Turquoise Hill Resources

What Turquoise Hill Resources does

Turquoise Hill Resources Ltd. was a Montreal-headquartered, TSX-listed international mining company whose entire operating focus was the Oyu Tolgoi copper-gold mine in Mongolia. The company was founded in 1994 and operated with a headcount of 51-100 employees, reflecting its structure as a single-asset holding entity rather than an operating mining workforce; day-to-day mine operations were conducted by Rio Tinto as majority owner and operator. The company's core product is copper concentrate, with gold as a byproduct, sold into international metal trading markets and transported via overland convoy through the China-Mongolia border to Chinese smelters and trading houses.

Its technology base centered on underground and open-pit copper-gold extraction at Oyu Tolgoi, with a major Underground Project under development to access deeper ore reserves — representing the bulk of the $7 billion cumulative investment in the asset. Turquoise Hill's business model was pure commodity revenue generation: copper and gold concentrate sales priced at global market rates, with no SaaS-style pricing, subscriptions, or contracted recurring revenue. The customer base is best characterized as commodity offtakers rather than identifiable enterprise customers, with no disclosed logos and pricing benchmarked to international metal exchanges.

Ownership and governance were defined by a tripartite structure: Rio Tinto held 66% of the mine and pursued full acquisition of Turquoise Hill via a $2.7 billion C$34-per-share bid in May 2022, providing up to $400 million in interim debt funding and mandating a $650 million equity offering while the buyout was evaluated. The Mongolian government held the remaining 34% stake and remained an active regulator and counterparty, including a contested $155 million back-tax assessment for 2013-2015. The company has since been acquired by Rio Tinto and is no longer independently traded.

Name

Turquoise Hill Resources

Legal name

Turquoise Hill Resources Ltd.

Website

https://turquoisehill.com

Company type

Public

Founded year

1994

Operating status

Acquired

Headcount range

51–100 employees

Short description

Turquoise Hill Resources was a Montreal-based, TSX-listed mining company that operated the Oyu Tolgoi copper-gold mine in Mongolia, selling copper concentrates and gold to international smelters — chiefly via overland export to China — under a 66% Rio Tinto / 34% Mongolian government ownership structure before being fully acquired by Rio Tinto.

Ownership category

akta.pro rank

Product category

Copper and Gold Mining

NAICS

Copper, Nickel, Lead, and Zinc Mining (212230), Gold Ore and Silver Ore Mining (212220)

SIC

Metal Mining (1000), Gold And Silver Ores (1040)

akta.pro primary industry

Copper Ore Mining (Open-Pit & Underground) (IMAKADAB)

akta.pro secondary industry

Copper By-Products Recovery (Molybdenum, Gold/Silver, Sulfuric Acid) (IMAKADAH)

Keywords

• Copper mining
• Gold mining
• Underground mining
• Copper concentrates
• Commodity production

Headquarters

HQ city

Montreal

HQ country

Canada

HQ region

North America

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Infrastructure, Operations, Supply Chain, Personnel

Distribution channels1 record

Marketing channels1 record

Core offering

Turquoise Hill Resources is an international mining company that operates and develops the Oyu Tolgoi copper-gold mine in Mongolia. The company produces copper concentrates, with gold as a byproduct, for export to international smelters and metal trading companies, primarily customers in China. The portfolio includes the operating surface mine and the underground expansion project under development.

Product overview

Turquoise Hill Resources is a mining company focused on the development and operation of the Oyu Tolgoi copper and gold mine in Mongolia. The company operates as a single-asset entity with its primary product being copper concentrates, alongside gold byproduct production. The portfolio consists of the Oyu Tolgoi surface mine and the associated Underground Project under development.

Differentiator

Problem solved

Functional benefit

Products and services

• Oyu Tolgoi Copper and Gold Mine Large-scale copper and gold mining operation in Mongolia, producing copper concentrates for export to international smelters and metal trading companies, with gold as a byproduct. Jointly owned by the Mongolian government (34%) and Rio Tinto (66%).
• Oyu Tolgoi Underground Project Underground expansion project at the Oyu Tolgoi mine designed to access deeper copper and gold ore deposits, with multi-billion-dollar capital investment and development funding supplied by Rio Tinto.

Quantifiable outcome

• 130.9 million metric tons of copper reserves added by top 10 copper producers from 2015-2024, Turquoise Hill's Oyu Tolgoi contributes to global copper supply

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core and minor.

• Mongolian GovernmentcoreStrategic or Co-development PartnerThe Mongolian government holds 34% ownership stake in the Oyu Tolgoi mine. The government has issued a $155 million back-tax bill for 2013-2015 which Turquoise Hill has contested, and is involved in ongoing legal, regulatory, and exploration activities including license transfers.
• Entrée ResourcesminorStrategic or Co-development PartnerEntrée Resources has a joint venture with Oyu Tolgoi in Mongolia, with ongoing legal, regulatory, and exploration activities related to the transfer of licenses and Mongolian government involvement.

Scale indicators6 records

Recent moves6 records

Expansion highlights4 records

Emerging players

• Entrée Resources: Junior mining company with a joint venture interest in a portion of the Oyu Tolgoi license area. Direct comparable as a co-participant in the same asset, sharing geological, regulatory, and operational exposure to the Mongolian underground mine.
• Lundin Mining: Mid-tier copper-focused miner with operations in Chile, Brazil, and the Democratic Republic of Congo. Comparable as a copper-and-by-product miner with foreign-jurisdiction exposure and underground mining experience similar to Oyu Tolgoi.

Broad incumbents

• Rio Tinto: Global diversified mining major and Turquoise Hill's 66% controlling owner and ultimate acquirer. Operates Oyu Tolgoi directly; comparable as the operator of the asset and as a major copper producer via other global assets (Kennecott, Oyu Tolgoi).
• Glencore: Diversified mining and trading major with significant copper operations (e.g., Las Bambas, Antapaccay) plus by-product gold. Comparable as a large copper producer and major commodity trader active in the same concentrate markets as Oyu Tolgoi.
• BHP Group: Global diversified miner with the world's largest copper operations (Escondida, Pampa Norte, Olympic Dam). Comparable as a major copper producer with significant underground mining exposure and long-life reserve assets.
• Anglo American: Diversified mining major with copper exposure via the Quellaveco mine in Peru and other assets. Comparable as a large-scale copper and by-product precious metals producer with similar capital-intensive project profile.

Direct peers

• Southern Copper Corporation: Major copper producer with large open-pit and underground operations primarily in Peru and Mexico. Comparable as a large-scale, low-cost copper producer with by-product precious metals exposure and long-life reserve base.
• First Quantum Minerals: Copper-focused miner with large-scale operations including the Sentinel and Cobre Panamá mines. Highly comparable as a single-commodity copper producer with significant capital projects, foreign-jurisdiction operating exposure, and concentrate export business model.
• Antofagasta PLC: Chile-based copper mining company with operations in the Los Pelambres and Centinela districts. Direct peer as a pure-play copper producer with significant by-product gold/silver credits and concentrate sales to Asian smelters.
• Freeport-McMoRan: One of the world's largest publicly traded copper producers with major operations including the Grasberg mine in Indonesia. Direct peer given comparable copper-focused portfolio, similar scale of capital-intensive open-pit and underground operations, and exposure to global copper concentrate markets.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights5 records

Customer concentration

• Xx.com/turquoisehillre
• LinkedInlinkedin.com/company/turquoise-hill-resources-ltd

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Turquoise Hill Resources