BMO Capital Markets Investment Banking Pitch Book
BMO Capital Markets
Levered Cash Flow Profile to Turquoise Hill and Government of Mongolia
CASH FLOW TO OYU TOLGOI SHAREHOLDERS AT STREET CONSENSUS PRICING (US$ BN)
Cash flows are shown net of
debt, GoM royalties, and
GoM taxes
($1.3)
($0.1)
$0.7
US$1.25 bn of
debt funding in
2023
$0.8
$1.3
$1.1
$4.00 $4.00 $4.00 $3.75 $3.75 $3.67
Copper Price (US$/lb)
$2.1
2022 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2000E
Source: Street research, Turquoise Hill Iemal LT Model at street consensus pricing
Note: 2022E based on full year.
1.
Based on realed pricing to July and current spot price from July onwards.
Cash flows include management fees
$2.9
$2.3
$1.9
2001E 2002E
$1.8 $1.8
$0.1
$0.2
$1.5
$1.4
$0.5
50.9
GoM Dividends
$3.50 (Long-term)
$1.2
$0.8
2033E 2004E 2035E 2036E
$1.3
50.4
$0.8
Cash Flows to TROPI
2037E
$1.5
$0.5
SHL & Prepays
Dividends
$1.5
$0.5
$1.0 $1.0
$1.5
$0.5
$1.0
Under the current resource
mine plan, operations
continue until 2101;
reserve case mine plan
ends in 2051
2038E 2009E 2040E
PROJECT ASTERIXView entire presentation