A Mongolian project with single assets. For all intents and purposes, it is a public controlled vehicle of Rio Tinto (RIO-N), which owns 51%. A low grade large deposit with lots of growth going down the road as they develop the underground portion. It is currently open pit. Feels it is fairly valued. Sensitive to copper.
A copper mine in Mongolia. Controlled by Rio Tinto (RIO-N). One of his favourite positions. Scores at the top of the pack on valuation. Great balance sheet with a ton of excess cash. Going into production a couple of years out. One of the lowest cost copper producers globally with one of the best assets. The extra juice is if Rio decides to consolidate the rest of it, which they may well do if the copper market is turning in their favour.
18 months ago, very few of his picks would have been in the resource sector, but he is seeing a shift to the cyclical value. This owns one of the best undeveloped copper assets globally. They are cash flowing from their open pit mine today. This has a 40-year life, so you are buying an asset that has got a very long time for cash flow. Has no debt problems, and has $1.3 billion cash on the balance sheet, which will be used to develop their underground mine. Trading at 6.2X EBITDA and about 14X PE. Price momentum has been improving as copper stocks have been moving up. Rio Tinto (RIO-N) has managed to do a creeping takeover over the last number of years, and own over half of it. If the cycle starts to turn, it would make a lot of sense for Rio Tinto to take in the minority.
Turquoise Hill Resources is a Canadian stock, trading under the symbol TRQ-T on the Toronto Stock Exchange (TRQ-CT). It is usually referred to as TSX:TRQ or TRQ-T
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On 2022-12-16, Turquoise Hill Resources (TRQ-T) stock closed at a price of $43.01.