Turquoise Hill Resources Ltd.

Informe acción NYSE:TRQ

Capitalización de mercado: US$6.3b

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Turquoise Hill Resources Dirección

Dirección controles de criterios 4/4

Información clave

Steve Thibeault

Chief Executive Officer (CEO)

US$1.1m

Compensación total

Porcentaje del salario del CEO35.30%
Permanencia del CEO1.8yrs
Participación del CEOn/a
Permanencia media de la dirección3.6yrs
Promedio de permanencia en la Junta Directiva5yrs

Actualizaciones recientes de la dirección

No hay actualizaciones

Recent updates

Seeking Alpha • Feb 20

Turquoise Hill: Successful Coup For Rio Tinto

Summary Turquoise Hill recently received a $3.3B takeover offer from Rio Tinto. The company's vast copper-producing Mongolian asset, Oyu Tolgoi is at the heart of the Australian miner's sustainability strategy. This strategic corporate asset grab has been lucrative for Turquoise Hill shareholders. What this means for Shareholders? On 6 September, 2022 - Rio Tinto (RIO) entered into a definitive agreement to acquire Turquoise Hill (TRQ). The offer at C$43 represents a 67% premium to the Canadian miner's closing price of $25.68 on 11 March,2022. It provides for a solid capital gain for equity holders. This article explores further the strategic move for Turquoise Hill and its underlying importance in Rio Tinto's future copper portfolio. General Overview Boom time for copper means a pursuit for dependable long-life assets has been a detailed talking point for boardrooms from London to Melbourne. Global copper consumption has accelerated with consumer goods such as electric vehicles, mobile phones, laptops, and homes all requiring substantial quantities. According to the United States Geological Survey, the Americas dominate the world's 21m tons produced annually with the region home to 15 of the largest copper mines globally. Included conspicuously in that list is Chile's vast copper belt - its production, with Escondida and Collahuasi mines at the forefront, equates to almost a quarter of total output. Trading Economics Copper prices continue to bounce back following price moderation driven by China induced lockdowns. BHP's (BHP) 66% stake in the gargantuan Escondida property, combined with copper's increasing significance as a battery mineral, assured Rio Tinto would make a strategic play to bolster its copper portfolio. That was recently achieved with the acquisition of Turquoise Hill. The Montreal, Quebec based miner had until recently a 66% stake in the plentiful Oyu Tolgoi Copper Gold mine in Southern Mongolia. In a savvy tactical gambit, the Australian mining giant made a $3.3B bid to buy all outstanding shares and place it firmly among the who-is-who of copper mining behemoths. It was a risky coup that ultimately put paid to a lengthy acrimonious board room battle while providing Rio Tinto CEO Jakob Stausholm a corporate victory lap focused on rekindling a damaged relationship with the Mongolian government. In one foul swoop, Rio Tinto's new asset has thrust it to the forefront of global sustainability. Let's find out more about Turquoise Hill and its prized Oyu Tolgoi asset. Visual Capitalist Chile dominates global copper production. Takeover by Rio Tinto Rio Tinto's takeover bid for Turquoise Hill, a calculated play for its prolific Mongolian copper producing asset, was finalized in December 2022. In exchange for control of the vast copper and gold producing tenement, Rio Tinto forked out $3.3B from cash reserves allowing it control (66% direct interest) with the Government of Mongolia (34%) making up the remainder. For the deal to be finalized, extensive due diligence had to be completed, both by the Yukon court in Canada and Turquoise Hill shareholders. The final transaction represented a 67% premium on closing price of Turquoise Hill one day prior to the Australian mining giant's public non-binding proposal to acquire the Canadian firm. Oyu Tolgoi is an outstanding asset with incredible people that will deliver significant long-term value for Rio Tinto and Mongolia Rio Tinto Chief Executive - Jakob Stausholm. The acquisition was challenging as Rio Tinto had to raise its offer for the company twice to appease hawkish Turquoise Hill equity holders. The two largest minority shareholders, SailingStone Capital and Pentwater Capital, had been vocal proponents of the deal citing a low-ball valuation. At one stage, Pentwater Capital had been the instigator of a class action lawsuit claiming the Australian miner had failed to inform investors of blow-out costs and schedule creep linked to the ongoing development of shaft 2. With almost 40,000 bolts and approximately 95% of steel in the shaft's headframe requiring rework, cost overruns ultimately hampered underground copper production, delaying the project by 16 to 30 months, and culminating in $1.2B to $1.9B of excess cost. With the takeover now finalized, Rio Tinto can fully focus on unleashing the mine's vast copper producing asset. Oyu Tolgoi Asset The Oyu Tolgoi gold & copper mine is a combined open pit and underground operation showcasing some of the world's largest proven reserves. Originally discovered in 2001, the operation is located in the South Gobi region of Mongolia, where initial open pit works commenced in 2011 along with development of the copper concentrator. Life of mine is presently in the decades and the operation's output will meaningfully impact Mongolian gross domestic product for years to come. Underground operations were developed only recently, with the Australian mining giant pouring roughly $5B in the extension project to produce an additional 500,000 tons annually.
Seeking Alpha • Nov 11

Turquoise Hill Resources Q3 2022 Earnings Preview

Turquoise Hill Resources (NYSE:TRQ) is scheduled to announce Q3 earnings results on Monday, November 14th, before market open. The consensus EPS Estimate is $0.14 (-17.6% Y/Y) and the consensus Revenue Estimate is $299.88M (-51.8% Y/Y). Over the last 3 months, EPS estimates have seen 2 upward revisions and 1 downward. Revenue estimates have seen 1 upward revision and 1 downward.
Seeking Alpha • Nov 01

Turquoise Hill vote on sale to Rio Tinto postponed for a week

Turuoise Hill's (NYSE:TRQ) holder vote on its planned sale to Rio Tinto (NYSE:RIO) has been postponed for a week. Turquoise Hill rose 6.2%. The meeting, which was scheduled for Tuesday morning, has now been postponed until next Tuesday, according to a statement. In September, Rio Tinto (RIO) offered to acquire the ~49% of Turquoise Hill (TRQ) shares that Rio and its affiliates do not already own for C$43/share. Last month  influential proxy adviser ISS said Turquoise Hill (TRQ) holders should vote to reject the deal as takeover offer undervalues the company. The recommendation came after rival proxy adviser Glass Lewis said holders should vote in favor of the deal.
Seeking Alpha • Oct 26

Turquoise Hill Resources gains as holder Pentwater buys more shares amid Rio Tinto deal

Turquoise Hill Resources (NYSE:TRQ) rose 7.3% as holder Pentwater Capital purchased more shares ahead of a vote in the Rio Tinto (NYSE:RIO) deal next week. The Pentwater purchases comes as the hedge fund has been publicly opposed to the deal for Turquoise Hill (TRQ) even as Rio Tinto (RIO) has said it won't raise its bid for the miner. Pentwater appears to hold around 23.3 million shares after its latest purchase. Pentwater is the largest TRQ holder after Rio Tinto. On Friday influential proxy adviser ISS said Turquoise Hill (TRQ) holders should vote to reject the deal as takeover offer undervalues the company. The recommendation came after rival proxy adviser Glass Lewis said holders should vote in favor of the deal. Last month, Rio Tinto (RIO) offered to acquire the ~49% of Turquoise Hill (TRQ) shares that Rio and its affiliates do not already own for C$43/share. Rio Tinto warned on Tuesday it its proposal is not accepted Rio (RIO) said Turquoise Hill (TRQ) would need to contribute at least $1.1B in H1 2023 in the form of new equity through placings or rights issues, or potentially face dilution.
Seeking Alpha • Oct 18

Turquoise Hill reports Q3 copper production of 36.3K tons, down 13% Y/Y; reaffirms FY22 copper production guidance

Turquoise Hill (NYSE:TRQ) reported Q3 production of 36.3K metric tons of copper in concentrate, down 13% Y/Y and up 19% Q/Q, while gold production of 42.7K oz fell 67% Y/Y and 10% Q/Q. Turquoise Hill maintains full-year copper production guidance of 110K-150K metric tons while raising 2022 gold output guidance to 165K-185K oz from 150K-170K oz. Capital expenditures on the underground project are now expected to be $1.0B to $1.1B for 2022 compared to previous guidance of $1.1B to $1.3B. Total operating cash costs for 2022 are now expected to be in the range of $855M to $910M compared to previous guidance of $850M to $925M. Mill throughput of 10.68M tonnes in Q3’22 was 14% higher than Q3’21 and 10% higher than Q2’22, which is in line with expectations due to higher mill availability. During Q3’22, the combined open pit and underground operations produced 36.3K tonnes of copper in concentrate and 42.7K ounces of gold in concentrate, in-line with expectations. Study work for Panels 1 and 2, which are required to support the ramp-up to 95,000 tonnes of ore per day, remains on track from completion in H1’23.
Seeking Alpha • Sep 30

Turquoise Hill receives interim court order for proposed arrangement with Rio Tinto

Turquoise Hill Resources (NYSE:TRQ) announced on Friday the receipt of an interim court order for its proposed plan of arrangement with Rio Tinto (NYSE:RIO). As previously announced, the companies reached a deal for Rio Tinto (RIO) to acquire the ~49% of the issued and outstanding common shares of Turquoise Hill (TRQ) that Rio Tinto does not currently own for C$43/share in cash. The Supreme Court of Yukon granted an interim order in connection with the statutory plan of arrangement, authorizing the calling and holding of a special meeting of TRQ shareholders, the granting of dissent rights to registered shareholders and other matters relating to the conduct of the special meeting. The meeting will be held on Nov 1, 2022, with shareholders of record as of the close of business on Sep 19, 2022 entitled to participate and cast their votes. The statutory plan of arrangement will be implemented upon approval of at least two-thirds of the votes cast by shareholders present in person, virtually present or represented by proxy at the meeting, voting as a single class, and a simple majority (more than 50%) of the votes cast.
Seeking Alpha • Sep 06

Rio Tinto to acquire remainder of Turquoise Hill Resources

Mining giant Rio Tinto (NYSE:RIO) to acquire all of the remaining shares of Turquoise Hill Resources (NYSE:TRQ) with that company’s board unanimously recommending the C$43 per share cash offer. Rio Tinto said on Tuesday that Turquoise Hill's directors had unanimously recommended that minority shareholders vote in favour of the transaction and have already agreed to sell their own stakes. The group stated the transaction would deliver "significant value" to Turquoise Hill's minority shareholders, with the certainty of an all-cash offer of C$43 per share - a premium of 67% to Turquoise Hill's closing price of C$25.68 on 11 March. Rio has agreed to provide Turquoise Hill with secured short-term liquidity during the transaction period of up to $1.1-billion, subject to certain pre-conditions, which would need to be repaid from an equity raising from shareholders in the first half of 2023 if the transaction is not approved by shareholders. Turquoise Hill estimated that it will require $3.6B in additional funding to complete the project, which it aims to address through a funding plan - including renegotiating debt repayment dates. Pursuant to the closure, Rio Tinto will hold a 66% interest in Oyu Tolgoi with the remaining 34% owned by Mongolia. A special meeting of shareholders of Turquoise Hill to approve the transaction is expected as early as possible in the fourth quarter of 2022 and, if approved, the transaction is expected to close shortly thereafter. Earlier Thursday a Canaccord analyst said that Rio's increased TRQ offer is likely to win shareholder approval. A Dealreporter item last week said that a number of large holders of Turquoise Hill Resources (TRQ) were prepared to oppose Rio Tinto's (RIO) earlier revised offer for the company.
Seeking Alpha • Aug 04

Turquoise Hill Resources GAAP EPS of $0.41 beats by $0.09, revenue of $402M beats by $1.4M

Turquoise Hill Resources press release (NYSE:TRQ): Q2 GAAP EPS of $0.41 beats by $0.09. Revenue of $402M (+21.9% Y/Y) beats by $1.4M.
Seeking Alpha • May 19

Turquoise Hill Resources Ltd.: Investors Upbeat Before Takeover

The agreement between Turquoise Hill Resources and the Mongolian Government will stabilize gold and copper production by H1 2023. Minority shareholders may force Rio Tinto to increase its cash offer from C$34 for the remaining 49% stake in Turquoise Hill Resources. The company had planned out 25 km of drilling in 2022 and 2023 in mining areas located in Hugo Lift 1 horizon.
Seeking Alpha • Feb 04

Turquoise Hill's Copper Mine Ramping Toward Higher Cash Flow

A breakthrough agreement to expand the Oyu Tolgoi mine was reached last week, a huge plus for Turquoise Hill. A triple in copper production is slated into 2028. Ultra-low mining costs and strong cash flow generation should be part of the investment equation in 24 months, as the higher-grade underground portion of this mine is developed.
Seeking Alpha • Oct 20

Turquoise Hill Resources: Wait For A Better Entry

Company is dirt cheap from an asset standpoint, but can the value be realized? More funding is needed for Oyu Tolgoi due to further delays. Copper prices also look like they are topping out and gold looks like it is declining into an eight-year cycle low. We will wait for a more attractive entry.
Seeking Alpha • Aug 03

Turquoise Hill: A Look At Q2 2021 Results

Turquoise Hill's Q2 results exceeded market's (and my) expectations. While financials looked stronger than expected, key issues remain unresolved. Expect the stock to be very sensitive to any news about the company's negotiations in Mongolia.
Seeking Alpha • Jul 16

Turquoise Hill: Q2 Will Look Ugly

COVID-19 - related restrictions in Mongolia hurt production and sales in Q2 2021. The company continues to experience some problems at Mongolia/Chinese border, which could have a negative impact on sales in Q3 2021. Underground development was also impacted by restrictions.

Análisis de compensación del CEO

¿Cómo ha cambiado la remuneración de Steve Thibeault en comparación con los beneficios de Turquoise Hill Resources?
FechaCompensación totalSalarioIngresos de la empresa
Sep 30 2022n/an/a

US$534m

Jun 30 2022n/an/a

US$543m

Mar 31 2022n/an/a

US$563m

Dec 31 2021US$1mUS$390k

US$525m

Sep 30 2021n/an/a

US$555m

Jun 30 2021n/an/a

US$628m

Mar 31 2021n/an/a

US$598m

Dec 31 2020n/an/a

US$406m

Sep 30 2020n/an/a

US$359m

Jun 30 2020n/an/a

US$303m

Mar 31 2020n/an/a

-US$217m

Dec 31 2019n/an/a

-US$150m

Sep 30 2019n/an/a

-US$163m

Jun 30 2019n/an/a

-US$181m

Mar 31 2019n/an/a

US$437m

Dec 31 2018n/an/a

US$411m

Sep 30 2018n/an/a

US$361m

Jun 30 2018n/an/a

US$373m

Mar 31 2018n/an/a

US$226m

Dec 31 2017US$442kUS$110k

US$181m

Sep 30 2017n/an/a

US$223m

Jun 30 2017n/an/a

US$127m

Mar 31 2017n/an/a

US$133m

Dec 31 2016US$543kUS$275k

US$211m

Sep 30 2016n/an/a

US$297m

Jun 30 2016n/an/a

US$372m

Mar 31 2016n/an/a

US$394m

Dec 31 2015US$574kUS$275k

US$311m

Compensación vs. Mercado: La compensación total de Steve($USD1.10M) está por debajo de la media de empresas de tamaño similar en el mercado US ($USD8.38M).

Compensación vs. Ingresos: La compensación de Steve ha sido consistente con los resultados de la empresa en el último año.

CEO

Steve Thibeault (63 yo)

1.8yrs
Permanencia
US$1,104,594
Compensación

Mr. Steve Thibeault, BA (Acc), CMA, serves as Interim Chief Executive Officer at Turquoise Hill Resources Limited since March 3, 2021 and has been its Non-Independent Director since March 3, 2021. Mr. Thib...

Equipo directivo

NombrePosiciónPermanenciaCompensaciónPropiedad
Steve Thibeault
Interim CEO & Non-Independent Director1.8yrsUS$1.10msin datos
Luke Colton
Chief Financial Officer5.2yrsUS$847.93k0.0022%
$ 140.9k
Jo-Anne Dudley
Chief Operating Officer3.5yrsUS$780.91k0.00094%
$ 59.4k
Dustin Isaacs
Chief Legal Officer & Corporate Secretary9.9yrsUS$706.22ksin datos
Roy McDowall
Vice President of Investor Relations & Communications3.6yrssin datossin datos
3.6yrs
Permanencia media

Equipo directivo experimentado: El equipo directivo de TRQ se considera experimentado (3.6 años antigüedad media).

Miembros de la Junta

NombrePosiciónPermanenciaCompensaciónPropiedad
Steve Thibeault
Interim CEO & Non-Independent Director1.8yrsUS$1.10msin datos
R. Gillin
Independent Chairman of the Board10.6yrsUS$670.60k0.0065%
$ 408.3k
Ian Plimer
Director of Ivanhoe Australia10.7yrssin datossin datos
George Burns
Independent Director2.9yrsUS$426.64ksin datos
Russel Robertson
Independent Director10.5yrsUS$502.16ksin datos
Caroline Donally
Independent Directorless than a yearsin datossin datos
Maryse Saint-Laurent
Independent Director5.9yrsUS$387.10k0.0015%
$ 96.7k
Stephen Jones
Non-Independent Director5yrsUS$132.86ksin datos
Alfred Grigg
Non-Independent Director2.3yrsUS$112.29ksin datos
5.0yrs
Permanencia media
62.5yo
Promedio de edad

Junta con experiencia: La junta directiva de TRQ se considera experimentada (5 años de antigüedad promedio).

Análisis de la empresa y estado de los datos financieros

DatosÚltima actualización (huso horario UTC)
Análisis de la empresa2022/12/17 06:32
Precio de las acciones al final del día2022/12/15 00:00
Beneficios2022/09/30
Ingresos anuales2021/12/31

Fuentes de datos

Los datos utilizados en nuestro análisis de empresas proceden de S&P Global Market Intelligence LLC. Los siguientes datos se utilizan en nuestro modelo de análisis para generar este informe. Los datos están normalizados, lo que puede introducir un retraso desde que la fuente está disponible.

PaqueteDatosMarco temporalEjemplo Fuente EE.UU. *
Finanzas de la empresa10 años
  • Cuenta de resultados
  • Estado de tesorería
  • Balance
Estimaciones del consenso de analistas+3 años
  • Previsiones financieras
  • Objetivos de precios de los analistas
Precios de mercado30 años
  • Precios de las acciones
  • Dividendos, escisiones y acciones
Propiedad10 años
  • Accionistas principales
  • Información privilegiada
Gestión10 años
  • Equipo directivo
  • Consejo de Administración
Principales avances10 años
  • Anuncios de empresas

* Ejemplo para valores de EE.UU., para no EE.UU. se utilizan formularios y fuentes normativas equivalentes.

A menos que se especifique lo contrario, todos los datos financieros se basan en un periodo anual, pero se actualizan trimestralmente. Esto se conoce como datos de los últimos doce meses (TTM) o de los últimos doce meses (LTM). Más información.

Modelo de análisis y copo de nieve

Los detalles del modelo de análisis utilizado para generar este informe están disponibles en nuestra página de Github, también tenemos guías sobre cómo utilizar nuestros informes y tutoriales en Youtube.

Conozca al equipo de talla mundial que diseñó y construyó el modelo de análisis Simply Wall St.

Métricas industriales y sectoriales

Simply Wall St calcula cada 6 horas nuestras métricas sectoriales y de sección. Los detalles de nuestro proceso están disponibles en Github.

Fuentes analistas

Turquoise Hill Resources Ltd. está cubierta por 12 analistas. 2 de esos analistas presentaron las estimaciones de ingresos o ganancias utilizadas como datos para nuestro informe. Las estimaciones de los analistas se actualizan a lo largo del día.

AnalistaInstitución
Tony RobsonBMO Capital Markets Equity Research
John HayesBMO Capital Markets Equity Research
Oscar CabreraBofA Global Research