Turquoise Hill Resources Ltd

Description

Turquoise Hill Resources Ltd is a mining company that is engaged in the exploration, development, and production of precious metals such as gold.

Turquoise Hill Resources is involved in the mining, exploration, extraction and development of copper, gold, and coal properties in the Asia Pacific region.

It is a public company trading on the Toronto Stock Exchange (TSX) under the stock symbol 'TRQ'.

The Montreal-based miner mainly has exploration and development operations in the Oyu Tolgoi Property in the South Gobi region, Mongolia.

The property consists of five deposits:

• Hugo South
• Oyut deposit, an open-pit deposit
• Hugo North Lift One, an underground deposit
• Heruga
• Hugo North Lift Two

The Montreal-based company reportedly aims to achieve an annual production capacity of 550,000 tonnes of copper and 440,000 ounces of gold between 2025 to 2030. It expects to produce copper and gold from two deposits, Oyut and Hugo North Lift One.

The company, through Oyu Tolgoi LLC, owns a 66 per cent interest in the copper-gold project in the southern Mongolia.

Erdenes Oyu Tolgoi LLC, a state-owned company in Mongolia, holds the remaining 34 per cent interest in the mining project.

The Canadian mining firm claims that the Mongolian mining asset will become the third-largest copper producer in the world with its current development schedule.

In April 2021, the UK-based mining company Rio Tinto and Turquoise Hill Resources reportedly signed an equitable agreement regarding the funding of underground development in Oyu Tolgoi project.

In addition, the TSX-listed company also holds interests in gold mining companies at the Kyzyl Gold Project in Kazakhstan and molybdenum and rhenium mining companies in Australia.

Turquoise Hill Resources reportedly focuses on minimizing its environmental footprint and reducing GHG emissions.

As part of its sustainable initiatives, the Montreal-based company claims to end the use of diesel-based power at remote infrastructure facility, installation of solar energy-based path lights and runtime systems on air conditioners to reduce electricity consumption.

In addition, the mining company aims to replace lighting system at the mining site with energy efficient LED lights.

The gold mining company's stocks with the symbol ‘TRQ’ trade on the New York Stock Exchange (NYSE).