Turquoise Hill Resources Ltd
Business Description
Turquoise Hill Resources Ltd is a Canadian mineral exploration and mining company that primarily focuses on the development and operation of copper, gold, and coal mines. The company is headquartered in Vancouver, British Columbia and operates through its subsidiaries in various parts of the world, including Mongolia, Australia, and the United States.
Turquoise Hill*s flagship project is the Oyu Tolgoi copper-gold mine located in the South Gobi region of Mongolia. The company has a controlling interest in the mine through its 66% ownership in Oyu Tolgoi LLC, with the remaining 34% stake being held by the Mongolian government. Oyu Tolgoi is one of the largest undeveloped copper-gold deposits in the world and is expected to have a lifespan of over 50 years.
The Oyu Tolgoi mine comprises both open-pit and underground operations. The open-pit mine began production in 2013 and has been a significant contributor to Turquoise Hill*s revenue and earnings. The underground mine, known as the Hugo North Extension, is currently under construction and is expected to significantly increase the mine*s production capacity. Turquoise Hill has been actively working on the expansion of the underground mine, with the goal of tapping into the high-grade copper and gold reserves located there.
Apart from the Oyu Tolgoi mine, Turquoise Hill also has interests in other exploration properties and projects. The company holds a 100% interest in the Heruga copper-gold deposit, located adjacent to the Oyu Tolgoi mine, which is still in the early stages of exploration. In addition, Turquoise Hill has exploration properties in Australia, including the Nueva Union project in Chile, a joint venture with Newmont Goldcorp.
In terms of financial performance, Turquoise Hill has been impacted by fluctuations in commodity prices and delays in the underground mine construction. The company*s revenue mainly comes from the sale of copper and gold concentrates produced at the Oyu Tolgoi mine. In recent years, the company has reported mixed financial results, with periods of profitability and periods of losses.
Turquoise Hill is committed to sustainable development and responsible mining practices. The company aims to minimize its environmental impact and actively engages with local communities to address social and cultural concerns. It also focuses on creating long-term economic benefits for the regions in which it operates by providing employment opportunities and supporting local businesses and infrastructure development.
In summary, Turquoise Hill Resources Ltd is a Canadian mining company with a strong focus on the development and operation of copper, gold, and coal mines. Its flagship project, the Oyu Tolgoi mine in Mongolia, is a significant asset with potential for long-term production and growth. Despite challenges and fluctuations in the industry, Turquoise Hill remains committed to sustainable mining practices and creating value for its stakeholders.
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