Turquoise Hill Resources
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.
- Company typePublic
- Founded1994
- HeadquartersMontreal, Canada
- Headcount51–100
- GTM typeB2B
- OfferingHardware or Manufacturing
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.
Turquoise Hill Resources firmographics
Firmographics- 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
Turquoise Hill Resources industry classification
Industry- 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
Where Turquoise Hill Resources is headquartered
LocationHeadquarters
- HQ city
- Montreal
- HQ country
- Canada
- HQ region
- North America
Markets served
Turquoise Hill Resources business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Infrastructure, Operations, Supply Chain, Personnel
Distribution channels1 record
Marketing channels1 record
Turquoise Hill Resources product offering
Product offeringCore 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
Companies that use Turquoise Hill Resources
Customer profileSegments1 record
Ideal customer profiles1 record
Turquoise Hill Resources technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Turquoise Hill Resources partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered core and minor.
- Mongolian GovernmentcoreThe 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 ResourcesminorEntrée 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
Turquoise Hill Resources competitors and assessment
Company assessmentEmerging 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
Turquoise Hill Resources social profiles
Digital presenceTurquoise Hill Resources financial estimates
Financial estimateRevenue estimate
Valuation estimate
Turquoise Hill Resources leadership team
Management profileNumber of profiles
Turquoise Hill Resources funding detail
Funding detailFunding overview
Funding rounds1 record
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Turquoise Hill Resources M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Turquoise Hill Resources
What does Turquoise Hill Resources do?
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.
Is Turquoise Hill Resources a public or private company?
Turquoise Hill Resources is a public company. It is classified as corporate owned and is currently acquired.
When was Turquoise Hill Resources founded?
Turquoise Hill Resources was founded in 1994. It employs 51 to 100 people.
Where is Turquoise Hill Resources based?
Turquoise Hill Resources is headquartered in Montreal, Canada, in the North America region.
Who are Turquoise Hill Resources's main competitors?
Emerging players on record are Entrée Resources and Lundin Mining. Broad incumbents are Rio Tinto, Glencore, BHP Group and Anglo American. Direct peers are Southern Copper Corporation, First Quantum Minerals, Antofagasta PLC and Freeport-McMoRan.
Does Turquoise Hill Resources have an API?
No public API is recorded for Turquoise Hill Resources.
What industry is Turquoise Hill Resources in?
Turquoise Hill Resources's product category is Copper and Gold Mining. Its primary akta.pro industry code is IMAKADAB, Copper Ore Mining (Open-Pit & Underground), with a secondary code of IMAKADAH, Copper By-Products Recovery (Molybdenum, Gold/Silver, Sulfuric Acid). Its NAICS code is 212230 and its SIC code is 1000.