Turquoise Hill Resources
Corporate brand
UnclaimedA former Canadian mining company whose principal asset was a 66% interest in Mongolia's Oyu Tolgoi copper-gold mine.
Last updated August 31, 2026
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Overview
Turquoise Hill Resources was a Canadian mineral exploration and development company focused primarily on copper and gold. It was headquartered in Montreal and became the corporate vehicle through which Rio Tinto and its partners developed the Oyu Tolgoi project in southern Mongolia, one of the world's largest copper-gold porphyry deposits. The company operated under the name Ivanhoe Mines until August 2, 2012, when a financing and ownership arrangement with Rio Tinto was completed and the company adopted the Turquoise Hill name. The company's defining asset was a 66% interest in Oyu Tolgoi. The Mongolian government held the remaining 34% through the project structure. Development required a long and politically sensitive agreement covering ownership, taxation, royalties, environmental responsibilities, employment, infrastructure and financing. The resulting negotiations produced repeated delays and disputes, but ultimately enabled the construction of an open-pit and underground mining complex in the South Gobi region, roughly 200 kilometres east of Dalanzadgad and near the Chinese border. Turquoise Hill's earlier portfolio was considerably broader. Through predecessor Ivanhoe Mines and related subsidiaries, the group held or pursued coal, iron ore, copper, gold, uranium, molybdenum, rhenium and other mineral assets in Mongolia, Australia, Kazakhstan and several Asian markets. These included the Savage River iron ore project in Tasmania, the Merlin molybdenum-rhenium deposit and other Australian interests, the Kyzyl gold project in Kazakhstan, exploration properties in China, Indonesia and the Philippines, and interests in companies such as Entree Gold and Exco Resources. Many non-core holdings were later sold, spun out or diluted as management concentrated capital on Oyu Tolgoi. Rio Tinto became increasingly influential through successive equity investments, board representation and financing support. Its interest rose from a minority position to a controlling stake during the 2011–2012 period. As part of the 2012 transaction, founder Robert Friedland left the chief executive role, the company changed its name, and Rio Tinto obtained effective control. Turquoise Hill continued as a separately listed company for several years, while Rio Tinto managed the development and operation of Oyu Tolgoi. In 2016, Turquoise Hill reported production of approximately 201,300 tonnes of copper and 300,000 ounces of gold, with revenue of about US$1.2 billion and net income attributable to owners of approximately US$210.6 million. These figures reflected the growing importance of Oyu Tolgoi to the company's financial profile. The project nevertheless remained subject to cost inflation, financing requirements, construction risks, operational issues and ongoing negotiations with the Mongolian government. Rio Tinto ultimately acquired the shares it did not already own, completing full ownership of Turquoise Hill in December 2022. The transaction ended Turquoise Hill's existence as an independent public company and incorporated the business into Rio Tinto. Its historic principal asset, Oyu Tolgoi, remains a major Rio Tinto copper operation.
History
Turquoise Hill Resources developed from Ivanhoe Mines, a Canadian mining company that assembled a diverse portfolio of mineral exploration and development assets before concentrating on Mongolia's Oyu Tolgoi copper-gold project. In December 2000, ABM Mining was merged into Ivanhoe Mines, bringing additional Australian and international assets into the group. During the early 2000s, the company pursued iron ore, copper, coal and gold opportunities. ABM Mining acquired debt associated with Tasmania's Savage River iron ore project in 2002, and the project was later sold to Stemcor Holdings for up to approximately US$170 million in 2005. The company's strategic center of gravity shifted toward Mongolia. In 2007, Ivanhoe sold its coal projects, including Ovoot Tolgoi, to Asia Gold Corp., later known as SouthGobi Resources. The transaction increased Ivanhoe's ownership of SouthGobi while releasing capital and management attention for Oyu Tolgoi. Rio Tinto supported the development effort through a US$350 million credit facility in 2007 and subsequently became an increasingly important shareholder and financing partner. Oyu Tolgoi was discovered by Ivanhoe Mines in 2001. The deposit, located in Mongolia's South Gobi region close to the Chinese border, contains major copper and gold resources and also includes molybdenum-bearing mineralization. Its development required agreement with the Mongolian government over the state's 34% interest, taxation, royalties, environmental duties, employment and operating responsibilities. Negotiations lasted several years. In 2009, Ivanhoe and the Mongolian government reached an agreement intended to establish the framework for developing the project, although political and financing issues continued to affect its schedule. The company raised capital through private placements, rights issues, asset sales and strategic investments. In 2008, it sold its majority interest in Jinshan Gold Mines for approximately C$216.7 million, floated its Australian subsidiary on the Australian Securities Exchange and continued to advance Oyu Tolgoi. The Heruga deposit was formally recognized in 2008 as a substantial copper, gold and molybdenum resource. In 2010, additional exploration information concerning the Heruga North area increased market attention to the project's potential. A major rights offering in January 2011 raised approximately US$1.8 billion for Oyu Tolgoi development. Rio Tinto's ownership rose through several transactions. It acquired shares in 2009, bought additional shares in June 2011 for approximately US$502 million and gained greater board representation. By 2012, Rio Tinto held a controlling interest. In April 2012, Ivanhoe sold its 57.6% stake in SouthGobi Resources to Chalco for approximately US$889 million. In July of the same year, Rio Tinto purchased additional Ivanhoe shares worth about US$935 million, bringing its interest to approximately 51%. The ownership transaction was accompanied by a corporate name change and Robert Friedland's departure as chief executive. On August 2, 2012, Ivanhoe Mines became Turquoise Hill Resources. Construction at Oyu Tolgoi advanced during this period, reaching approximately 15% completion by March 2011 and 73% by February 2012 according to company-era reports. Turquoise Hill continued to require substantial financing and relied heavily on Rio Tinto support, including a US$225 million bridge facility announced in 2013. The company also retained or developed interests in Australian mineral assets, the Kyzyl gold project in Kazakhstan and exploration or minority interests in other countries, but Oyu Tolgoi became its principal and eventually its only material mineral interest. Oyu Tolgoi began contributing significant copper and gold production. In 2016, Turquoise Hill reported about 201,300 tonnes of copper and 300,000 ounces of gold, revenue of approximately US$1.2 billion and net income attributable to owners of approximately US$210.6 million. The operation remained strategically important but faced continuing construction, financing, cost, operational and government-relations challenges, particularly concerning its underground expansion. In December 2022, Rio Tinto completed the acquisition of Turquoise Hill's remaining shares. The transaction made Turquoise Hill a wholly owned Rio Tinto subsidiary and ended its status as an independent listed company. The corporate brand therefore became part of Rio Tinto's operating structure, while Oyu Tolgoi continued as the central legacy asset.
- 2022
Rio Tinto acquisition completed
[1]Rio Tinto acquired full ownership of Turquoise Hill Resources, ending its independent corporate and listed-company status.
- 2016
Strong copper and gold production
[1]The company reported approximately 201,300 tonnes of copper and 300,000 ounces of gold production.
- 2012
Corporate renaming
[1]Ivanhoe Mines changed its name to Turquoise Hill Resources after Rio Tinto became the controlling shareholder.
- 2011
Oyu Tolgoi rights offering
[1]A rights offering raised approximately US$1.8 billion to support development of the Oyu Tolgoi mine.
- 2009
Mongolian investment agreement
[1]Ivanhoe Mines reached an agreement with the Mongolian government covering ownership, taxation, environmental responsibilities and local employment at Oyu Tolgoi.
- 2007
Coal portfolio transaction
[1]Ivanhoe sold its coal projects, including Ovoot Tolgoi, to Asia Gold Corp., later known as SouthGobi Resources.
- 2005
Savage River divestment
[1]The Savage River iron ore project in Tasmania was sold to Stemcor Holdings for up to approximately US$170 million.
- 2001
Oyu Tolgoi discovery
[1]Ivanhoe Mines discovered the Oyu Tolgoi copper-gold deposit in southern Mongolia, which later became the company's defining asset.
- 2000
ABM Mining merger
[1]ABM Mining merged into Ivanhoe Mines, expanding the predecessor company's portfolio of Australian and international mineral interests.
Products and positioning
A project-focused mining company centered on the development of a large-scale Mongolian copper-gold resource, with a legacy portfolio of international exploration, development and minority investments.
Copper-gold mine
Oyu Tolgoi
Oyu Tolgoi was Turquoise Hill's principal and ultimately its only material mineral resource interest. Located in Mongolia's South Gobi region near the Chinese border, the project combines open-pit and underground mining of a large copper-gold porphyry system. Turquoise Hill held a 66% interest, while the Mongolian government held 34%. The project required extensive agreements on taxation, royalties, environmental obligations, employment and financing and became the company's main source of production and revenue.
Gold development project
Kyzyl gold project
The Kyzyl project in northern Kazakhstan was held through Altynalmas Gold. Historical company materials described Turquoise Hill as owning a 50% interest and identified a substantial gold resource with a projected mine life of about a decade in an independent pre-feasibility study. It was one of the group's important non-Mongolian gold development interests before the company concentrated more heavily on Oyu Tolgoi.
Molybdenum-rhenium project
Merlin project
Merlin was an Australian mineral project associated with the Mount Isa and Cloncurry region. It was described as containing exceptionally high-grade molybdenum and rhenium mineralization, with related interests in copper, gold, uranium and other commodities. The project represented the breadth of Ivanhoe Mines' earlier Australian portfolio, although Oyu Tolgoi later became the dominant focus of Turquoise Hill.
Coal mining assets
SouthGobi coal assets
The SouthGobi portfolio included the producing Ovoot Tolgoi coal mine and additional deposits such as Soumber and the Ovoot Tolgoi underground resource. Ivanhoe Mines exited this exposure in 2012 by selling its 57.6% interest in SouthGobi Resources to Chalco. The disposal was part of the broader effort to sell non-core assets and direct capital toward Oyu Tolgoi.
Brand decisions
2022
Full acquisition by Rio TintoM&ABackground
Rio Tinto had been Turquoise Hill's controlling shareholder and principal strategic partner for many years.
Action taken
Rio Tinto completed the purchase of the shares it did not already own.
Aftermath
Turquoise Hill became a wholly owned subsidiary and ceased to exist as an independent listed company.
2012
Sale of SouthGobi stake to ChalcoM&ABackground
Rio Tinto was pressing Ivanhoe Mines to dispose of non-core assets while the group faced substantial funding needs for Oyu Tolgoi.
Action taken
Ivanhoe agreed to sell its 57.6% interest in SouthGobi Resources to Chalco for approximately US$889 million.
Aftermath
The transaction reduced exposure to coal and strengthened the strategic focus on Oyu Tolgoi, although it also became subject to objections and restrictions from the Mongolian government concerning the Ovoot Tolgoi mine.
Sale consideration. US$889 million (2012)
2012
Name change and control transitionStrategyBackground
Rio Tinto increased its ownership of Ivanhoe Mines to a controlling position through additional share purchases and financing arrangements.
Action taken
Ivanhoe Mines changed its name to Turquoise Hill Resources, while founder Robert Friedland left the chief executive role and Rio Tinto assumed greater control.
Aftermath
Turquoise Hill continued as a separate company but operated under Rio Tinto's controlling influence until Rio Tinto acquired full ownership in 2022.
2007
Concentration of capital on Oyu TolgoiStrategyBackground
Ivanhoe Mines held a broad portfolio spanning coal, iron ore, copper, gold and other minerals, but Oyu Tolgoi required very substantial capital and government coordination.
Action taken
The company sold coal projects to Asia Gold Corp. and used the resulting strategic and financial flexibility to advance the Mongolian copper-gold project.
Aftermath
Oyu Tolgoi became the central asset around which the company's later financing, ownership structure and corporate identity were organized.
Recent events
Reported
Turquoise Hill announces 2022 guidance[2]
Turquoise Hill announced its 2022 operational and financial guidance for the Oyu Tolgoi mine, including forecast production, operating cash costs and capital expenditure.
Reported
Oyu Tolgoi partially resumes concentrate shipments to China[3]
Oyu Tolgoi partially resumed cross-border concentrate shipments into China after shipments had been suspended due to COVID-19 health and safety precautions related to Chinese-Mongolian border crossings. The company said it was evaluating contingencies to address the force majeure situation.
Reported
Turquoise Hill raises 2021 gold production outlook[4]
Turquoise Hill announced an increase in its 2021 gold production outlook to 500,000–550,000 ounces from 450,000–500,000 ounces.
Reported
Turquoise Hill appoints George Burns to its board[5]
Turquoise Hill Resources announced the appointment of George Burns as an independent director on its board.
Sources5 sources
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