558,264

$

844

$

(3,671,432)

$

9,319,798

$

(910,714)

$

8,409,084

Loss for the period

(263,548)

(263,548)

(322,862)

(586,410)

Other comprehensive loss for the

period

(2,962)

(2,962)

(2,962)

Employee share plans

443

443

443

Closing balance

$

11,432,122

$

1,558,707

$

(2,118)

$

(3,934,980)

$

9,053,731

$

(1,233,576)

$

7,820,155

The notes to the Company’s financial statements, which are available on the Company’s website, are part of its consolidated financial statements.

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About Turquoise Hill Resources

Turquoise Hill is an international mining company focused on the operation and continued development of the Oyu Tolgoi copper-gold mine in 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 (Oyu Tolgoi); Erdenes Oyu Tolgoi LLC (Erdenes), a Mongolian state-owned entity, holds the remaining 34% interest.

Forward-looking statements and forward-looking information

Certain statements made herein, including statements relating to matters that are not historical facts and statements of the Company’s beliefs, intentions and expectations about developments, results and events which will or may occur in the future, constitute “forward-looking information” within the meaning of applicable Canadian securities legislation and “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements and information relate to future events or future performance, reflect current expectations or beliefs regarding future events and are typically identified by words such as “anticipate”, “could”, “should”, “expect”, “seek”, “may”, “intend”, “likely”, “plan”, “estimate”, “will”, “believe” and similar expressions suggesting future outcomes or statements regarding an outlook. These include, but are not limited to, statements and information regarding: the arbitration proceedings, including the potential benefits, timing and outcome of the arbitration proceedings; the expectations set out in the OTTR20; the timing and amount of future production and potential production delays; statements in respect of the impacts of any delays on the Company’s cash flows; expected copper and gold grades; the merits of the class action complaint filed against the Company; liquidity, funding sources, funding requirements and planning and the status and nature of the Company’s ongoing discussions with Rio Tinto and its subsidiaries with respect to future funding plans and requirements (including as contemplated by the MOU); the amount of any funding gap to complete the Oyu Tolgoi Project; the amount and potential sources of additional funding; the Company’s ability to re-profile its existing project debt in line with current cash flow projections; the amount by which a successful re-profiling of the Company’s existing debt would reduce the Company’s currently projected funding requirements; the Company’s and Rio Tinto’s understanding regarding the raising of supplemental senior debt and the Company’s ability to raise supplemental senior debt; the Company’s and Rio Tinto’s understanding regarding the process for identifying and considering other funding options; the Company’s and Rio Tinto’s understanding regarding the scope and timing for an equity offering by the Company to address any remaining funding gap; the Company’s intention to prioritise funding by way of debt and/or hybrid financing over equity funding; the Company’s expectation of the anticipated funding gap; the timing of studies, announcements and analyses; status of underground development; the mine design for Panel 0 of Hugo North Lift 1 and the related cost and production schedule implications; the re-design studies for Panels 1 and 2 of Hugo North Lift 1 and the possible outcomes, content and timing thereof; expectations regarding the possible recovery of ore in the two structural pillars, to the north and south of Panel 0; the possible progression of SOPP and related amendments to the PSFA as well as power purchase agreements; the timing of construction and commissioning of the potential SOPP; sources of interim power; the potential impact of COVID-19 on the Company’s business, operations and financial condition; capital and operating cost estimates, timing of completion of the definitive estimate review and the scope thereof; mill and concentrator throughput; the outcome of formal international arbitration proceedings; the outcome of formal international arbitration proceedings; anticipated business activities, planned expenditures, corporate strategies, and other statements that are not historical facts.

Forward-looking statements and information are made based upon certain assumptions and other important factors that, if untrue, could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such statements or information. There can be no assurance that such statements or information will prove to be accurate. Such statements and information are based on numerous assumptions regarding present and future business strategies, local and global economic conditions, and the environment in which the Company will operate in the future, including the price of copper, gold and silver;  projected gold, copper and silver grades; anticipated capital and operating costs; anticipated future production and cash flows; the anticipated location of certain infrastructure in Hugo North Lift 1 and sequence of mining within and across panel boundaries; the availability and timing of required governmental and other approvals for the construction of the SOPP; the ability of the Government of Mongolia to finance and procure the SOPP within the timeframes anticipated in the PSFA, as amended; the willingness of third parties to extend existing power arrangements; the status of the Company’s relationship and interaction with the Government of Mongolia on the continued operation and development of Oyu Tolgoi and Oyu Tolgoi LLC internal governance; the status and nature of the Company’s ongoing discussions with Rio Tinto and its subsidiaries with respect to future funding plans and requirements (including as contemplated by the MoU) as well as the commencement and conclusion of the arbitration proceedings, including the potential benefits, timing and outcome of the arbitration proceedings.

Certain important factors that could cause actual results, performance or achievements to differ materially from those in the forward-looking statements and information include, among others: copper, gold and silver price volatility; discrepancies between actual and estimated production; mineral reserves and resources and metallurgical recoveries; development plans for processing resources; the outcome of the definitive estimate review; public health crises such as COVID-19; matters relating to proposed exploration or expansion; mining operational and development risks, including geotechnical risks and ground conditions; litigation risks, including the outcome of the class action complaint filed against the Company; regulatory restrictions (including environmental regulatory restrictions and liability); Oyu Tolgoi LLC or the Government of Mongolia’s ability to deliver a domestic power source for the Oyu Tolgoi project within the required contractual time frame; communications with local stakeholders and community relations; activities, actions or assessments, including tax assessments, by governmental authorities; events or circumstances (including strikes, blockades or similar events outside of the Company’s control) that may affect the Company’s ability to deliver its products in a timely manner; currency fluctuations; the speculative nature of mineral exploration; the global economic climate; dilution; share price volatility; competition; loss of key employees; cyber security incidents; additional funding requirements, including in respect of the development or construction of a long-term domestic power supply for the Oyu Tolgoi project; capital and operating costs, including with respect to the development of additional deposits and processing facilities; and defective title to mineral claims or property. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements and information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. All such forward-looking statements and information are based on certain assumptions and analyses made by the Company’s management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are reasonable and appropriate in the circumstances. These statements, however, are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements or information.

With respect to specific forward-looking information concerning the continued operation and development of Oyu Tolgoi, the Company has based its assumptions and analyses on certain factors which are inherently uncertain. Uncertainties and assumptions include, among others: the timing and cost of the construction and expansion of mining and processing facilities; the timing and availability of a long-term domestic power source (or the availability of financing for the Company or the Government of Mongolia to construct such a source) for Oyu Tolgoi; the ability to secure and draw down on the supplemental debt under the Oyu Tolgoi project financing facility and the availability of additional financing on terms reasonably acceptable to Oyu Tolgoi LLC, Rio Tinto and the Company to further develop Oyu Tolgoi as well as the status and nature of the Company’s ongoing discussions with Rio Tinto and its subsidiaries with respect to future funding plans and requirements (including as contemplated by the MOU); the potential impact of COVID-19; the impact of changes in, changes in interpretation to or changes in enforcement of, laws, regulations and government practices in Mongolia؛ the availability and cost of skilled labour and transportation; the obtaining of (and the terms and timing of obtaining) necessary environmental and other government approvals, consents and permits; delays, and the costs which would result from delays, in the development of the underground mine (which could significantly exceed the costs projected in OTTR20); projected copper, gold and silver prices and their market demand; and production estimates and the anticipated yearly production of copper, gold and silver at Oyu Tolgoi.

The cost, timing and complexities of mine construction and development are increased by the remote location of a property such as Oyu Tolgoi. It is common in mining operations and in the development or expansion of existing facilities to experience unexpected problems and delays during development, construction and mine start-up. Additionally, although Oyu Tolgoi has achieved commercial production, there is no assurance that future development activities will result in profitable mining operations.

Readers are cautioned not to place undue reliance on forward-looking information or statements. By their nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, which contribute to the possibility that the predicted outcomes will not occur. Events or circumstances could cause the Company’s actual results to differ materially from those estimated or projected and expressed in, or implied by, these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements are included in the “Risk Factors” section in the Company’s AIF, as supplemented by the “Risks and Uncertainties” section of the Q3 2020 MD&A.

Readers are further cautioned that the list of factors enumerated in the “Risk Factors” section of the AIF and in the “Risks and Uncertainties” section of the Q3 2020 MD&A that may affect future results is not exhaustive. When relying on the Company’s forward-looking statements and information to make decisions with respect to the Company, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Furthermore, the forward-looking statements and information contained herein are made as of the date of this document and the Company does not undertake any obligation to update or to revise any of the included forward-looking statements or information, whether as a result of new information, future events or otherwise, except as required by applicable law. The forward-looking statements and information contained herein are expressly qualified by this cautionary statement.

SOURCE TURQUOISE HILL RESOURCES LTD

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