Copper prices boost income at Turquoise Hill, stock jumps
(Kitco News) - Turquoise Hill (TRQ: TSX & NYSE) said today it had revenue of $264.4 million in Q3'20, and increase of 26.4% from $209.2 million in Q3'19.
The company's stock was up 15% to C$13.219 a share as of noon ET.
Copper revenue increased by 29.5% driven by higher sales volumes and a 12.5% increase in average copper price. Gold revenue increased by 16.6% driven by a 29.7% increase in average gold price partly offset by lower volumes of gold in concentrate sold.
Income for the period was $161.7 million compared with $45.1 million in Q3'19. This difference was primarily due to a $55.2 million increase in revenue versus Q3'19 together with $86.1 million of additional deferred tax assets recognized in Q3'20 versus Q3'19.
Income attributable to owners of Turquoise Hill in Q3'20 was $128.6 million or $0.64 per share, compared with $71.7 million or $0.36 per share in Q3'19.
Turquoise Hill owns 66% of Oyu Tolgoi, one of the world’s largest copper-gold-silver mines that went into production in early 2013 and now is shipping concentrate to customers in China.