Turquoise Hill Resources (TRQ) 40-F 23 Mar 20 2019 FY Annual report (Canada) Financial data

Cover Page

Cover Page	12 Months Ended
	Dec. 31, 2019shares
Cover [Abstract]
Document Type	40-F
Amendment Flag	false
Document Period End Date	Dec. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Trading Symbol	TRQ
Entity Registrant Name	TURQUOISE HILL RESOURCES LTD.
Entity Central Index Key	0001158041
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding	2,012,314,469
Entity Interactive Data Current	Yes
Document Annual Report	true
Document Registration Statement	false
Entity Address, State or Province	CA
Title of 12(b) Security	Common Shares without par value
Security Exchange Name	NYSE

Consolidated Statements of Inco

Consolidated Statements of Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Profit or loss [abstract]
Revenue	$ 1,166,014	$ 1,180,022
Cost of sales	(742,985)	(777,248)
Gross margin	423,029	402,774
Operating expenses	(221,493)	(234,072)
Corporate administration expenses	(23,443)	(24,370)
Other income	2,714	7,119
Impairment charges	(596,906)
Income (loss) before finance items and taxes	(416,099)	151,451
Finance items
Finance income	106,335	154,668
Finance costs	(10,021)	(52,489)
Finance income (cost)	96,314	102,179
Income (loss) from operations before taxes	(319,785)	253,630
Income and other taxes	(157,133)	140,644
Income (loss) for the year	(476,918)	394,274
Attributable to owners of Turquoise Hill Resources Ltd.	(150,457)	411,198
Attributable to owner of non-controlling interest	(326,461)	(16,924)
Income (loss) for the year	$ (476,918)	$ 394,274
Basic and diluted earnings (loss) per share attributable to Turquoise Hill Resources Ltd.	$ (0.07)	$ 0.20
Basic weighted average number of shares outstanding (000's)	2,012,314	2,012,314

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2019	Dec. 31, 2018
Statement of comprehensive income [abstract]
Income (loss) for the year		$ (476,918)	$ 394,274
Other comprehensive loss:
Changes in the fair value of marketable securities at FVOCI		(1,657)	(2,875)
Other comprehensive loss for the year	[1]	(1,657)	(2,875)
Total comprehensive income (loss) for the year		(478,575)	391,399
Attributable to owners of Turquoise Hill		(152,114)	408,323
Attributable to owner of non-controlling interest		(326,461)	(16,924)
Total comprehensive income (loss) for the year		$ (478,575)	$ 391,399
[1]	No tax charges and credits arose on items recognized as other comprehensive income or loss in 2019 (2018: nil).

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Statement of comprehensive income [abstract]
Tax charges and credits	$ 0	$ 0

Consolidated Statements of Cash

Consolidated Statements of Cash Flow - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Statement of cash flows [abstract]
Cash generated from operating activities before interest and tax	$ 341,730	$ 363,006
Interest received	84,080	88,267
Interest paid	(427,464)	(261,431)
Income and other taxes paid	(9,998)	(9,874)
Net cash generated from (used in) operating activities	(11,652)	179,968
Cash flows from investing activities
Receivable from related party: amounts withdrawn	1,375,000	1,270,000
Expenditures on property, plant and equipment	(1,308,073)	(1,304,347)
Other investing cash flows		616
Cash generated from (used in) investing activities	66,927	(33,731)
Cash flows from financing activities
Net proceeds of project finance facility	1,511	13,261
Payment of project finance fees	(107)	(363)
Payment of lease liability	(7,892)
Cash generated from (used in) financing activities	(6,488)	12,898
Effects of exchange rates on cash and cash equivalents	131	(851)
Net increase in cash and cash equivalents	48,918	158,284
Cash and cash equivalents - beginning of year	1,603,067	1,444,783
Cash and cash equivalents - end of year	1,651,985	1,603,067
Cash and cash equivalents as presented on the balance sheets	$ 1,603,067	$ 1,444,783

Consolidated Statements of Bala

Consolidated Statements of Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Current assets
Cash and cash equivalents	$ 1,651,985	$ 1,603,067
Inventories	175,719	242,970
Trade and other receivables	27,047	30,264
Prepaid expenses and other assets	99,671	30,213
Receivable from related party	511,284	1,620,073
Current assets	2,465,706	3,526,587
Non-current assets
Property, plant and equipment	9,782,647	8,838,305
Inventories	28,985	18,655
Deferred income tax assets	534,078	649,421
Receivable from related party and other financial assets	10,978	279,019
Non-current assets	10,356,688	9,785,400
Total assets	12,822,394	13,311,987
Current liabilities
Borrowings and other financial liabilities	26,547
Trade and other payables	466,206	459,244
Deferred revenue	27,896	75,162
Current liabilities	520,649	534,406
Non-current liabilities
Borrowings and other financial liabilities	4,187,270	4,187,297
Deferred income tax liabilities	79,180	47,934
Decommissioning obligations	104,238	131,565
Non-current liabilities	4,370,688	4,366,796
Total liabilities	4,891,337	4,901,202
Equity
Share capital	11,432,122	11,432,122
Contributed surplus	1,558,811	1,558,264
Accumulated other comprehensive income	(813)	844
Deficit	(3,821,889)	(3,670,310)
Equity attributable to owners of Turquoise Hill	9,168,231	9,320,920
Attributable to non-controlling interest	(1,237,174)	(910,135)
Total equity	7,931,057	8,410,785
Total liabilities and equity	$ 12,822,394	$ 13,311,987

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Total		Share capital [member]	Contributed surplus [member]	Accumulated other comprehensive income (loss) [member]	Deficit [member]	Attributable to owners of Turquoise Hill [member]	Non-controlling interest [member]
Beginning balance at Dec. 31, 2017	$ 8,019,224		$ 11,432,122	$ 1,558,102	$ 3,719	$ (4,081,508)	$ 8,912,435	$ (893,211)
Income (loss) for the year	394,274					411,198	411,198	(16,924)
Other comprehensive loss for the year	(2,875)	[1]			(2,875)		(2,875)
Employee share plans	162			162			162
Ending balance (As restated [Member]) at Dec. 31, 2018	8,409,085		11,432,122	1,558,264	844	(3,671,432)	9,319,798	(910,713)
Ending balance (Impact of change in accounting policy [Member]) at Dec. 31, 2018	(1,700)					(1,122)	(1,122)	(578)
Ending balance at Dec. 31, 2018	8,410,785		11,432,122	1,558,264	844	(3,670,310)	9,320,920	(910,135)
Income (loss) for the year	(476,918)					(150,457)	(150,457)	(326,461)
Other comprehensive loss for the year	(1,657)	[1]			(1,657)		(1,657)
Employee share plans	547			547			547
Ending balance at Dec. 31, 2019	$ 7,931,057		$ 11,432,122	$ 1,558,811	$ (813)	$ (3,821,889)	$ 9,168,231	$ (1,237,174)
[1]	No tax charges and credits arose on items recognized as other comprehensive income or loss in 2019 (2018: nil).

Nature of operations and liquid

Nature of operations and liquidity risk	12 Months Ended
	Dec. 31, 2019
Text block [abstract]
Nature of operations	1. Nature of operations and liquidity risk Rio Tinto plc is the ultimate parent company and indirectly owned a 50.8% majority interest in Turquoise Hill as at December 31, 2019. Turquoise Hill Resources Ltd. (“Turquoise Hill”), together with its subsidiaries (collectively referred to as “the Company”), is an international mining company focused principally on the operation and further development of the Oyu Tolgoi copper-gold mine in Southern Mongolia. Turquoise Hill’s head office is located at 1 Place Ville Marie, Suite 3680, Montreal, Quebec, Canada, H3B 3P2. Turquoise Hill’s registered office is located at 300-204 Turquoise Hill has its primary listing in Canada on the Toronto Stock Exchange and a secondary listing in the U.S. on the New York Stock Exchange. The consolidated financial statements of Turquoise Hill were authorized for issue in accordance with a directors’ resolution on March 20, 2020. Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. As at December 31, 2019, the Company had $2.2 billion of available liquidity, split between remaining project finance proceeds of $0.5 billion, which are drawn and currently deposited with Rio Tinto, and $1.7 billion of consolidated cash and cash equivalents. The Company’s current assets exceeded current liabilities by $1.9 billion at December 31, 2019. Furthermore, in the next 12 months, the Company has non-cancellable The Company manages liquidity risk by the preparation of internally generated short-term cash flow forecasts. These short-term cash flow forecasts consider estimation of future operating costs, financing costs, development capital and cash receipts from sales revenue. Sensitivity analyses are performed over these estimates including the impact of estimated commodity prices on cash receipts. The Company believes that it has enough liquidity to meet its minimum obligations for a period of at least 12 months from the balance sheet date, to fund its operations and underground development, as well as the progression of a Tavan Tolgoi-based power plant. Taking into consideration the estimated impacts of recently announced increases to underground development capital, as well as delays to first sustainable production, the Company expects to need significant incremental financing to sustain its underground development and construction of the Tavan Tolgoi-based power plant beyond this timeframe.

Summary of significant accounti

Summary of significant accounting policies	12 Months Ended
	Dec. 31, 2019
Text block [abstract]
Summary of significant accounting policies	2. Summary of significant accounting policies (a) Statement of compliance These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). These consolidated financial statements have been prepared on a going concern basis, and in making the assessment that the Company is a going concern, management have taken into account all available future information, which extends for a period of at least twelve months from December 31, 2019. Refer to Note 1. (b) Change in accounting policies (i) Leases under IFRS 16 IFRS 16, Leases, Leases On January 1, 2019, the Company recognized a right of use asset of $14.4 million and a corresponding lease liability of $16.1 million, recognizing the difference in Equity ($1.1 million in Deficit and $0.6 million in Non-controlling : Operating leases - aggregate of minimum lease payments under non-cancellable $ 25,861 Short term leases (under one year) - undiscounted (3,340 ) Finance lease liability already on balance sheet at December 31, 2018 12,057 Effects of discounting on payments included in the calculation (3,448 ) of the lease liability (excluding finance lease balances) (2,942 ) Lease liability opening balance at January 1, 2019 $ 28,188 Less: Finance lease liability already on balance sheet at December 31, 2018 (12,057 ) IFRS 16 lease liability opening balance at January 1, 2019 $ 16,131 The Company applied the following optional practical expedients permitted under the standard: – For short-term leases (lease term of 12 months or less) and leases of low-value assets (such as personal computers and office furniture), the Company opted to recognize a lease expense on a straight-line basis; – to exclude any initial direct costs from the measurement of the right of use asset at transition; and – to apply the use of hindsight when reviewing the lease arrangement for determination of the measurement or term of the lease under the retrospective method. Refer to Note 2 (t) (ii) IFRIC 23, Uncertainty Over Income Tax Treatments This interpretation changed the method of calculating provisions for uncertain tax positions. The Company previously recognized provisions based on the most likely amount of the liability, if any, for uncertain tax positions. IFRIC 23 requires an entity to first consider if it is probable that a taxation authority will accept an uncertain tax treatment. If it is concluded that it is not probable, a probability weighted approach is to be taken for issues for which there are a wide range of possible outcomes. For tax issues with a binary outcome, the most likely amount method still remains. The initial adoption of IFRIC 23 had no impact on the Company’s consolidated financial statements. (c) Areas of judgement and estimation uncertainty The preparation of consolidated financial statements in accordance with IFRS often requires management to make estimates about, and apply assumptions or subjective judgement to, future events and other matters that affect the reported amounts of the Company’s assets, liabilities, revenues, expenses and related disclosures. Assumptions, estimates and judgements are based on historical experience, expectations, current trends and other factors that management believes to be relevant at the time at which the Company’s consolidated financial statements are prepared. (i) Sources of estimation uncertainty Key sources of estimation uncertainty that have a risk of resulting in a material adjustment to the carrying amount of assets and liabilities within the next twelve months are summarized below: Going concern assessment The Company has made judgements, based on an internally generated short-term cash flow forecast, in concluding that there are no material uncertainties related to events or conditions that may cast significant doubt upon the Company’s ability to continue as a going concern. Judgements and estimates are made in forming assumptions of future activities, future cash flows and timing of those cash flows. Significant assumptions used in preparing the short-term cash flow forecast includes, but is not limited to, short-term commodity prices, reserves, operating costs, financing costs and development capital. Changes to these assumptions could affect the estimate of the Company’s conclusion as to whether there are material uncertainties related to events or conditions that may cast significant doubt upon the Company’s ability to continue as a going concern. Recoverable amount of property, plant and equipment When an impairment review is undertaken, the recoverable amount is assessed by reference to the higher of value in use (VIU) and fair value less costs of disposal (“FVLCD”). The VIU is the net present value of expected future pre-tax post-tax life-of-mine These inputs are based on the Company’s best estimates of what an independent market participant would consider appropriate. Changes to these inputs may alter the results of the impairment test, the amount of the impairment charge recorded in the consolidated statement of income and the resulting carrying value of property, plant and equipment. An assessment of recoverable amount was undertaken as at December 31, 2019; refer to Note 13. Income taxes - provision for income taxes and composition of deferred income tax assets and liabilities The Company must make significant estimates in respect of the provision for income taxes and the composition of its deferred income tax assets and deferred income tax liabilities. The Company’s operations are, in part, subject to foreign tax laws where interpretations, regulations and legislation are complex and can be subject to change. As a result, there are usually some tax matters in question which may, on resolution in the future, result in adjustments to the amount of current or deferred income tax assets or liabilities, and those adjustments may be material to the Company’s balance sheet and results of operations. The Company recognizes potential liabilities and records tax liabilities for uncertain tax positions based on its judgement of whether, and the extent to which, additional taxes will be due. The Company adjusts these liabilities as facts and circumstances change. Due to the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from the Company’s current estimate, which could result in material adjustments to the consolidated financial statements. Refer to Note 23 for further information on tax matters between Oyu Tolgoi and the Mongolian Tax Authority. Recovery of deferred tax assets in Mongolia The Company assesses the recoverability of deferred tax assets at each reporting period-end Reserves and Resources Mineral reserves and resources estimates are based on various assumptions relating to operating matters set forth in National Instrument 43-101. cut-off 43-101 Estimated mineral Decommissioning Costs The estimate of decommissioning costs is based on future expectations in the determination of closure provisions. Management makes a number of assumptions and judgements including: estimating the amount of future reclamation costs and their timing, inflation rates and risk-free discount rates. These assumptions are formed based on environmental and regulatory requirements and the Company’s internal policies. The costs are more uncertain the further into the future the mine closure activities are to be carried out. Actual costs incurred in future periods in relation to the remediation of the Company’s existing assets could differ materially from their estimated undiscounted future value. Refer to Note 17 for the Company’s total decommissioning obligations recorded in the consolidated financial statements, the undiscounted values and the rate used to discount the liability. Net realizable value of inventories Inventory, including stockpiles of ore, are valued at the lower of weighted average cost and net realizable value (“NRV”). If ore stockpiles are not expected to be processed within the 12 months after the balance sheet date, they are included within non-current (ii) Areas of judgement Impairment indicator of property, plant and equipment Judgement is required in assessing whether certain factors would be considered an indicator of impairment. Management considers both internal and external information to determine whether there is an indicator of impairment and, accordingly, whether impairment testing is required. The information considered in assessing whether there is an indicator of impairment includes, but is not limited to, long-term commodity prices, the Company’s market capitalization relative to its net asset carrying amount, changes in reserves and resources, and life of mine plans. Borrowing costs Capitalization of borrowing costs related to construction or development of a qualifying asset requires management to make a determination as to whether funds have been borrowed specifically to finance the asset, or form part of the Company’s general borrowings. This determination requires management to exercise judgement based on the characteristics of third party debt facilities, and the usage of related funds drawn over the life of these facilities. Factors upon which management bases its judgement include: the estimated duration over which drawn funds are invested prior to utilization for capital expenditure; the quantum and timing of debt drawdown relative to that of expenditure on qualifying assets; and the impact of borrowings at the subsidiary entity level (for example whether such arrangements constitute a refinancing arrangement). Amounts capitalized in relation to general borrowings differ from amounts that would be capitalized in the event of the same borrowings being determined as asset specific. Depletion and depreciation of property, plant and equipment Property, plant and equipment is the largest component of the Company’s assets and, as such, the depreciation of these assets has a significant effect on the Company’s financial statements. Mining plant and equipment and other capital assets are depreciated over their expected economic lives using either the units of production method or the straight-line method. Depletion of each mineral property interest is provided on the units of production basis using estimated proven and probable reserves as the depletion basis. A change in the estimated useful life or residual value of a long-lived asset would result in a change in the rate of depreciation for that asset. For long-lived assets that are depleted or depreciated over proven and probable reserves using the units of production method, a change in the original estimate of proven and probable reserves would result in a change in the rate of depletion or depreciation. Income taxes – utilization of tax losses carried forward The determination of the ability of the Company to utilize tax losses carried forward to offset income taxes payable in the future and to utilize temporary differences which will reverse in the future requires management to exercise judgement and make assumptions about the Company’s future performance. Management is required to assess whether it is probable that the Company is able to benefit from these tax losses and temporary differences. (d) Basis of consolidation The financial statements consist of the consolidation of the accounts of Turquoise Hill and its respective subsidiaries. All intercompany transactions and balances between Turquoise Hill and its subsidiaries have been eliminated on consolidation. Where necessary, adjustments are made to assets, liabilities, and results of subsidiaries to bring their accounting policies into line with those used by the Company. Subsidiaries are entities controlled by Turquoise Hill. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. The Company controls an entity if it has power to direct the activities of the entity in a manner that significantly affects its returns, has exposure or rights to variable returns from its involvement with the entity and has the ability to use its power to affect those returns. The Company consolidates all subsidiaries. The Company’s principal operating subsidiary is Oyu Tolgoi LLC (“Oyu Tolgoi”). Wholly-owned subsidiaries of Turquoise Hill together hold a 66.0% interest in Oyu Tolgoi, whose principal asset is the Oyu Tolgoi copper-gold mine located in Southern Mongolia. The remaining 34% non-controlling non-recourse non-controlling Non-recourse non-controlling non-recourse (e) Currency translation and foreign exchange The Company has determined the U.S. dollar to be the functional currency of Turquoise Hill and its significant subsidiaries as it is the currency of the primary economic environment in which Turquoise Hill and all of its significant subsidiaries operate. Accordingly, monetary assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect at the date of the balance sheet and non-monetary (f) Revenue The Company generates revenue from the sale of concentrate containing copper, gold and silver. Sales revenue is recognized on individual sales to depict the transfer of promised goods to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods. The Company considers five steps in assessing whether all of the criteria are met: ● identify the contract with a customer; ● identify the performance obligations in the contract; ● determine the transaction price; ● allocate the transaction price to performance obligations; and ● recognize revenue when or as a performance obligation is satisfied. The Company satisfies its performance obligation and sales revenue is recognized at the point in time when the product is delivered as specified by the customer, which is typically upon loading of the product to the customer’s truck, train or vessel. The Company considers that control has passed when there is a present obligation to pay from the customer’s perspective; physical possession, legal title and the risks and rewards of ownership have all passed to the customer; and the customer has accepted the concentrate. The Company recognizes deferred revenue in the event it receives payment from a customer before a sales transaction meets all the criteria for revenue recognition. In order to determine the transaction price, revenue from contracts with customers is measured by reference to the forward price for the commodities for the expected quotation period and the Company’s best estimate of contained metal at the date revenue is recognized. Concentrate is provisionally priced whereby the selling price is subject to final adjustment at the end of a period normally ranging from 30 to 180 days after delivery to the customer as defined in the sales contract. The final price is based on the market price at the relevant quotation point stipulated in the contract. At each reporting date, the receivable is marked to fair value based on the forward selling price for the quotation period stipulated in the contract. The change in fair value of the receivable subsequent to the date of revenue recognition is recognized within ‘Revenue’ on the face of the statements of income and is shown separately as ‘other revenue’ in the notes to the consolidated financial statements. Mining royalties paid to the government of Mongolia are included in operating expenses. (g) Exploration and evaluation All direct costs related to the acquisition of mineral property interests are capitalized in the period incurred. Exploration and evaluation costs are charged to operations in the period incurred until such time as it has been determined that a mineral property has proven and probable reserves and the property is economically viable, in which case subsequent evaluation costs incurred to develop a mineral property are capitalized. Exploration and evaluation costs include value-added taxes incurred in foreign jurisdictions when recoverability of those taxes is uncertain. (h) Property, plant and equipment Property, plant and equipment are recorded at cost, less accumulated depletion and depreciation and accumulated impairment losses. The cost of property, plant and equipment includes the estimated close down and restoration costs associated with the asset. Once an undeveloped mining project has been established as commercially viable, including that it has established proven and probable reserves and approval to mine by governmental authorities has been given, expenditure other than that on land, buildings, plant and equipment is capitalized under “Mineral property interests.” Ore reserves may be declared for an undeveloped mining project before its commercial viability has been fully determined and approval to mine has been given. Evaluation costs may be capitalized during the period between declaration of reserves and approval to mine as further work is undertaken in order to refine the development case to maximize the project’s return. Project development expenditures, including costs to acquire and construct buildings and equipment are capitalized under “Capital works in progress” provided that the project has been established as commercially viable. Capital works in progress are not categorized as mineral property interests, mining plant and equipment or other capital assets until the capital asset is in the condition and location necessary for its intended use. Costs, which are incurred during the commissioning phase, that are necessary for the successful commissioning of new assets, are capitalized. Development costs incurred after the commencement of production are capitalized to the extent they are expected to give rise to a future economic benefit. Borrowing costs related to construction or development of a qualifying asset are capitalized until the point when substantially all the activities that are necessary to make the asset ready for its intended use are complete. Where funds have been borrowed specifically to finance an asset, the amount capitalized is the actual interest on borrowings incurred, net of any returns on invested funds. Where the funds used to finance an asset form part of general borrowings, the amount capitalized is calculated using a weighted average of rates applicable to relevant general borrowings of the Company during the period. (i) Deferred stripping In open pit mining operations, it is necessary to remove overburden and other waste materials to access ore from which minerals can be extracted economically. The process of mining overburden and waste materials is referred to as stripping. During the development of an open pit mine, before production commences, stripping costs are capitalized as part of mineral property interests and are subsequently amortized over the life of the mine on a units of production basis. During the production phase, stripping activity is undertaken for the dual purpose of extracting inventory for current production as well as improving access to the ore body. Stripping costs incurred for the purpose of extracting current inventories are included in the costs of inventory produced during the period the stripping costs are incurred. In order for production phase stripping costs to qualify for capitalization as a stripping activity asset, three criteria must be met: ● it must be probable that economic benefit will be realized in a future accounting period as a result of improved access to the ore body created by the stripping activity; ● it must be possible to identify the “component” of the ore body for which access has been improved; and ● it must be possible to reliably measure the costs that relate to the stripping activity. When the cost of stripping related to development which has a future benefit is not distinguishable from the cost of producing current inventories, the stripping costs are allocated to each activity based on a relevant production measure. Generally, the measure would be calculated based on a ratio obtained by dividing the tonnage of waste mined for the component for the period by the quantity of ore mined for the component. Stripping costs incurred in the period related to the component are deferred to the extent that the current period ratio exceeds the historical life of component ratio. The stripping activity asset is depreciated on a units of production basis based on expected production of ore over the useful life of the component that has been made more accessible as a result of the stripping activity. The life of component ratios are based on proven and probable reserves based on the mine plan; they are a function of the mine design and therefore changes to that design will generally result in changes to the ratios. Changes in other technical or economic parameters that impact reserves may also impact the life of component ratios. Changes to the life of component ratios are accounted for prospectively. Deferred stripping costs are included in “Mineral property interests” within property, plant and equipment. Amortization of deferred stripping costs is included as a cost of production in the period. (j) Depreciation and depletion Property, plant and equipment is depreciated over its useful life, or over the remaining life of the mine if that is shorter. The useful lives of the major assets of a cash-generating unit are often dependent on the life of the ore body to which they relate. Where this is the case, the lives of mining properties, and their associated concentrators and other long lived processing equipment generally relate to the expected life of the ore body. The life of the ore body, in turn, is estimated on the basis of the life-of-mine Development costs that relate to a discrete section of an ore body, and which only provide benefit over the life of those reserves, are depreciated over the estimated life of that discrete section. Development costs incurred that relate to the entire ore body are depreciated over the estimated life of the entire ore body. Assets within operations for which production is not expected to fluctuate significantly from one year to another or which have a physical life shorter than the mine are depreciated on a straight-line basis. Depreciation commences when an asset is available for use. (k) Impairment of non-current Property, plant and equipment is reviewed for impairment when events or changes in circumstances indicate that the full carrying amount may not be recoverable. Impairment is assessed at the level of cash-generating units which are identified as the smallest identifiable group of assets capable of generating cash inflows which are largely independent of the cash inflows from other assets. When an impairment review is undertaken, the recoverable amount is assessed by reference to the higher of VIU and FVLCD. The VIU is the net present value of expected future pre-tax The best evidence of FVLCD is often the value obtained from an active market or binding sale agreement. Where this is not the case, or where neither an active market nor a binding sale agreement exists, FVLCD is based on the best information available to reflect the amount a market participant would pay for the cash-generating unit in an arm’s length transaction. This is often estimated using discounted post tax cash flow techniques based on detailed life-of-mine The cash flow forecasts are based on management’s best estimates of expected future revenues and costs, including the future cash costs of production and capital expenditure, which for FVLCD purposes management believe approximate those of a market participant. Forecast cash flows for impairment purposes are generally based on management’s price forecasts of commodity prices, which assume short term observable market prices will revert to the Company’s assessment of the long term price, generally over a period of three to five years. These long-term forecast commodity prices are derived from industry analyst consensus. The discount rates applied to the future cash flow forecasts represent an estimate of the rate the market would apply having regard to the time value of money and the risks specific to the asset for which the future cash flow estimates have not been adjusted. Non-current (l) Decommissioning obligations The Company recognizes liabilities for statutory, contractual, legal or constructive obligations associated with the retirement of property, plant and equipment, when those obligations result from the acquisition, construction, development or normal operation of the assets. Initially, a provision for a decommissioning obligation is recognized at its net present value in the period in which it is incurred, using a discounted cash flow technique with market-based risk-free discount rates and estimates of the timing and amount of the settlement of the obligation. Upon initial recognition of the liability, the corresponding decommissioning cost is added to the carrying amount of the related asset. Following initial recognition of the decommissioning obligation, the carrying amount of the liability is increased for the passage of time and adjusted for changes to significant estimates including the current discount rate, the amount or timing of the underlying cash flows needed to settle the obligation and the requirements of the relevant legal and regulatory framework. Subsequent changes in the provisions resulting from new disturbance, updated cost estimates, changes to estimated lives of operations and revisions to discount rates are also capitalized to the related property, plant and equipment. Amounts capitalized to the related property, plant and equipment are depreciated over the lives of the assets to which they relate. The amortization or unwinding of the discount applied in establishing the net present value of provisions is charged to expense and is included within finance costs in the consolidated statement of income. (m) Inventories Concentrate inventory is valued at the lower of weighted average cost and net realizable value. Cost comprises production and processing costs, which includes direct and indirect labour, operating materials and supplies, applicable transportation costs and apportionment of operating overheads, including depreciation and depletion. Net realizable value is the expected average selling price of the concentrate inventory less applicable selling and transportation costs. Stockpiles represent ore that has been extracted and is available for further processing. Stockpiles are valued at the lower of weighted average production cost and net realizable value. Production cost includes direct and indirect labour, operating materials and supplies, applicable transportation costs, and apportionment of operating overheads, including depreciation and depletion. Net realizable value is the expected average selling price of the finished product less the costs to get the product into saleable form and to the selling location. If the ore will not be processed and sold within the 12 months after the consolidated balance sheet date it is included within non-current Mine stores and supplies are valued at the lower of the weighted average cost and net realizable value. (n) Taxation Income tax expense comprises current and deferred tax. Current tax and deferred taxes are recognized in the consolidated statement of income except to the extent that they relate to items recognized directly in equity or in other comprehensive income. Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date. Deferred tax is recognized in respect of unused tax losses and credits, as well as temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on enacted or substantively enacted laws at the reporting date. The Company computes the provision for deferred income taxes under the liability method. A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, only to the extent that it is probable that future taxable profits will be available against which they can be utilized. Future taxable profits are estimated using an income forecast derived from cash flow projections, based on detailed life-of-mine Deferred tax is not recognized for the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss, and differences relating to investments in subsidiaries, associates and joint arrangements to the extent that it is probable that they will not reverse in the foreseeable future. The Company is subject to assessments by various taxation authorities, who may interpret tax legislation differently from the Company. The final amount of taxes to be paid depends on a number of factors, including the outcomes of audits, appeals or negotiated settlements. Such differences are accounted for based on management’s best estimate of the probable outcome of these matters. The Company must make significant estimates and judgements in respect of its provision for income taxes and the composition and measurement of its deferred income tax assets and liabilities. The Company’s operations are, in part, subject to foreign tax laws where interpretations, regulations and legislation are complex and continually changing. As a result, there are usually some tax matters in question that may, upon resolution in the future, result in adjustments to the amount of deferred income tax assets and liabilities; those adjustments may be material. (o) Employee benefits Wages, salaries, contributions to government pension and social insurance funds, compensated absences and bonuses are accrued in the year in which the employees render the associated services. (p) Cash and cash equivalents For the purposes of the consolidated balance sheet, cash and cash equivalents comprise cash on hand, demand deposits and short term, highly liquid investments with an initial maturity of three months or less that are readily convertible into known amounts of cash and which are subject to insignificant risk of changes in value. (q) Financial instruments The Company classifies its financial instruments in the following categories: at fair value through profit or loss, fair value through other comprehensive income or at amortized cost. Classification The Company determines the classification of financial instruments at initial recognition. The classification of debt instruments is driven by the Company’s business model for managing the financial assets and their contractual cash flow characteristics. A debt instrument is measured at amortized cost if the objective of the business model is to hold the debt instrument for the collection of contractual cash flows, and the asset’s contractual cash flows are comprised solely of payments of principal and interest (“SPPI”). A debt instrument held under a business model under which financial assets may be either held to collect contractual cash flows or sold is classified as held at fair value through other comprehensive income if the SPPI criteria are met. Any other financial assets are classified at fair value through profit or loss. Debt instruments are classified as current or non-current instrument-by-instrument Financial liabilities are measured at amortized cost, unless they are required to be measured at fair value through profit or loss (such as instruments held for trading or derivatives) or where the Company has opted to measure at fair value through profit or loss. Measurement a) Financial assets and liabilities at fair value through profit or loss Financial assets and liabilities at fair value through profit or loss are initially recognized at fair value and transaction costs are expensed in the consolidated statements of income. Realized and unrealized gains and losses arising from changes in fair value are included in the consolidated statement of income in the period in which they arise. Where the Company has elected to recognize a financial liability at fair value through profit or loss, any changes associated with the Company’s own credit risk will be recognized in other comprehensive income. b

Operating segment

Operating segment	12 Months Ended
	Dec. 31, 2019
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Operating segment	3. Operating segment Year Ended December 31, 2019 Corporate and other Oyu Tolgoi eliminations Consolidated Revenue $ 1,166,014 $ - $ 1,166,014 Cost of sales (742,985 ) - (742,985 ) Gross margin 423,029 - 423,029 Operating (expenses) income (271,547 ) 50,054 (221,493 ) Corporate administration expenses - (23,443 ) (23,443 ) Other income 2,498 216 2,714 Impairment charges (596,906 ) - (596,906 ) Income (loss) before finance items and taxes (442,926 ) 26,827 (416,099 ) Finance items Finance income 29,719 76,616 106,335 Finance costs (456,382 ) 446,361 (10,021 ) Income (loss) from operations before taxes $ (869,589 ) $ 549,804 $ (319,785 ) Income and other taxes (90,590 ) (66,543 ) (157,133 ) Income (loss) for the year $ (960,179 ) $ 483,261 $ (476,918 ) Depreciation and depletion 193,183 (1,131 ) 192,052 Capital additions 1,753,728 - 1,753,728 Current assets 380,830 2,084,876 2,465,706 Non-current 10,311,721 44,967 10,356,688 Current liabilities 486,337 34,312 520,649 Non-current 10,870,018 (6,499,330 ) 4,370,688 Net increase (decrease) in cash (37,813 ) 86,731 48,918 Revenue by geographic destination is based on the ultimate country of destination, if known. If the destination of the concentrate sold through traders is not known, then revenue is allocated to the location of the concentrate at the time when revenue is recognized. During the year ended December 31, 2019, principally all of Oyu Tolgoi’s revenue arose from concentrate sales to customers in China and revenue from individual customers in excess of 10% of Oyu Tolgoi’s revenue was $225.5 million, $128.0 million and $120.7 million (December 31, 2018 - $209.6 million, $145.1 million, and $127.8 million). All long-lived assets of the Oyu Tolgoi segment, other than financial instruments, are located in Mongolia. Year Ended December 31, 2018 Corporate and other Oyu Tolgoi eliminations Consolidated Revenue $ 1,180,022 $ - $ 1,180,022 Cost of sales (777,248 ) - (777,248 ) Gross margin 402,774 - 402,774 Operating expenses (284,063 ) 49,991 (234,072 ) Corporate administration expenses - (24,370 ) (24,370 ) Other income 7,105 14 7,119 Income before finance items and taxes 125,816 25,635 151,451 Finance items Finance income 46,993 107,675 154,668 Finance costs (388,388 ) 335,899 (52,489 ) Income (loss) from operations before taxes $ (215,579 ) $ 469,209 $ 253,630 Income and other taxes 165,803 (25,159 ) 140,644 Income (loss) for the year $ (49,776 ) $ 444,050 $ 394,274 Depreciation and depletion 211,201 - 211,201 Capital additions 1,684,732 - 1,684,732 Current assets 409,733 3,116,854 3,526,587 Non-current 9,447,857 337,543 9,785,400 Current liabilities 508,551 25,855 534,406 Non-current 9,695,964 (5,329,167 ) 4,366,796 Net increase in cash 67,599 90,685 158,284

Revenue

Revenue	12 Months Ended
	Dec. 31, 2019
Text block [abstract]
Revenue	4. Revenue Year Ended December 31, 2019 Revenue from Other revenue (a) Total revenue Total revenue: Copper $ 794,870 $ (7,060 ) $ 787,810 Gold 353,668 11,338 365,006 Silver 12,932 266 13,198 $ 1,161,470 $ 4,544 $ 1,166,014 Year Ended December 31, 2018 Revenue from Other revenue (a) Total revenue Total revenue: Copper $ 899,737 $ (33,195 ) $ 866,542 Gold 299,820 609 300,429 Silver 12,946 105 13,051 $ 1,212,503 $ (32,481 ) $ 1,180,022 (a) Other revenue relates to gains (losses) on the revaluation of trade receivables.

Cost of sales

Cost of sales	12 Months Ended
	Dec. 31, 2019
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Cost of sales	5. Cost of sales Year Ended December 31, 2019 2018 Production and delivery $ 559,066 $ 568,007 Depreciation and depletion 183,919 209,496 Reversal of provision against carrying value of inventories (Note 9) - (255 ) $ 742,985 $ 777,248

Operating expenses

Operating expenses	12 Months Ended
	Dec. 31, 2019
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Operating expenses	6. Operating expenses Year Ended December 31, 2019 2018 Oyu Tolgoi administration expenses $ 134,573 $ 117,172 Royalty expenses 64,048 70,782 Inventory write downs (reversals) (a) (2,161 ) 14,286 Selling expenses 14,607 26,754 Depreciation 8,133 1,705 Other 2,293 3,373 $ 221,493 $ 234,072 (a) Inventory write downs (reversals) include net adjustments to the carrying value of ore stockpile inventories and materials and supplies; refer to Note 9.

Finance items

Finance items	12 Months Ended
	Dec. 31, 2019
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Finance items	7. Finance items Year Ended December 31, 2019 2018 Finance income: Interest income (a) $ 106,335 $ 154,668 $ 106,335 $ 154,668 Finance costs: Interest expense and similar charges $ (401,582 ) $ (382,082 ) Amounts capitalized to property, plant and equipment (b) 396,922 334,668 Accretion of decommissioning obligations (Note 17) (5,361 ) (5,075 ) $ (10,021 ) $ (52,489 ) (a) Finance income of $64.3 million (December 31, 2018 - $119.7 million) on the related party receivable relates to amounts placed with Rio Tinto under an agreement for cash management services in connection with net proceeds from the project finance facility (refer to Note 22). (b) The majority of the costs capitalized to property, plant and equipment were capitalized at the weighted average rate of the Company’s general borrowings of 8.5% (refer to Note 13).

Cash and cash equivalents

Cash and cash equivalents	12 Months Ended
	Dec. 31, 2019
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Cash and cash equivalents	8. Cash and cash equivalents December 31, 2019 December 31, 2018 Cash at bank and on hand $ 112,572 $ 148,040 Money market funds and other cash equivalents (a) 1,539,413 1,455,027 $ 1,651,985 $ 1,603,067 (a) At December 31, 2019, short-term liquid investments of $210.0 million (December 31, 2018 - $741.7 million) have been placed with Rio Tinto (refer to Note 22).

Inventories

Inventories	12 Months Ended
	Dec. 31, 2019
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Inventories	9. Inventories December 31, 2019 December 31, 2018 Current Concentrate $ 26,801 $ 69,691 Ore stockpiles 45,713 76,512 Provision against carrying value of ore stockpiles (908 ) (15,636 ) Materials and supplies 179,795 185,994 Provision against carrying value of materials and supplies (75,682 ) (73,591 ) $ 175,719 $ 242,970 Non-current Ore stockpiles $ 30,640 $ 25,005 Provision against carrying value of ore stockpiles (1,655 ) (6,350 ) $ 28,985 $ 18,655 During the year ended December 31, 2019, $743.0 million (2018 - $777.2 million) of inventory was charged to cost of sales (Note 5). During the year ended December 31, 2019, net write down reversals of $2.2 million (2018 – net write down charges of $14.0 million) were recognized in the consolidated statement of income relating to inventory write off and movement in provisions against carrying value. During the year ended December 31, 2019, inventory on which there was a provision against carrying value of $15.2 million (2018 - $4.4 million) was sold and recognized in cost of sales for the year.

Trade and other receivables

Trade and other receivables	12 Months Ended
	Dec. 31, 2019
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Trade and other receivables	10. Trade and other receivables December 31, 2019 December 31, Trade receivables and other $ 21,284 $ 14,623 Due from related parties (Note 22) 5,763 15,641 $ 27,047 $ 30,264

Prepaid expenses and other asse

Prepaid expenses and other assets	12 Months Ended
	Dec. 31, 2019
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Prepaid expenses and other assets	11.  Prepaid expenses and other assets December 31, 2019 December 31, Prepaid expenses $ 16,863 $ 27,285 Amounts prepaid to related parties (Note 22) 82,808 2,928 $ 99,671 $ 30,213

Receivable from related party a

Receivable from related party and other non-current financial assets	12 Months Ended
	Dec. 31, 2019
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Receivable from related party and other non-current financial assets	12.  Receivable from related party and other non-current December 31, 2019 December 31, 2018 Current assets: Receivable from related party (Note 22) $ 511,284 $ 1,620,073 $ 511,284 $ 1,620,073 December 31, 2019 December 31, 2018 Receivable from related party and other non-current Receivable from related party (Note 22) $ - $ 266,211 Marketable securities 3,909 5,566 Other 7,069 7,242 $ 10,978 $ 279,019

Property, plant and equipment

Property, plant and equipment	12 Months Ended
	Dec. 31, 2019
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Property, plant and equipment	13. Property, plant and equipment Oyu Tolgoi Year Ended December 31, 2019 Mineral property interests Plant and Capital works in Other capital assets Total Net book value: January 1, 2019 as previously reported $ 799,113 $ 3,263,447 $ 4,775,745 $ - $ 8,838,305 Impact of change in accounting policy (Note 2) - 14,431 - - 14,431 January 1, 2019 restated $ 799,113 $ 3,277,878 $ 4,775,745 $ - $ 8,852,736 Additions 56,083 430 1,299,162 1,131 1,356,806 Interest capitalized (Note 7) - - 396,922 - 396,922 Changes to decommissioning obligations (32,688 ) - - - (32,688 ) Depreciation for the period (46,985 ) (144,825 ) - (81 ) (191,891 ) Impairment charges (c) (52,007 ) (180,192 ) (364,707 ) - (596,906 ) Disposals and write offs - (2,184 ) (148 ) - (2,332 ) Transfers and other movements - 175,224 (175,224 ) - - December 31, 2019 $ 723,516 $ 3,126,331 $ 5,931,750 $ 1,050 $ 9,782,647 Cost 1,270,641 4,840,318 6,296,457 1,131 12,408,547 Accumulated depreciation / impairment (547,125 ) (1,713,987 ) (364,707 ) (81 ) (2,625,900 ) December 31, 2019 $ 723,516 $ 3,126,331 $ 5,931,750 $ 1,050 $ 9,782,647 Non-current $ 723,516 $ 3,126,331 $ 5,931,750 $ - $ 9,781,597 Oyu Tolgoi Year Ended December 31, 2018 Mineral property interests Plant and Capital works in progress Other capital assets Total Net book value: January 1, 2018 $ 834,310 $ 3,197,491 $ 3,315,171 $ - $ 7,346,972 Additions 21,137 - 1,328,927 - 1,350,064 Interest capitalized (Note 7) - - 334,668 - 334,668 Depreciation for the period (56,334 ) (133,070 ) - - (189,404 ) Disposals and write offs - (3,995 ) - - (3,995 ) Transfers and other movements - 203,021 (203,021 ) - - December 31, 2018 $ 799,113 $ 3,263,447 $ 4,775,745 $ - $ 8,838,305 Cost 1,247,246 4,729,132 4,775,745 1,152 10,753,275 Accumulated depreciation (448,133 ) (1,465,685 ) - (1,152 ) (1,914,970 ) December 31, 2018 $ 799,113 $ 3,263,447 $ 4,775,745 $ - $ 8,838,305 Non-current $ 799,113 $ 3,263,447 $ 4,775,745 $ - $ 8,838,305 (a) In addition to property, plant and equipment, at December 31, 2019 current and non-current (b) Plant and equipment comprises owned and leased assets : December 31, Plant and equipment owned $ 9,773,937 Right of use assets 8,710 $ 9,782,647 The Company leases certain assets including warehouse and office facilities as well as transportation equipment, substantially all at Oyu Tolgoi. Information about leases for which the Company is a lessee is presented below: Plant and January 1, 2019 $ 14,431 Additional lease post transition date 1,561 Depreciation for the period (7,282) December 31, 2019 $ 8,710 (c) Impairment charges (i) At June 30, 2019 On July 15, 2019, the Company provided an update on the Oyu Tolgoi underground project summarizing preliminary estimates for increased capital expenditure for project development and a schedule delay to first sustainable production. These preliminary estimates indicated that first sustainable production could be delayed by 16 to 30 months compared to the original feasibility study guidance in 2016 and that development capital expenditure for the project may increase by $1.2 billion to $1.9 billion over the $5.3 billion previously disclosed. Together, these matters were identified as an indicator of impairment at the Oyu Tolgoi cash generating unit level at June 30, 2019. The recoverable amount is the higher of Oyu Tolgoi’s VIU and its FVLCD. The recoverable amount was determined by a FVLCD model using discounted post-tax non-current The recoverable amount of the Oyu Tolgoi cash generating unit was classified as level 3 under the fair value hierarchy. In arriving at FVLCD, post-tax life-of-mine post-tax The recoverable amount was calculated taking into account a number of mine design options. As studies progress, this will lead to the selection of a preferred development option with detailed cost, scheduling, and production assumptions, which may lead to a change in recoverable amount. The recoverable amount also included high-level risk adjustments to net cash flows to reflect the inherent uncertainty of assumptions for development capital, schedule and mineral resources. The Company’s assessment of FVLCD resulted in a recoverable amount of $8.7 billion compared to a carrying value of $9.3 billion at June 30, 2019, resulting in a $0.6 billion impairment charge in the three month period ended June 30, 2019. Together with operating costs, development capital, and scheduling and mine design, other significant assumptions in the determination of recoverable amount included the discount rate, long-term commodity prices and the inclusion of mineral resources (in addition to mineral reserves). Reasonably possible movements in these assumptions could have reduced the calculated recoverable amount and increased the impairment charge. An increase in the post-tax ( i Detailed analysis work has continued to progress into the fourth quarter of 2019 and a number of refinements are still under review to determine the final mine design. Decisions on key underground design elements such as the location of the ore handling system and options for panel sequencing will be taken in the first half of 2020. These will take into consideration the consequential impacts on cost, schedule and other key variables such as project ramp-up The recoverable amount was determined by a FVLCD model using post-tax life-of-mine post-tax The recoverable amount was calculated taking into account a number of mine design options. The recoverable amount also included high-level risk adjustments to net cash flows to reflect the inherent uncertainty of assumptions for development capital, schedule and mineral resources. The Company’s assessment of recoverable amount at December 31, 2019 did not result in any additional impairment or impairment reversal being recorded at December 31, 2019. The sensitivity of the calculated recoverable amount to reasonably possible movements in any of the significant assumptions is consistent with the analysis performed in relation to the impairment charge recorded at June 30, 2019. Subsequent to year-end the novel coronavirus (COVID-19) has had certain impacts on the development work in Oyu Tolgoi – refer to Note 26. The Company’s impairment test was based on FVLCD as at December 31, 2019. Accordingly, as required by IFRS, the Company has not reflected these subsequent conditions in the measurement of the Oyu Tolgoi cash generating unit at December 31, 2019.

Trade and other payables

Trade and other payables	12 Months Ended
	Dec. 31, 2019
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Trade and other payables	14. Trade and other payables December 31, December 31, Trade payables and accrued liabilities $ 389,476 $ 395,883 Interest payable on long-term borrowings 9,814 10,906 Payable to related parties (Note 22) 65,903 51,490 Other 1,013 965 $ 466,206 $ 459,244

Borrowings and other financial

Borrowings and other financial liabilities	12 Months Ended
	Dec. 31, 2019
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Borrowings and other financial liabilities	15. Borrowings and other financial liabilities December 31, December 31, Current liabilities: Project finance facility (a) $ 22,177 - Lease liabilities (b) 4,370 - $ 26,547 $ - Non-current Project finance facility (a) $ 4,170,058 $ 4,175,240 Lease liabilities (b) 17,212 12,057 $ 4,187,270 $ 4,187,297 (a) Project finance facility On December 14, 2015, Oyu Tolgoi signed a $4.4 billion project finance facility. The facility is provided by a syndicate of international financial institutions and export credit agencies representing the governments of Canada, the United States and Australia, along with 15 commercial banks. The project finance lenders have agreed a debt cap of $6.0 billion. In addition to the funding drawn down to date there is an additional $0.1 billion available, subject to certain conditions, under the Company’s facility with the Export-Import Bank of the United States, and the potential for an additional $1.6 billion of supplemental debt in the future. Under the terms of the project finance facility held by Oyu Tolgoi, there are certain restrictions on the ability of Oyu Tolgoi to make shareholder distributions. At December 31, 2019, Oyu Tolgoi has drawn down $4.3 billion of the project finance facility: December 31, 2019 Original Annual interest rate Facility Carrying Value (i) Fair Value (i) Pre-completion Post-completion International Financial Institutions - A Loan $ 774,858 $ 862,016 15 years LIBOR + 3.78% LIBOR + 4.78% Export Credit Agencies 874,092 966,989 14 years LIBOR + 3.65% LIBOR + 4.65% Loan 276,428 322,101 13 years 2.3% 2.3% MIGA Insured Loan (iii) 678,679 747,440 12 years LIBOR + 2.65% LIBOR + 3.65% Commercial Banks 1,588,178 1,755,263 12 years LIBOR + 3.4% LIBOR + 4.4% - B Loan Includes $50 million 15-year $ 4,192,235 $ 4,653,809 (i) The carrying value of borrowings under the project finance facility differs from fair value due to amortized transaction costs, and changes in the estimate of fair value between the initial recognition date and the balance sheet date. Project finance borrowings were initially recognized at fair value less transaction costs on the relevant draw down dates, with aggregate initial fair value being $4,348.9 million before transaction costs. At December 31, 2019, these borrowings are stated net of $156.7 million amortized transaction costs. At December 31, 2019, the fair value of the Company’s borrowings has been estimated with reference to a market yield, the variability of which is considered a reasonable indicator, over the pre-completion in-country pre-completion pre-completion (ii) The project finance facility provides for interest only payments for the first five years followed by minimum repayments according to a stepped amortization schedule for the remaining life of the facility. The maturity analysis of principal repayments is as follows: December 31 2019 December 31, Maturity analysis - Project Finance facility Less than one year 23,389 - One to five years 1,893,607 1,193,582 More than five years 2,432,022 3,153,612 4,348,918 4,347,194 (iii) The Multilateral Investment Guarantee Agency (“MIGA”) provides political risk insurance for commercial banks. The Company is required to pay an annual insurance premium of 1.4% of the MIGA Insured Loan for the remaining life of the facility. (b) Lease liabilities December 31, Maturity analysis - contractual undiscounted cash flows Less than one year $ 4,386 One to five years 15,334 More than five years 2,035 Total undiscounted lease liabilities $ 21,755 Lease liabilities included in the Consolidated balance sheet $ 21,582 Current $ 4,370 Non-Current $ 17,212 Lease liabilities are discounted at the weighted average incremental borrowing rate of 7.2%.

Income taxes

Income taxes	12 Months Ended
	Dec. 31, 2019
Text block [abstract]
Income taxes	16. Income taxes (a) Tax expense (benefit) Year Ended December 31, 2019 2018 Current (i) $ 10,544 $ 12,804 Deferred Temporary differences including tax losses (ii) 115,343 (175,679 ) Withholding taxes (iii) 31,246 22,231 $ 146,589 $ (153,448 ) Net income statement expense (benefit) for income taxes $ 157,133 $ (140,644 ) (i) Current taxes In 2019, a cash payment of $2.6 million (2018 - $4.9 million) was made in respect to current taxes payable. Deferred tax liabilities for withholding taxes are reclassified to current tax prior to settlement. (ii) Deferred tax assets 2019 – Mongolia Deferred tax assets of $494.0 million were recognized at December 31, 2019 in Mongolia, comprised of $169.4 million relating to tax losses that expire if not recovered against taxable income within eight years and $324.6 million relating to accrued but unpaid interest expense and other temporary differences. Tax losses have been calculated in accordance with the provisions of the Oyu Tolgoi Investment Agreement and Mongolian laws. The Company recognized deferred tax assets at December 31, 2019 to the extent recovery is considered probable. In assessing the probability of recovery, future taxable income, derived from cash flows from detailed life-of-mine During the year ended December 31, 2019, the Company decreased its recognized Mongolian deferred tax assets by $90.1 million. The movement in the Mongolian deferred tax asset represented a decrease of $187.8 million in the recognized deferred tax asset for prior year losses and other temporary differences, mainly related to property, plant and equipment. This was partially offset by additional operating losses and accrued but unpaid interest expense incurred by Oyu Tolgoi in the year, which increased the recognized deferred tax asset by $97.7 million. The adjustment to the previously recognized deferred tax asset for prior year losses and other temporary differences was primarily due to updated operating assumptions in mine planning during the year. This principally included the revised estimation of achievement of sustainable first production, as well as the revised development capital spend for the underground project. The updated mine planning assumptions led to an increase in the amount of loss carry forwards and temporary differences estimated to expire unutilized. 2019 – Canada Deferred tax assets of $40.1 million were recognized at December 31, 2019 in Canada comprised of $39.6 million relating to non-capital non-capital Non-capital 2018 – Mongolia Deferred tax assets of $584.2 million were recognized at December 31, 2018 in Mongolia, comprised of $280.1 million relating to tax losses that expire if not recovered against taxable income within eight years and $304.1 million relating to accrued but unpaid interest expense and other temporary differences. During the year ended December 31, 2018, the Company recognized additional Mongolian deferred tax assets of $165.9 million, of which $105.6 million related to 2018 activity. The remaining movement in the Mongolian deferred tax asset was due to an overall strengthening of future taxable income driven by improved long-term commodity price projections and updated operating assumptions in mine planning during 2018. This was partly offset by a reduction of the deferred tax asset recognized for losses incurred in 2016, as the delay to sustainable first production of the underground mine was expected to lead to an increase in the amount of 2016 losses estimated to expire un-utilized. 2018 - Canada The deferred tax asset at December 31, 2018 of $65.3 million was recognized in relation to non-capital (iii) Withholding taxes Withholding tax is accrued on interest owing on the loans and recognized within deferred tax liabilities as interest accrues. Mongolian withholding tax will be due upon receipt of loan interest. (b) Reconciliation of income taxes calculated at the statutory rates to the actual tax provision Year Ended December 31, 2019 2018 Income (loss) from operations before taxes $ (319,785 ) $ 253,630 Tax at Canadian combined federal and provincial income tax rate (2019: 26.6%; 2018: 26.73%) (85,063 ) 67,795 Tax effect of: Change in amount of deferred tax recognized 300,237 (152,639 ) Difference in tax rates and treatment in foreign jurisdictions (100,134 ) (83,568 ) Withholding taxes 31,246 24,670 Non deductible losses and expense 10,847 3,098 $ 157,133 $ (140,644 ) The effective tax rate is based on provincial apportionment. During the year, the Company completed the relocation of its head office from British Columbia to Quebec, which affected the provincial apportionment. (c) Recognized and unrecognized deferred tax assets and liabilities Recognized and unrecognized deferred tax assets and liabilities are shown in the table below: Recognized Unrecognized December 31, December 31, December 31, December 31, 2019 2018 2019 2018 Deferred tax assets Non-capital $ 208,921 $ 345,368 $ 442,686 $ 276,492 Capital losses - - 116,450 120,626 Other temporary differences including accrued interest 325,157 304,053 133,693 11,674 $ 534,078 $ 649,421 $ 692,829 $ 408,792 Deferred tax liabilities (ii) Withholding tax (79,180 ) (47,934 ) - - $ (79,180 ) $ (47,934 ) $ - $ - (i) Unrecognized deferred tax assets relating to Mongolian non-capital (ii) Deferred tax is not recognized on the unremitted earnings of subsidiaries where the Company is able to control the timing of the remittance and it is probable that there will be no remittance in the foreseeable future. At December 31, 2019, deferred tax liabilities have not been recognized in respect of any unremitted earnings (2018: nil). In addition to the above, the Company has $812.1 million of investment tax credits at December 31, 2019. No deferred tax asset has been recognized in respect of these credits, in accordance with the initial recognition exception in IAS 12 Income taxes

Decommissioning obligations

Decommissioning obligations	12 Months Ended
	Dec. 31, 2019
Text block [abstract]
Decommissioning obligations	17. Decommissioning obligations Year Ended December 31, 2019 2018 Opening carrying amount $ 131,565 $ 125,721 Changes in estimates (32,688 ) 769 Accretion of present value discount 5,361 5,075 $ 104,238 $ 131,565 All decommissioning obligations relate to Oyu Tolgoi. Reclamation and closure costs have been estimated based on the Company’s interpretation of current regulatory requirements and other commitments made to stakeholders, and are measured as the net present value of future cash expenditures upon reclamation and closure. Estimated future cash expenditures of $212.6 million (December 31, 2018 - $273.7 million) have been discounted from an anticipated closure date of 2055 to their present value at a real rate of 2.0% (December 31, 2018 - 2.0%).

Share capital

Share capital	12 Months Ended
	Dec. 31, 2019
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Share capital	18. Share capital The authorized share capital of Turquoise Hill consists of an unlimited number of Common Shares without par value and an unlimited number of Preferred Shares. As at both December 31, 2019 and 2018, there were 2,012,314,469 Common Shares and no Preferred Shares issued and outstanding.

Non-controlling interests

Non-controlling interests	12 Months Ended
	Dec. 31, 2019
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Non-controlling interests	19. Non-controlling Non-controlling 2019 2018 Balance, January 1 $ (910,135 ) $ (893,211 ) Impact of change in accounting policy (Note 2) (578 ) - Restated balance, January 1 $ (910,713 ) $ (893,211 ) Non-controlling (326,461 ) (16,924 ) Common share investments funded on behalf of non-controlling 219,300 175,100 Funded amounts repayable to the Company (a) (219,300 ) (175,100 ) Balance, December 31 $ (1,237,174 ) $ (910,135 ) (a) Since 2011, the Company has funded common share investments in Oyu Tolgoi on behalf of Erdenes. In accordance with the Amended and Restated Shareholders Agreement dated June 8, 2011, such funded amounts earn interest at an effective annual rate of LIBOR plus 6.5% and are repayable to the Company via a pledge over Erdenes’ share of future Oyu Tolgoi common share dividends. Erdenes also has the right to reduce the outstanding balance by making payments directly to the Company. Common share investments funded on behalf of Erdenes are recorded as a reduction to the net carrying value of non-controlling

Cash flow information

Cash flow information	12 Months Ended
	Dec. 31, 2019
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Cash flow information	20. Cash flow information (a) Reconciliation of net income to net cash flow generated from operating activities before interest and tax Year Ended December 31, 2019 2018 Income (loss) for the year $ (476,918 ) $ 394,274 Adjustments for: Depreciation and amortization 192,052 211,201 Impairment charges 596,906 - Finance items: Interest income (106,335 ) (154,668 ) Interest and accretion expense 10,021 52,489 Unrealized foreign exchange losses (gains) (131 ) 851 Inventory write downs (reversals) (2,161 ) 14,031 Write off of property, plant and equipment 2,293 3,373 Income and other taxes 157,133 (140,644 ) Other items 87 (219 ) Net change in non-cash (Increase) decrease in: Inventories 31,093 (983 ) Trade, other receivables and prepaid expenses (938 ) (8,377 ) (Decrease) increase in: Trade and other payables (14,106 ) (15,886 ) Deferred revenue (47,266 ) 7,564 Cash generated from operating activities before interest and tax $ 341,730 $ 363,006 (b) Supplementary information regarding other non-cash The non-cash Year Ended December 31 2019 2018 Investing activities Change in accounts payable and accrued liabilities related to purchase of property, plant and equipment $ 14,324 $ 26,930

Earnings per share

Earnings per share	12 Months Ended
	Dec. 31, 2019
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Earnings per share	21. Earnings per share Basic earnings per share is computed by dividing the net income attributable to owners of Turquoise Hill by the weighted average number of common shares outstanding during the period. As of December 31, 2019 and 2018, the Company had not issued any equity instruments that are potentially dilutive to earnings per share.

Related parties

Related parties	12 Months Ended
	Dec. 31, 2019
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Related parties	22. Related parties As at December 31, 2019, Rio Tinto plc’s indirect equity ownership in the Company was 50.8% (December 31, 2018: 50.8%). The following tables present the consolidated financial statements line items within which transactions with a Rio Tinto entity or entities (“Rio Tinto”) are reported. Rio Tinto entities comprise Rio Tinto plc, Rio Tinto Limited and their respective subsidiaries other than Turquoise Hill and its subsidiaries. Year Ended December 31, Statements of Income 2019 2018 Operating and corporate administration expenses: Cost recoveries - Turquoise Hill $ 710 $ 623 Management services payment (i) (31,041 ) (30,055 ) Cost recoveries - Rio Tinto (ii) (42,836 ) (40,627 ) Finance income: Cash and cash equivalents (iii) 16,194 20,175 Receivable from Rio Tinto (iv) 64,285 119,688 Finance costs: Completion support fee (v) (108,712 ) (108,421 ) $ (101,400 ) $ (38,617 ) Year Ended December 31, Statements of Cash Flows 2019 2018 Cash generated from operating activities Interest received (iii, iv) $ 58,850 $ 72,012 Interest paid (v) (156,814 ) (11,918 ) Cash flows from investing activities Receivable from related party: amounts withdrawn (iv) 1,375,000 1,270,000 Expenditures on property, plant and equipment: Management services payment and cost recoveries - Rio Tinto (i), (ii) (60,828 ) (61,145 ) December 31, December 31, Balance Sheets 2019 2018 Cash and cash equivalents (iii) $ 210,000 $ 741,711 Trade and other receivables (Note 10) 5,763 15,641 Prepaid expenses and other assets (Note 11) 82,808 2,928 Receivable from related party and other non-current 511,284 1,886,284 Trade and other payables (Note 14) Management services payment - Rio Tinto (i) (14,156 ) (15,700 ) Cost recoveries - Rio Tinto (ii) (51,747 ) (35,790 ) $ 743,952 $ 2,595,074 (i) In accordance with the Amended and Restated Shareholders’ Agreement, which was signed on June 8, 2011, and other related agreements, Turquoise Hill is required to make a management services payment to Rio Tinto equal to a percentage of all capital costs and operating costs incurred by Oyu Tolgoi from March 31, 2010 onwards. After signing the Underground Mine Development and Financing Plan on May 18, 2015, the management services payment to Rio Tinto is calculated as 1.5% applied to underground development capital costs, and 3% applied to operating costs and capital related to current operations. (ii) Rio Tinto recovers the costs of providing general corporate support services and mine management services to Turquoise Hill. Mine management services are provided by Rio Tinto in its capacity as the manager of Oyu Tolgoi. (iii) In addition to placing cash and cash equivalents on deposit with banks or investing funds with other financial institutions, Turquoise Hill may deposit cash and cash equivalents with Rio Tinto in accordance with an agreed upon policy and strategy for the management of liquid resources. At December 31, 2019, cash equivalents deposited with wholly owned subsidiaries of Rio Tinto totalled $210.0 million, earning interest at rates equivalent to those offered by financial institutions or short-term corporate debt. (iv) As part of project finance (Note 15), Turquoise Hill appointed 9539549 Canada Inc., a wholly owned subsidiary of Rio Tinto, as service provider to provide post-drawdown cash management services in connection with net proceeds from the project finance facility, which were placed with 9539549 Canada Inc. and shall be returned to Turquoise Hill as required for purposes of Oyu Tolgoi underground mine development and funding. Rio Tinto International Holdings Limited, a wholly owned subsidiary of Rio Tinto, agreed to guarantee the obligations of the service provider under this agreement. At December 31, 2019, the resulting receivable from 9539549 Canada Inc. totalled $511.3 million, earning interest at an effective annual rate of LIBOR plus 2.45%. The interest rate reflects: interest receivable at LIBOR minus 0.05%; plus a benefit of 2.5% arising on amounts receivable from 9539549 Canada Inc. under the Cash Management Services Agreement, which are net settled with the 2.5% completion support fee described in (v) below. At December 31, 2019, the fair value of the receivable approximates its carrying value. The fair value has been estimated with reference to a market yield, the variability of which is considered a reasonable indicator, over the projected timeframe for returning funds to Turquoise Hill, of movements in the fair value of the receivable. This is considered a level 3 fair value measurement. (v) As part of the project finance agreements (Note 15), Rio Tinto agreed to provide a guarantee, known as the completion support undertaking (“CSU”) in favour of the Commercial Banks and the Export Credit Agencies. In consideration for providing the CSU, the Company is required to pay Rio Tinto a fee equal to 2.5% of the amounts drawn under the facility. The annual completion support fee of 2.5% on amounts drawn under the facility is accounted for as a borrowing cost and included within interest expense and similar charges (refer to Note 7). The fee is settled net of a benefit arising on amounts receivable from 9539549 Canada Inc. under the Cash Management Services Agreement described in (iv) above. The fee payment obligation will terminate on the date Rio Tinto’s CSU obligations to the project lenders terminate. The above noted transactions were carried out in the normal course of operations and were measured at the transaction amount, which is the amount of consideration established and agreed to by the related parties.

Commitments and contingencies

Commitments and contingencies	12 Months Ended
	Dec. 31, 2019
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Commitments and contingencies	23. Commitments and contingencies (a) Capital commitments At December 31, 2019, the Company had capital expenditure commitments at the balance sheet date of $44.5 million. These commitments represent minimum non-cancellable During 2018, Oyu Tolgoi signed a new power purchase agreement with the National Power Transmission Grid (“NPTG”) of Mongolia. The power purchase agreement was executed in connection with the power import arrangement between NPTG and the Inner Mongolia Power International Corporation (“IMPIC”). The new arrangement took effect on July 4, 2018, subsequent to the expiry of the previous IMPIC agreement, for a term of up to six years, with possibility of early cancelation after the fourth year, if a domestic power plant is commissioned earlier. At December 31, 2019, the Company had power purchase commitments of $404.3 million. These commitments represent minimum non-cancellable (b) Mongolian Tax Assessment On January 16, 2018, the Company announced that Oyu Tolgoi received a tax assessment for approximately $155 million (which was converted from Mongolian Tugrik to U.S. dollars at the exchange rate on that date) from the Mongolian Tax Authority (the “MTA”) as a result of a general tax audit for the period covering 2013 through 2015. In January 2018 Oyu Tolgoi paid an amount of $4.8 million to settle unpaid taxes, fines and penalties for accepted items. The Company was of the opinion that Oyu Tolgoi had paid all taxes and charges required under the 2009 Oyu Tolgoi Investment Agreement (“Investment Agreement”), the Amended and Restated Shareholder Agreement (“ARSHA”), the Underground Mine Development and Financing Plan and Mongolian Law. Following engagement with the MTA, Oyu Tolgoi was advised that the MTA could not resolve Oyu Tolgoi’s objections to the tax assessment. On February 20, 2020, the Company announced that Oyu Tolgoi will be proceeding with the initiation of a formal international arbitration proceeding in accordance with dispute resolution provisions within Chapter 14 of the Investment Agreement entered into with the Government of Mongolia in 2009 and Chapter 8 of the Oyu Tolgoi Underground Mine Development and Financing Plan entered into with the Government of Mongolia in 2015. The dispute resolution provisions call for arbitration under the United Nations Commission on International Trade Law (UNCITRAL) seated in London before a panel of three arbitrators. By agreeing to resolve to dispute under UNCITRAL Arbitration Rules, both parties have agreed that the arbitral award shall be final and binding on both parties and the parties shall carry out the award without delay. Management remains of the opinion that Oyu Tolgoi has paid all taxes and charges as required under the Investment Agreement, ARSHA, the Underground Mine Development and Financing Plan and Mongolian law and in the opinion of the Company at December 31, 2019, a provision is not required for the amount of approximately $150 million disputed by the Company relating to the years 2013 through 2015 or any additional amounts related to 2016 through December 31, 2019. The amounts that could arise related to 2016 through December 31, 2019 would be material. The final amount of taxes to be paid depends on a number of factors including the outcome of discussions with the government and the outcome of the international arbitration proceedings. Changes in management’s assessment of the outcome of this matter could result in material adjustments to the Company’s statements of income and financial position. (c) Power Source Framework Agreement Oyu Tolgoi is obliged under the Investment Agreement to secure a long-term domestic source of power for the Oyu Tolgoi mine. The Power Source Framework Agreement (PSFA) entered between Oyu Tolgoi and the Government of Mongolia on December 31, 2018 provides a binding framework and pathway for the construction of the Tavan Tolgoi-based power solution for the Oyu Tolgoi mine by June 30, 2023. The power plant would be majority owned by Oyu Tolgoi and situated close to the Tavan Tolgoi coal mining district. The project aligns with the Parliament resolution No.73 (2018) and the government policies to develop a power plant at the Tavan Tolgoi coal fields. On Febuary 17, 2020, the Company announced the submission of the Feasibility Study for the Tavan Tolgoi Power Plant Project (TTPP) to the Government of Mongolia by Oyu Tolgoi. The existing PSFA specifies target dates for milestones to be achieved through mutual cooperation between Oyu Tolgoi and the Government of Mongolia, several of which have now passed. In accordance with the Contingency Arrangements clause 7 4 a ii of the PSFA, Oyu Tolgoi has given notice and is currently seeking a mutually acceptable alternative basis on which to proceed with securing long term domestic power supply for Oyu Tolgoi. As at December 31, 2019, and 2018, the Company has no capital commitments related to the PSFA or TTPP. Due to the size, complexity and nature of Turquoise Hill’s operations, various legal and tax matters arise in the ordinary course of business. Turquoise Hill recognizes a liability with respect to such matters when an outflow of economic resources is assessed as probable and the amount can be reliably estimated. In the opinion of management, these matters will not have a material effect on the consolidated financial statements of the Company.

Financial instruments and fair

Financial instruments and fair value measurements	12 Months Ended
	Dec. 31, 2019
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Financial instruments and fair value measurements	24. Financial instruments and fair value measurements Certain of the Company’s financial assets and liabilities are measured at fair value on a recurring basis and classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Certain non-financial non-recurring The fair value of financial assets and financial liabilities measured at amortized cost is determined in accordance with accepted pricing models based on discounted cash flow analysis or using prices from observable current market transactions. Except as otherwise specified, the Company considers that the carrying amount of other receivables, trade payables and other financial assets measured at amortized cost approximates their fair value because of the demand nature or short-term maturity of these instruments. The following tables provide an analysis of the Company’s financial assets that are measured subsequent to initial recognition at fair value on a recurring basis, grouped into Level 1 to 3 based on the degree to which the significant inputs used to determine the fair value are observable. ● Level 1 fair value measurements are those derived from quoted prices in active markets for identical assets or liabilities. ● Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1, that are observable either directly or indirectly. ● Level 3 fair value measurements are those derived from valuation techniques that include significant inputs that are not based on observable market data. Fair Value at December 31, 2019 Total Level 1 Level 2 Level 3 Money market funds (a) $ 876,126 $ 876,126 $ - $ - Marketable securities (a) 3,909 3,909 - - Trade receivables (b) 16,881 - 16,881 - $ 896,916 $ 880,035 $ 16,881 $ - Fair Value at December 31, 2018 Total Level 1 Level 2 Level 3 Money market funds (a) $ 315,808 $ 315,808 $ - $ - Marketable securities (a) 5,566 5,566 - - Trade receivables (b) 10,936 - 10,936 - $ 332,310 $ 321,374 $ 10,936 $ - (a) The Company’s money market funds and marketable securities are classified within level 1 of the fair value hierarchy as they are valued using quoted market prices in active markets. (b) Trade receivables from provisionally priced concentrate sales are included in level 2 of the fair value hierarchy as the basis of valuation uses quoted commodity prices. Financial risk management Certain of the Company’s activities expose it to a number of financial risks, which include liquidity risk, foreign exchange risk, interest rate risk, credit risk and commodity price risk. The Company does not currently have in place any active hedging or derivative trading policies to manage these risks, since in the opinion of management, the potential exposure is not significant. Liquidity risk Liquidity risk is the risk that the Company will not be able to meet its obligations as they fall due. Refer to additional disclosures around liquidity risk in Note 1. Foreign exchange risk The Company operates on an international basis and therefore foreign exchange risk exposures arise from transactions not denominated in U.S. dollars, its functional currency. The Company is only exposed to foreign exchange risk on its trade payables and accrued liabilities not denominated in U.S. dollars. As at December 31, 2019, the effect on income for the year of a 10% strengthening in the Mongolian Tugrik against the U.S. dollar, with all other variables held constant, would be a charge of $20.9 million (2018 - $22.7 million). Interest rate risk Interest rate risk is the risk that the value of a financial instrument or cash flows associated with the instrument will fluctuate due to changes in market interest rates. The Company is exposed to interest rate risk on its third party project finance borrowings and its receivable from related party, the majority of which are at variable rates. As at December 31, 2019, the effect on income for the year of a 100 basis point increase in LIBOR interest rates, with all other variables held constant, would be a charge of $32.8 million (2018 – $16.3 million). Cash and cash equivalents have limited interest rate risk due to their short-term nature and receive interest based upon market interest rates or rates equivalent to those offered by financial institutions. As at December 31, 2019, the effect on income would not be significant. Credit risk Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily from customer receivables) and from its financing activities, including deposits with (and / or receivables from) banks, other financial institutions and Rio Tinto (in its capacity as a counterparty to various deposit and cash management arrangements, and the project finance completion support undertaking – see Note 22), other short term liquid investments and other financial instruments. The Company manages its customer credit risk subject to the Company’s established policy, procedures and controls relating to customer credit risk management. Credit limits are established for all customers based on internal or external rating criteria. The Company deposits its cash and cash equivalents with high credit quality counterparties as referenced by ratings agencies. The Company’s maximum balance sheet exposure to credit risk at December 31, 2019 is the carrying value of its cash and cash equivalents, project finance receivable from related party, and its trade and other receivables. Expected credit losses on trade and other receivables do not have a material impact on the Company’s consolidated financial statements at December 31, 2019. Commodity price risk The Company is exposed to commodity price risk from fluctuations in market prices of the commodities that the Company produces. Copper concentrate is “provisionally priced” whereby the selling price is subject to final adjustment at the end of a period normally ranging from 30 to 180 days after delivery to the customer as defined in the sales contract. The final price is based on the market price at the relevant quotation point stipulated in the contract. At each reporting date, the receivable is re-measured Capital risk management The Company’s objectives when managing capital risk are to safeguard its ability to continue as a going concern, to provide an adequate return to shareholders and to support any growth plans. The Company considers its capital to be share capital and third party borrowings. To effectively manage capital requirements, the Company has in place a planning and budgeting process to help determine the funds required to ensure the Company has the appropriate liquidity to meet its operating needs. The Company seeks to ensure that there is sufficient borrowing capacity and cash to meet its short term business requirements, taking into account its anticipated cash flows from operations and its holdings of cash, cash equivalents and receivable from related party.

Key management compensation

Key management compensation	12 Months Ended
	Dec. 31, 2019
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Key management compensation	25. Key management compensation The compensation for key management, which comprises Turquoise Hill’s directors, Chief Executive Officer, Chief Financial Officer, and Chief Operating Officer, in respect of employee services is as follows: Year Ended December 31, 2019 2018 Salaries, director fees and other short term benefits $ 3,520 $ 1,909 Post-employment benefits 214 27 Share based payment 1,370 1,262 $ 5,104 $ 3,198

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2019
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Subsequent Events	26. Subsequent event As announced by the Company on March 16, 2020, the movement of goods and people within Mongolia since January 2020 has been restricted within and across its borders to prevent the spreading of COVID-19. Following the first positive test for COVID-19 in Mongolia on March 10, 2020, the Government of Mongolia increased its restrictions on flights in and out of the country and on the movement of goods and people within and across its borders. Despite the impact of COVID-19, the open pit of the Oyu Tolgoi mine continues to operate and deliver shipments of copper concentrate to its customers across the border. Work on the underground project continues, but there is restricted access for teams from Oyu Tolgoi, Rio Tinto and the Company’s construction partners to oversee development and provide specialist technical services. The availability of specialist service providers at the site is essential to safely continue work on technical activities, including but not limited to such projects as the headframe commissioning of Shafts 3 and 4. The full impact of the slowdown on the underground project is unknown at this time.

Summary of significant accoun_2

Summary of significant accounting policies (Policies)	12 Months Ended
	Dec. 31, 2019
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Statement of compliance	(a) Statement of compliance These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). These consolidated financial statements have been prepared on a going concern basis, and in making the assessment that the Company is a going concern, management have taken into account all available future information, which extends for a period of at least twelve months from December 31, 2019. Refer to Note 1.
Change in accounting policies	(b) Change in accounting policies (i) Leases under IFRS 16 IFRS 16, Leases, Leases On January 1, 2019, the Company recognized a right of use asset of $14.4 million and a corresponding lease liability of $16.1 million, recognizing the difference in Equity ($1.1 million in Deficit and $0.6 million in Non-controlling : Operating leases - aggregate of minimum lease payments under non-cancellable $ 25,861 Short term leases (under one year) - undiscounted (3,340 ) Finance lease liability already on balance sheet at December 31, 2018 12,057 Effects of discounting on payments included in the calculation (3,448 ) of the lease liability (excluding finance lease balances) (2,942 ) Lease liability opening balance at January 1, 2019 $ 28,188 Less: Finance lease liability already on balance sheet at December 31, 2018 (12,057 ) IFRS 16 lease liability opening balance at January 1, 2019 $ 16,131 The Company applied the following optional practical expedients permitted under the standard: – For short-term leases (lease term of 12 months or less) and leases of low-value assets (such as personal computers and office furniture), the Company opted to recognize a lease expense on a straight-line basis; – to exclude any initial direct costs from the measurement of the right of use asset at transition; and – to apply the use of hindsight when reviewing the lease arrangement for determination of the measurement or term of the lease under the retrospective method. Refer to Note 2 (t) (ii) IFRIC 23, Uncertainty Over Income Tax Treatments This interpretation changed the method of calculating provisions for uncertain tax positions. The Company previously recognized provisions based on the most likely amount of the liability, if any, for uncertain tax positions. IFRIC 23 requires an entity to first consider if it is probable that a taxation authority will accept an uncertain tax treatment. If it is concluded that it is not probable, a probability weighted approach is to be taken for issues for which there are a wide range of possible outcomes. For tax issues with a binary outcome, the most likely amount method still remains. The initial adoption of IFRIC 23 had no impact on the Company’s consolidated financial statements.
Areas of judgement and estimation uncertainty	(c) Areas of judgement and estimation uncertainty The preparation of consolidated financial statements in accordance with IFRS often requires management to make estimates about, and apply assumptions or subjective judgement to, future events and other matters that affect the reported amounts of the Company’s assets, liabilities, revenues, expenses and related disclosures. Assumptions, estimates and judgements are based on historical experience, expectations, current trends and other factors that management believes to be relevant at the time at which the Company’s consolidated financial statements are prepared. (i) Sources of estimation uncertainty Key sources of estimation uncertainty that have a risk of resulting in a material adjustment to the carrying amount of assets and liabilities within the next twelve months are summarized below: Going concern assessment The Company has made judgements, based on an internally generated short-term cash flow forecast, in concluding that there are no material uncertainties related to events or conditions that may cast significant doubt upon the Company’s ability to continue as a going concern. Judgements and estimates are made in forming assumptions of future activities, future cash flows and timing of those cash flows. Significant assumptions used in preparing the short-term cash flow forecast includes, but is not limited to, short-term commodity prices, reserves, operating costs, financing costs and development capital. Changes to these assumptions could affect the estimate of the Company’s conclusion as to whether there are material uncertainties related to events or conditions that may cast significant doubt upon the Company’s ability to continue as a going concern. Recoverable amount of property, plant and equipment When an impairment review is undertaken, the recoverable amount is assessed by reference to the higher of value in use (VIU) and fair value less costs of disposal (“FVLCD”). The VIU is the net present value of expected future pre-tax post-tax life-of-mine These inputs are based on the Company’s best estimates of what an independent market participant would consider appropriate. Changes to these inputs may alter the results of the impairment test, the amount of the impairment charge recorded in the consolidated statement of income and the resulting carrying value of property, plant and equipment. An assessment of recoverable amount was undertaken as at December 31, 2019; refer to Note 13. Income taxes - provision for income taxes and composition of deferred income tax assets and liabilities The Company must make significant estimates in respect of the provision for income taxes and the composition of its deferred income tax assets and deferred income tax liabilities. The Company’s operations are, in part, subject to foreign tax laws where interpretations, regulations and legislation are complex and can be subject to change. As a result, there are usually some tax matters in question which may, on resolution in the future, result in adjustments to the amount of current or deferred income tax assets or liabilities, and those adjustments may be material to the Company’s balance sheet and results of operations. The Company recognizes potential liabilities and records tax liabilities for uncertain tax positions based on its judgement of whether, and the extent to which, additional taxes will be due. The Company adjusts these liabilities as facts and circumstances change. Due to the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from the Company’s current estimate, which could result in material adjustments to the consolidated financial statements. Refer to Note 23 for further information on tax matters between Oyu Tolgoi and the Mongolian Tax Authority. Recovery of deferred tax assets in Mongolia The Company assesses the recoverability of deferred tax assets at each reporting period-end Reserves and Resources Mineral reserves and resources estimates are based on various assumptions relating to operating matters set forth in National Instrument 43-101. cut-off 43-101 Estimated mineral Decommissioning Costs The estimate of decommissioning costs is based on future expectations in the determination of closure provisions. Management makes a number of assumptions and judgements including: estimating the amount of future reclamation costs and their timing, inflation rates and risk-free discount rates. These assumptions are formed based on environmental and regulatory requirements and the Company’s internal policies. The costs are more uncertain the further into the future the mine closure activities are to be carried out. Actual costs incurred in future periods in relation to the remediation of the Company’s existing assets could differ materially from their estimated undiscounted future value. Refer to Note 17 for the Company’s total decommissioning obligations recorded in the consolidated financial statements, the undiscounted values and the rate used to discount the liability. Net realizable value of inventories Inventory, including stockpiles of ore, are valued at the lower of weighted average cost and net realizable value (“NRV”). If ore stockpiles are not expected to be processed within the 12 months after the balance sheet date, they are included within non-current (ii) Areas of judgement Impairment indicator of property, plant and equipment Judgement is required in assessing whether certain factors would be considered an indicator of impairment. Management considers both internal and external information to determine whether there is an indicator of impairment and, accordingly, whether impairment testing is required. The information considered in assessing whether there is an indicator of impairment includes, but is not limited to, long-term commodity prices, the Company’s market capitalization relative to its net asset carrying amount, changes in reserves and resources, and life of mine plans. Borrowing costs Capitalization of borrowing costs related to construction or development of a qualifying asset requires management to make a determination as to whether funds have been borrowed specifically to finance the asset, or form part of the Company’s general borrowings. This determination requires management to exercise judgement based on the characteristics of third party debt facilities, and the usage of related funds drawn over the life of these facilities. Factors upon which management bases its judgement include: the estimated duration over which drawn funds are invested prior to utilization for capital expenditure; the quantum and timing of debt drawdown relative to that of expenditure on qualifying assets; and the impact of borrowings at the subsidiary entity level (for example whether such arrangements constitute a refinancing arrangement). Amounts capitalized in relation to general borrowings differ from amounts that would be capitalized in the event of the same borrowings being determined as asset specific. Depletion and depreciation of property, plant and equipment Property, plant and equipment is the largest component of the Company’s assets and, as such, the depreciation of these assets has a significant effect on the Company’s financial statements. Mining plant and equipment and other capital assets are depreciated over their expected economic lives using either the units of production method or the straight-line method. Depletion of each mineral property interest is provided on the units of production basis using estimated proven and probable reserves as the depletion basis. A change in the estimated useful life or residual value of a long-lived asset would result in a change in the rate of depreciation for that asset. For long-lived assets that are depleted or depreciated over proven and probable reserves using the units of production method, a change in the original estimate of proven and probable reserves would result in a change in the rate of depletion or depreciation. Income taxes – utilization of tax losses carried forward The determination of the ability of the Company to utilize tax losses carried forward to offset income taxes payable in the future and to utilize temporary differences which will reverse in the future requires management to exercise judgement and make assumptions about the Company’s future performance. Management is required to assess whether it is probable that the Company is able to benefit from these tax losses and temporary differences.
Basis of consolidation	(d) Basis of consolidation The financial statements consist of the consolidation of the accounts of Turquoise Hill and its respective subsidiaries. All intercompany transactions and balances between Turquoise Hill and its subsidiaries have been eliminated on consolidation. Where necessary, adjustments are made to assets, liabilities, and results of subsidiaries to bring their accounting policies into line with those used by the Company. Subsidiaries are entities controlled by Turquoise Hill. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. The Company controls an entity if it has power to direct the activities of the entity in a manner that significantly affects its returns, has exposure or rights to variable returns from its involvement with the entity and has the ability to use its power to affect those returns. The Company consolidates all subsidiaries. The Company’s principal operating subsidiary is Oyu Tolgoi LLC (“Oyu Tolgoi”). Wholly-owned subsidiaries of Turquoise Hill together hold a 66.0% interest in Oyu Tolgoi, whose principal asset is the Oyu Tolgoi copper-gold mine located in Southern Mongolia. The remaining 34% non-controlling non-recourse non-controlling Non-recourse non-controlling non-recourse
Currency translation and foreign exchange	(e) Currency translation and foreign exchange The Company has determined the U.S. dollar to be the functional currency of Turquoise Hill and its significant subsidiaries as it is the currency of the primary economic environment in which Turquoise Hill and all of its significant subsidiaries operate. Accordingly, monetary assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect at the date of the balance sheet and non-monetary
Revenue	(f) Revenue The Company generates revenue from the sale of concentrate containing copper, gold and silver. Sales revenue is recognized on individual sales to depict the transfer of promised goods to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods. The Company considers five steps in assessing whether all of the criteria are met: ● identify the contract with a customer; ● identify the performance obligations in the contract; ● determine the transaction price; ● allocate the transaction price to performance obligations; and ● recognize revenue when or as a performance obligation is satisfied. The Company satisfies its performance obligation and sales revenue is recognized at the point in time when the product is delivered as specified by the customer, which is typically upon loading of the product to the customer’s truck, train or vessel. The Company considers that control has passed when there is a present obligation to pay from the customer’s perspective; physical possession, legal title and the risks and rewards of ownership have all passed to the customer; and the customer has accepted the concentrate. The Company recognizes deferred revenue in the event it receives payment from a customer before a sales transaction meets all the criteria for revenue recognition. In order to determine the transaction price, revenue from contracts with customers is measured by reference to the forward price for the commodities for the expected quotation period and the Company’s best estimate of contained metal at the date revenue is recognized. Concentrate is provisionally priced whereby the selling price is subject to final adjustment at the end of a period normally ranging from 30 to 180 days after delivery to the customer as defined in the sales contract. The final price is based on the market price at the relevant quotation point stipulated in the contract. At each reporting date, the receivable is marked to fair value based on the forward selling price for the quotation period stipulated in the contract. The change in fair value of the receivable subsequent to the date of revenue recognition is recognized within ‘Revenue’ on the face of the statements of income and is shown separately as ‘other revenue’ in the notes to the consolidated financial statements. Mining royalties paid to the government of Mongolia are included in operating expenses.
Exploration and evaluation	(g) Exploration and evaluation All direct costs related to the acquisition of mineral property interests are capitalized in the period incurred. Exploration and evaluation costs are charged to operations in the period incurred until such time as it has been determined that a mineral property has proven and probable reserves and the property is economically viable, in which case subsequent evaluation costs incurred to develop a mineral property are capitalized. Exploration and evaluation costs include value-added taxes incurred in foreign jurisdictions when recoverability of those taxes is uncertain.
Property, plant and equipment	(h) Property, plant and equipment Property, plant and equipment are recorded at cost, less accumulated depletion and depreciation and accumulated impairment losses. The cost of property, plant and equipment includes the estimated close down and restoration costs associated with the asset. Once an undeveloped mining project has been established as commercially viable, including that it has established proven and probable reserves and approval to mine by governmental authorities has been given, expenditure other than that on land, buildings, plant and equipment is capitalized under “Mineral property interests.” Ore reserves may be declared for an undeveloped mining project before its commercial viability has been fully determined and approval to mine has been given. Evaluation costs may be capitalized during the period between declaration of reserves and approval to mine as further work is undertaken in order to refine the development case to maximize the project’s return. Project development expenditures, including costs to acquire and construct buildings and equipment are capitalized under “Capital works in progress” provided that the project has been established as commercially viable. Capital works in progress are not categorized as mineral property interests, mining plant and equipment or other capital assets until the capital asset is in the condition and location necessary for its intended use. Costs, which are incurred during the commissioning phase, that are necessary for the successful commissioning of new assets, are capitalized. Development costs incurred after the commencement of production are capitalized to the extent they are expected to give rise to a future economic benefit. Borrowing costs related to construction or development of a qualifying asset are capitalized until the point when substantially all the activities that are necessary to make the asset ready for its intended use are complete. Where funds have been borrowed specifically to finance an asset, the amount capitalized is the actual interest on borrowings incurred, net of any returns on invested funds. Where the funds used to finance an asset form part of general borrowings, the amount capitalized is calculated using a weighted average of rates applicable to relevant general borrowings of the Company during the period.
Deferred stripping	(i) Deferred stripping In open pit mining operations, it is necessary to remove overburden and other waste materials to access ore from which minerals can be extracted economically. The process of mining overburden and waste materials is referred to as stripping. During the development of an open pit mine, before production commences, stripping costs are capitalized as part of mineral property interests and are subsequently amortized over the life of the mine on a units of production basis. During the production phase, stripping activity is undertaken for the dual purpose of extracting inventory for current production as well as improving access to the ore body. Stripping costs incurred for the purpose of extracting current inventories are included in the costs of inventory produced during the period the stripping costs are incurred. In order for production phase stripping costs to qualify for capitalization as a stripping activity asset, three criteria must be met: ● it must be probable that economic benefit will be realized in a future accounting period as a result of improved access to the ore body created by the stripping activity; ● it must be possible to identify the “component” of the ore body for which access has been improved; and ● it must be possible to reliably measure the costs that relate to the stripping activity. When the cost of stripping related to development which has a future benefit is not distinguishable from the cost of producing current inventories, the stripping costs are allocated to each activity based on a relevant production measure. Generally, the measure would be calculated based on a ratio obtained by dividing the tonnage of waste mined for the component for the period by the quantity of ore mined for the component. Stripping costs incurred in the period related to the component are deferred to the extent that the current period ratio exceeds the historical life of component ratio. The stripping activity asset is depreciated on a units of production basis based on expected production of ore over the useful life of the component that has been made more accessible as a result of the stripping activity. The life of component ratios are based on proven and probable reserves based on the mine plan; they are a function of the mine design and therefore changes to that design will generally result in changes to the ratios. Changes in other technical or economic parameters that impact reserves may also impact the life of component ratios. Changes to the life of component ratios are accounted for prospectively. Deferred stripping costs are included in “Mineral property interests” within property, plant and equipment. Amortization of deferred stripping costs is included as a cost of production in the period.
Depreciation and depletion	(j) Depreciation and depletion Property, plant and equipment is depreciated over its useful life, or over the remaining life of the mine if that is shorter. The useful lives of the major assets of a cash-generating unit are often dependent on the life of the ore body to which they relate. Where this is the case, the lives of mining properties, and their associated concentrators and other long lived processing equipment generally relate to the expected life of the ore body. The life of the ore body, in turn, is estimated on the basis of the life-of-mine Development costs that relate to a discrete section of an ore body, and which only provide benefit over the life of those reserves, are depreciated over the estimated life of that discrete section. Development costs incurred that relate to the entire ore body are depreciated over the estimated life of the entire ore body. Assets within operations for which production is not expected to fluctuate significantly from one year to another or which have a physical life shorter than the mine are depreciated on a straight-line basis. Depreciation commences when an asset is available for use.
Impairment of non-current assets	(k) Impairment of non-current Property, plant and equipment is reviewed for impairment when events or changes in circumstances indicate that the full carrying amount may not be recoverable. Impairment is assessed at the level of cash-generating units which are identified as the smallest identifiable group of assets capable of generating cash inflows which are largely independent of the cash inflows from other assets. When an impairment review is undertaken, the recoverable amount is assessed by reference to the higher of VIU and FVLCD. The VIU is the net present value of expected future pre-tax The best evidence of FVLCD is often the value obtained from an active market or binding sale agreement. Where this is not the case, or where neither an active market nor a binding sale agreement exists, FVLCD is based on the best information available to reflect the amount a market participant would pay for the cash-generating unit in an arm’s length transaction. This is often estimated using discounted post tax cash flow techniques based on detailed life-of-mine The cash flow forecasts are based on management’s best estimates of expected future revenues and costs, including the future cash costs of production and capital expenditure, which for FVLCD purposes management believe approximate those of a market participant. Forecast cash flows for impairment purposes are generally based on management’s price forecasts of commodity prices, which assume short term observable market prices will revert to the Company’s assessment of the long term price, generally over a period of three to five years. These long-term forecast commodity prices are derived from industry analyst consensus. The discount rates applied to the future cash flow forecasts represent an estimate of the rate the market would apply having regard to the time value of money and the risks specific to the asset for which the future cash flow estimates have not been adjusted. Non-current
Decommissioning obligations	(l) Decommissioning obligations The Company recognizes liabilities for statutory, contractual, legal or constructive obligations associated with the retirement of property, plant and equipment, when those obligations result from the acquisition, construction, development or normal operation of the assets. Initially, a provision for a decommissioning obligation is recognized at its net present value in the period in which it is incurred, using a discounted cash flow technique with market-based risk-free discount rates and estimates of the timing and amount of the settlement of the obligation. Upon initial recognition of the liability, the corresponding decommissioning cost is added to the carrying amount of the related asset. Following initial recognition of the decommissioning obligation, the carrying amount of the liability is increased for the passage of time and adjusted for changes to significant estimates including the current discount rate, the amount or timing of the underlying cash flows needed to settle the obligation and the requirements of the relevant legal and regulatory framework. Subsequent changes in the provisions resulting from new disturbance, updated cost estimates, changes to estimated lives of operations and revisions to discount rates are also capitalized to the related property, plant and equipment. Amounts capitalized to the related property, plant and equipment are depreciated over the lives of the assets to which they relate. The amortization or unwinding of the discount applied in establishing the net present value of provisions is charged to expense and is included within finance costs in the consolidated statement of income.
Inventories	(m) Inventories Concentrate inventory is valued at the lower of weighted average cost and net realizable value. Cost comprises production and processing costs, which includes direct and indirect labour, operating materials and supplies, applicable transportation costs and apportionment of operating overheads, including depreciation and depletion. Net realizable value is the expected average selling price of the concentrate inventory less applicable selling and transportation costs. Stockpiles represent ore that has been extracted and is available for further processing. Stockpiles are valued at the lower of weighted average production cost and net realizable value. Production cost includes direct and indirect labour, operating materials and supplies, applicable transportation costs, and apportionment of operating overheads, including depreciation and depletion. Net realizable value is the expected average selling price of the finished product less the costs to get the product into saleable form and to the selling location. If the ore will not be processed and sold within the 12 months after the consolidated balance sheet date it is included within non-current Mine stores and supplies are valued at the lower of the weighted average cost and net realizable value.
Taxation	(n) Taxation Income tax expense comprises current and deferred tax. Current tax and deferred taxes are recognized in the consolidated statement of income except to the extent that they relate to items recognized directly in equity or in other comprehensive income. Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date. Deferred tax is recognized in respect of unused tax losses and credits, as well as temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on enacted or substantively enacted laws at the reporting date. The Company computes the provision for deferred income taxes under the liability method. A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, only to the extent that it is probable that future taxable profits will be available against which they can be utilized. Future taxable profits are estimated using an income forecast derived from cash flow projections, based on detailed life-of-mine Deferred tax is not recognized for the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss, and differences relating to investments in subsidiaries, associates and joint arrangements to the extent that it is probable that they will not reverse in the foreseeable future. The Company is subject to assessments by various taxation authorities, who may interpret tax legislation differently from the Company. The final amount of taxes to be paid depends on a number of factors, including the outcomes of audits, appeals or negotiated settlements. Such differences are accounted for based on management’s best estimate of the probable outcome of these matters. The Company must make significant estimates and judgements in respect of its provision for income taxes and the composition and measurement of its deferred income tax assets and liabilities. The Company’s operations are, in part, subject to foreign tax laws where interpretations, regulations and legislation are complex and continually changing. As a result, there are usually some tax matters in question that may, upon resolution in the future, result in adjustments to the amount of deferred income tax assets and liabilities; those adjustments may be material.
Employee benefits	(o) Employee benefits Wages, salaries, contributions to government pension and social insurance funds, compensated absences and bonuses are accrued in the year in which the employees render the associated services.
Cash and cash equivalents	(p) Cash and cash equivalents For the purposes of the consolidated balance sheet, cash and cash equivalents comprise cash on hand, demand deposits and short term, highly liquid investments with an initial maturity of three months or less that are readily convertible into known amounts of cash and which are subject to insignificant risk of changes in value.
Financial instruments	(q) Financial instruments The Company classifies its financial instruments in the following categories: at fair value through profit or loss, fair value through other comprehensive income or at amortized cost. Classification The Company determines the classification of financial instruments at initial recognition. The classification of debt instruments is driven by the Company’s business model for managing the financial assets and their contractual cash flow characteristics. A debt instrument is measured at amortized cost if the objective of the business model is to hold the debt instrument for the collection of contractual cash flows, and the asset’s contractual cash flows are comprised solely of payments of principal and interest (“SPPI”). A debt instrument held under a business model under which financial assets may be either held to collect contractual cash flows or sold is classified as held at fair value through other comprehensive income if the SPPI criteria are met. Any other financial assets are classified at fair value through profit or loss. Debt instruments are classified as current or non-current instrument-by-instrument Financial liabilities are measured at amortized cost, unless they are required to be measured at fair value through profit or loss (such as instruments held for trading or derivatives) or where the Company has opted to measure at fair value through profit or loss. Measurement a) Financial assets and liabilities at fair value through profit or loss Financial assets and liabilities at fair value through profit or loss are initially recognized at fair value and transaction costs are expensed in the consolidated statements of income. Realized and unrealized gains and losses arising from changes in fair value are included in the consolidated statement of income in the period in which they arise. Where the Company has elected to recognize a financial liability at fair value through profit or loss, any changes associated with the Company’s own credit risk will be recognized in other comprehensive income. b) Financial assets at fair value through other comprehensive income Investments in equity instruments at fair value through other comprehensive income are initially recognized at fair value plus transaction costs. Subsequent to initial recognition, they are measured at fair value, with gains and losses recognized in other comprehensive income. c) Financial assets and liabilities at amortized cost Financial assets and liabilities at amortized cost are initially recognized at fair value net of transaction costs, and subsequently carried at amortized cost less any impairment charges. d) Derivative financial instruments Derivatives are classified as fair value through profit or loss. Derivatives embedded in financial liabilities are treated as separate derivatives when their risks and characteristics are not closely related to their host contracts. Commodity-based derivatives resulting from provisionally priced concentrate are classified as fair value through profit or loss with changes in value recognized in revenue. Impairment of financial assets The Company recognizes a loss allowance for expected credit losses on financial assets that are measured at amortized cost. At each reporting date, the Company measures the loss allowance for the financial asset at an amount equal to the twelve month expected credit loss for performing assets and the lifetime expected credit loss if the credit risk on the financial asset has increased significantly since initial recognition. For financial assets that are credit impaired at inception, the Company recognizes the expected lifetime credit loss allowance and any interest income is calculated on the net carrying amount. Impairment losses on financial assets carried at amortized cost are reversed in subsequent periods if the expected credit losses are reversed after the impairment was recognized. Derecognition Financial assets are derecognized when the investments mature or are sold, and substantially all the risks and rewards of ownership have been transferred. A financial liability is derecognized when the obligation under the liability is discharged, canceled or expired. Gains and losses on derecognition are recognized within finance income and finance costs, respectively. Gains or losses on equity instruments designated as fair value through other comprehensive income remain within accumulated other comprehensive income.
Share based payments	(r) Share based payments The Company has a Performance Share Unit (“PSU”) Plan, a Restricted Share Unit (“RSU”) plan, and a Director Deferred Share Unit (“DDSU”) Plan. The PSUs, RSUs, and DDSUs are accounted for at fair value upon issuance and remeasured each reporting period, based on the fair market value of a common share of the Company, and recognized as an expense on a straight-line basis over the vesting period.
Segment reporting	(s) Segment reporting An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Company’s other components. Operating segments are reported consistently with internal information provided to the chief operating decision maker (“CODM”). The CODM, who is responsible for allocating resources and assessing performance, has been identified as Turquoise Hill’s Chief Executive Officer. Based upon management’s assessment of the above criteria, the Company has one operating segment, Oyu Tolgoi, with its copper-gold mine in Southern Mongolia.
Leases under IFRS 16	(t) Leases under IFRS 16 For contracts entered into, or changed, on or after January 1, 2019, at inception of the contract, the Company assesses whether a contract is, or contains, a lease. The contract contains a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess this, the Company considers whether: – The contract involves the use of an identified asset; – the Company has the right to obtain substantially all the economic benefits from use of the asset throughout the period of use; and – the Company has the right to direct the use of the asset. For contracts entered into before January 1, 2019, the Company determined whether the arrangement was or contained a lease based on the assessment of whether: – Fulfilment of the arrangement was dependent on the use of specified assets; and – The arrangement had conveyed a right to use the asset. The arrangement had conveyed a right to use the asset if one of the following conditions was met: ● The purchaser had the ability or right to operate the asset while obtaining or controlling more than an insignificant part of the output; ● the purchaser had the ability or right to control physical access to the asset while obtaining or controlling more than an insignificant amount of the output; or ● facts and circumstances indicated that it was remote that other parties would take more than an insignificant amount of the output, and the price per unit was neither fixed per unit of output nor equal to the current market price per unit of output. The Company recognizes a right of use asset and a lease liability at the lease commencement date. The right of use asset is initially measured at cost. The right of use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the useful life or the end of the lease term. The estimated useful lives of right of use assets are determined on the same basis as those of property, plant and equipment. In addition, they are periodically reduced by any impairment losses and adjusted for certain re-measurements The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted at the weighted average incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise: fixed payments; variable lease payments that depend on an index or a rate; amounts expected to be payable under any residual value guarantee, and the exercise price under any purchase option that the Company would be reasonably certain to exercise; lease payments in any optional renewal period if the Company is reasonably certain to exercise an extension option; and penalties for any early termination of a lease unless the Company is reasonably certain not to terminate early. The lease liability is measured at amortized cost using the effective interest rate method. It is re-measured When the lease liability is re-measured The Company presents right of use assets in Property, plant, and equipment and lease liabilities in Borrowings and other financial liabilities in the consolidated balance sheet. Comparative period under IAS 17 In the comparative period, assets that are classified as operating leases are not recognized in the Company’s consolidated balance sheet. Payments made under operating leases are recognized in the consolidated statement of income on a straight-line basis over the term of the lease. The Company classifies leases that transfer substantially all of the risks and rewards of ownership as finance leases. In this instance, the leased assets are measured initially at an amount equal to the lower of their fair value and the present value of the minimum lease payments.
New standards and interpretations not yet adopted	(u) New standards and interpretations not yet adopted A number of new standards, and amendments to standards and interpretations, are not yet effective for the year ending December 31, 2019, and have not been applied in preparing these consolidated financial statements. None of these standards and amendments to standards and interpretations are expected to have a significant effect on the consolidated financial statements of the Company.

Summary of significant accoun_3

Summary of significant accounting policies (Tables)	12 Months Ended
	Dec. 31, 2019
Text block [abstract]
Operating lease commitments	The following is a reconciliation of the Company’s operating lease commitments immediately preceding the adoption of IFRS 16 to the lease liability recorded on January 1, 2019 : Operating leases - aggregate of minimum lease payments under non-cancellable $ 25,861 Short term leases (under one year) - undiscounted (3,340 ) Finance lease liability already on balance sheet at December 31, 2018 12,057 Effects of discounting on payments included in the calculation (3,448 ) of the lease liability (excluding finance lease balances) (2,942 ) Lease liability opening balance at January 1, 2019 $ 28,188 Less: Finance lease liability already on balance sheet at December 31, 2018 (12,057 ) IFRS 16 lease liability opening balance at January 1, 2019 $ 16,131

Operating segment (Tables)

Operating segment (Tables)	12 Months Ended
	Dec. 31, 2019
Text block [abstract]
Schedule of Operating Segments	Year Ended December 31, 2019 Corporate and other Oyu Tolgoi eliminations Consolidated Revenue $ 1,166,014 $ - $ 1,166,014 Cost of sales (742,985 ) - (742,985 ) Gross margin 423,029 - 423,029 Operating (expenses) income (271,547 ) 50,054 (221,493 ) Corporate administration expenses - (23,443 ) (23,443 ) Other income 2,498 216 2,714 Impairment charges (596,906 ) - (596,906 ) Income (loss) before finance items and taxes (442,926 ) 26,827 (416,099 ) Finance items Finance income 29,719 76,616 106,335 Finance costs (456,382 ) 446,361 (10,021 ) Income (loss) from operations before taxes $ (869,589 ) $ 549,804 $ (319,785 ) Income and other taxes (90,590 ) (66,543 ) (157,133 ) Income (loss) for the year $ (960,179 ) $ 483,261 $ (476,918 ) Depreciation and depletion 193,183 (1,131 ) 192,052 Capital additions 1,753,728 - 1,753,728 Current assets 380,830 2,084,876 2,465,706 Non-current 10,311,721 44,967 10,356,688 Current liabilities 486,337 34,312 520,649 Non-current 10,870,018 (6,499,330 ) 4,370,688 Net increase (decrease) in cash (37,813 ) 86,731 48,918 Revenue by geographic destination is based on the ultimate country of destination, if known. If the destination of the concentrate sold through traders is not known, then revenue is allocated to the location of the concentrate at the time when revenue is recognized. During the year ended December 31, 2019, principally all of Oyu Tolgoi’s revenue arose from concentrate sales to customers in China and revenue from individual customers in excess of 10% of Oyu Tolgoi’s revenue was $225.5 million, $128.0 million and $120.7 million (December 31, 2018 - $209.6 million, $145.1 million, and $127.8 million). All long-lived assets of the Oyu Tolgoi segment, other than financial instruments, are located in Mongolia. Year Ended December 31, 2018 Corporate and other Oyu Tolgoi eliminations Consolidated Revenue $ 1,180,022 $ - $ 1,180,022 Cost of sales (777,248 ) - (777,248 ) Gross margin 402,774 - 402,774 Operating expenses (284,063 ) 49,991 (234,072 ) Corporate administration expenses - (24,370 ) (24,370 ) Other income 7,105 14 7,119 Income before finance items and taxes 125,816 25,635 151,451 Finance items Finance income 46,993 107,675 154,668 Finance costs (388,388 ) 335,899 (52,489 ) Income (loss) from operations before taxes $ (215,579 ) $ 469,209 $ 253,630 Income and other taxes 165,803 (25,159 ) 140,644 Income (loss) for the year $ (49,776 ) $ 444,050 $ 394,274 Depreciation and depletion 211,201 - 211,201 Capital additions 1,684,732 - 1,684,732 Current assets 409,733 3,116,854 3,526,587 Non-current 9,447,857 337,543 9,785,400 Current liabilities 508,551 25,855 534,406 Non-current 9,695,964 (5,329,167 ) 4,366,796 Net increase in cash 67,599 90,685 158,284

Revenue (Tables)

Revenue (Tables)	12 Months Ended
	Dec. 31, 2019
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Schedule of Revenue	Year Ended December 31, 2019 Revenue from Other revenue (a) Total revenue Total revenue: Copper $ 794,870 $ (7,060 ) $ 787,810 Gold 353,668 11,338 365,006 Silver 12,932 266 13,198 $ 1,161,470 $ 4,544 $ 1,166,014 Year Ended December 31, 2018 Revenue from Other revenue (a) Total revenue Total revenue: Copper $ 899,737 $ (33,195 ) $ 866,542 Gold 299,820 609 300,429 Silver 12,946 105 13,051 $ 1,212,503 $ (32,481 ) $ 1,180,022 (a) Other revenue relates to gains (losses) on the revaluation of trade receivables.

Cost of sales (Tables)

Cost of sales (Tables)	12 Months Ended
	Dec. 31, 2019
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Schedule of Cost of Sales	Year Ended December 31, 2019 2018 Production and delivery $ 559,066 $ 568,007 Depreciation and depletion 183,919 209,496 Reversal of provision against carrying value of inventories (Note 9) - (255 ) $ 742,985 $ 777,248

Operating expenses (Tables)

Operating expenses (Tables)	12 Months Ended
	Dec. 31, 2019
Text block [abstract]
Schedule of Operating Expenses	Year Ended December 31, 2019 2018 Oyu Tolgoi administration expenses $ 134,573 $ 117,172 Royalty expenses 64,048 70,782 Inventory write downs (reversals) (a) (2,161 ) 14,286 Selling expenses 14,607 26,754 Depreciation 8,133 1,705 Other 2,293 3,373 $ 221,493 $ 234,072 (a) Inventory write downs (reversals) include net adjustments to the carrying value of ore stockpile inventories and materials and supplies; refer to Note 9.

Finance items (Tables)

Finance items (Tables)	12 Months Ended
	Dec. 31, 2019
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Schedule of Finance Items	Year Ended December 31, 2019 2018 Finance income: Interest income (a) $ 106,335 $ 154,668 $ 106,335 $ 154,668 Finance costs: Interest expense and similar charges $ (401,582 ) $ (382,082 ) Amounts capitalized to property, plant and equipment (b) 396,922 334,668 Accretion of decommissioning obligations (Note 17) (5,361 ) (5,075 ) $ (10,021 ) $ (52,489 ) (a) Finance income of $64.3 million (December 31, 2018 - $119.7 million) on the related party receivable relates to amounts placed with Rio Tinto under an agreement for cash management services in connection with net proceeds from the project finance facility (refer to Note 22). (b) The majority of the costs capitalized to property, plant and equipment were capitalized at the weighted average rate of the Company’s general borrowings of 8.5% (refer to Note 13).

Cash and cash equivalents (Tabl

Cash and cash equivalents (Tables)	12 Months Ended
	Dec. 31, 2019
Text block [abstract]
Schedule of Cash and Cash Equivalents	December 31, 2019 December 31, 2018 Cash at bank and on hand $ 112,572 $ 148,040 Money market funds and other cash equivalents (a) 1,539,413 1,455,027 $ 1,651,985 $ 1,603,067 (a) At December 31, 2019, short-term liquid investments of $210.0 million (December 31, 2018 - $741.7 million) have been placed with Rio Tinto (refer to Note 22).

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Dec. 31, 2019
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Summary of Inventories	December 31, 2019 December 31, 2018 Current Concentrate $ 26,801 $ 69,691 Ore stockpiles 45,713 76,512 Provision against carrying value of ore stockpiles (908 ) (15,636 ) Materials and supplies 179,795 185,994 Provision against carrying value of materials and supplies (75,682 ) (73,591 ) $ 175,719 $ 242,970 Non-current Ore stockpiles $ 30,640 $ 25,005 Provision against carrying value of ore stockpiles (1,655 ) (6,350 ) $ 28,985 $ 18,655

Trade and other receivables (Ta

Trade and other receivables (Tables)	12 Months Ended
	Dec. 31, 2019
Text block [abstract]
Summary of Trade and Other Receivables	December 31, 2019 December 31, Trade receivables and other $ 21,284 $ 14,623 Due from related parties (Note 22) 5,763 15,641 $ 27,047 $ 30,264

Prepaid expenses and other as_2

Prepaid expenses and other assets (Tables)	12 Months Ended
	Dec. 31, 2019
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Prepaid expenses and other assets	December 31, 2019 December 31, Prepaid expenses $ 16,863 $ 27,285 Amounts prepaid to related parties (Note 22) 82,808 2,928 $ 99,671 $ 30,213

Receivable from related party_2

Receivable from related party and other non-current financial assets (Tables)	12 Months Ended
	Dec. 31, 2019
Text block [abstract]
Summary of receivable from related party and other non-current financial assets	December 31, 2019 December 31, 2018 Current assets: Receivable from related party (Note 22) $ 511,284 $ 1,620,073 $ 511,284 $ 1,620,073 December 31, 2019 December 31, 2018 Receivable from related party and other non-current Receivable from related party (Note 22) $ - $ 266,211 Marketable securities 3,909 5,566 Other 7,069 7,242 $ 10,978 $ 279,019

Property, plant and equipment (

Property, plant and equipment (Tables)	12 Months Ended
	Dec. 31, 2019
Text block [abstract]
Summary of Property, Plant and Equipment	Oyu Tolgoi Year Ended December 31, 2019 Mineral property interests Plant and Capital works in Other capital assets Total Net book value: January 1, 2019 as previously reported $ 799,113 $ 3,263,447 $ 4,775,745 $ - $ 8,838,305 Impact of change in accounting policy (Note 2) - 14,431 - - 14,431 January 1, 2019 restated $ 799,113 $ 3,277,878 $ 4,775,745 $ - $ 8,852,736 Additions 56,083 430 1,299,162 1,131 1,356,806 Interest capitalized (Note 7) - - 396,922 - 396,922 Changes to decommissioning obligations (32,688 ) - - - (32,688 ) Depreciation for the period (46,985 ) (144,825 ) - (81 ) (191,891 ) Impairment charges (c) (52,007 ) (180,192 ) (364,707 ) - (596,906 ) Disposals and write offs - (2,184 ) (148 ) - (2,332 ) Transfers and other movements - 175,224 (175,224 ) - - December 31, 2019 $ 723,516 $ 3,126,331 $ 5,931,750 $ 1,050 $ 9,782,647 Cost 1,270,641 4,840,318 6,296,457 1,131 12,408,547 Accumulated depreciation / impairment (547,125 ) (1,713,987 ) (364,707 ) (81 ) (2,625,900 ) December 31, 2019 $ 723,516 $ 3,126,331 $ 5,931,750 $ 1,050 $ 9,782,647 Non-current $ 723,516 $ 3,126,331 $ 5,931,750 $ - $ 9,781,597 Oyu Tolgoi Year Ended December 31, 2018 Mineral property interests Plant and Capital works in progress Other capital assets Total Net book value: January 1, 2018 $ 834,310 $ 3,197,491 $ 3,315,171 $ - $ 7,346,972 Additions 21,137 - 1,328,927 - 1,350,064 Interest capitalized (Note 7) - - 334,668 - 334,668 Depreciation for the period (56,334 ) (133,070 ) - - (189,404 ) Disposals and write offs - (3,995 ) - - (3,995 ) Transfers and other movements - 203,021 (203,021 ) - - December 31, 2018 $ 799,113 $ 3,263,447 $ 4,775,745 $ - $ 8,838,305 Cost 1,247,246 4,729,132 4,775,745 1,152 10,753,275 Accumulated depreciation (448,133 ) (1,465,685 ) - (1,152 ) (1,914,970 ) December 31, 2018 $ 799,113 $ 3,263,447 $ 4,775,745 $ - $ 8,838,305 Non-current $ 799,113 $ 3,263,447 $ 4,775,745 $ - $ 8,838,305 (a) In addition to property, plant and equipment, at December 31, 2019 current and non-current (b) Plant and equipment comprises owned and leased assets :
Schedule of detailed information about property and plant equipment and leased assets	December 31, Plant and equipment owned $ 9,773,937 Right of use assets 8,710 $ 9,782,647
Summary of quantitative information about right- of-use assets	The Company leases certain assets including warehouse and office facilities as well as transportation equipment, substantially all at Oyu Tolgoi. Information about leases for which the Company is a lessee is presented below: Plant and January 1, 2019 $ 14,431 Additional lease post transition date 1,561 Depreciation for the period (7,282) December 31, 2019 $ 8,710

Trade and other payables (Table

Trade and other payables (Tables)	12 Months Ended
	Dec. 31, 2019
Text block [abstract]
Summary of Trade and Other Payables	December 31, December 31, Trade payables and accrued liabilities $ 389,476 $ 395,883 Interest payable on long-term borrowings 9,814 10,906 Payable to related parties (Note 22) 65,903 51,490 Other 1,013 965 $ 466,206 $ 459,244

Borrowings and other financia_2

Borrowings and other financial liabilities (Tables)	12 Months Ended
	Dec. 31, 2019
Text block [abstract]
Detailed Information about Borrowings and Project Finance Facility	December 31, December 31, Current liabilities: Project finance facility (a) $ 22,177 - Lease liabilities (b) 4,370 - $ 26,547 $ - Non-current Project finance facility (a) $ 4,170,058 $ 4,175,240 Lease liabilities (b) 17,212 12,057 $ 4,187,270 $ 4,187,297 (a) Project finance facility On December 14, 2015, Oyu Tolgoi signed a $4.4 billion project finance facility. The facility is provided by a syndicate of international financial institutions and export credit agencies representing the governments of Canada, the United States and Australia, along with 15 commercial banks. The project finance lenders have agreed a debt cap of $6.0 billion. In addition to the funding drawn down to date there is an additional $0.1 billion available, subject to certain conditions, under the Company’s facility with the Export-Import Bank of the United States, and the potential for an additional $1.6 billion of supplemental debt in the future. Under the terms of the project finance facility held by Oyu Tolgoi, there are certain restrictions on the ability of Oyu Tolgoi to make shareholder distributions. At December 31, 2019, Oyu Tolgoi has drawn down $4.3 billion of the project finance facility: December 31, 2019 Original Annual interest rate Facility Carrying Value (i) Fair Value (i) Pre-completion Post-completion International Financial Institutions - A Loan $ 774,858 $ 862,016 15 years LIBOR + 3.78% LIBOR + 4.78% Export Credit Agencies 874,092 966,989 14 years LIBOR + 3.65% LIBOR + 4.65% Loan 276,428 322,101 13 years 2.3% 2.3% MIGA Insured Loan (iii) 678,679 747,440 12 years LIBOR + 2.65% LIBOR + 3.65% Commercial Banks 1,588,178 1,755,263 12 years LIBOR + 3.4% LIBOR + 4.4% - B Loan Includes $50 million 15-year $ 4,192,235 $ 4,653,809 (i) The carrying value of borrowings under the project finance facility differs from fair value due to amortized transaction costs, and changes in the estimate of fair value between the initial recognition date and the balance sheet date. Project finance borrowings were initially recognized at fair value less transaction costs on the relevant draw down dates, with aggregate initial fair value being $4,348.9 million before transaction costs. At December 31, 2019, these borrowings are stated net of $156.7 million amortized transaction costs. At December 31, 2019, the fair value of the Company’s borrowings has been estimated with reference to a market yield, the variability of which is considered a reasonable indicator, over the pre-completion in-country pre-completion pre-completion (ii) The project finance facility provides for interest only payments for the first five years followed by minimum repayments according to a stepped amortization schedule for the remaining life of the facility. The maturity analysis of principal repayments is as follows: December 31 2019 December 31, Maturity analysis - Project Finance facility Less than one year 23,389 - One to five years 1,893,607 1,193,582 More than five years 2,432,022 3,153,612 4,348,918 4,347,194 (iii) The Multilateral Investment Guarantee Agency (“MIGA”) provides political risk insurance for commercial banks. The Company is required to pay an annual insurance premium of 1.4% of the MIGA Insured Loan for the remaining life of the facility.
Summary of maturity principal repayments of borrowings	The maturity analysis of principal repayments is as follows: December 31 2019 December 31, Maturity analysis - Project Finance facility Less than one year 23,389 - One to five years 1,893,607 1,193,582 More than five years 2,432,022 3,153,612 4,348,918 4,347,194
Schedule of Lease Liabilities	December 31, Maturity analysis - contractual undiscounted cash flows Less than one year $ 4,386 One to five years 15,334 More than five years 2,035 Total undiscounted lease liabilities $ 21,755 Lease liabilities included in the Consolidated balance sheet $ 21,582 Current $ 4,370 Non-Current $ 17,212

Income taxes (Tables)

Income taxes (Tables)	12 Months Ended
	Dec. 31, 2019
Text block [abstract]
Summary of Components of Tax Expenses and Benefit	(a) Tax expense (benefit) Year Ended December 31, 2019 2018 Current (i) $ 10,544 $ 12,804 Deferred Temporary differences including tax losses (ii) 115,343 (175,679 ) Withholding taxes (iii) 31,246 22,231 $ 146,589 $ (153,448 ) Net income statement expense (benefit) for income taxes $ 157,133 $ (140,644 ) (i) Current taxes In 2019, a cash payment of $2.6 million (2018 - $4.9 million) was made in respect to current taxes payable. Deferred tax liabilities for withholding taxes are reclassified to current tax prior to settlement. (ii) Deferred tax assets 2019 – Mongolia Deferred tax assets of $494.0 million were recognized at December 31, 2019 in Mongolia, comprised of $169.4 million relating to tax losses that expire if not recovered against taxable income within eight years and $324.6 million relating to accrued but unpaid interest expense and other temporary differences. Tax losses have been calculated in accordance with the provisions of the Oyu Tolgoi Investment Agreement and Mongolian laws. The Company recognized deferred tax assets at December 31, 2019 to the extent recovery is considered probable. In assessing the probability of recovery, future taxable income, derived from cash flows from detailed life-of-mine During the year ended December 31, 2019, the Company decreased its recognized Mongolian deferred tax assets by $90.1 million. The movement in the Mongolian deferred tax asset represented a decrease of $187.8 million in the recognized deferred tax asset for prior year losses and other temporary differences, mainly related to property, plant and equipment. This was partially offset by additional operating losses and accrued but unpaid interest expense incurred by Oyu Tolgoi in the year, which increased the recognized deferred tax asset by $97.7 million. The adjustment to the previously recognized deferred tax asset for prior year losses and other temporary differences was primarily due to updated operating assumptions in mine planning during the year. This principally included the revised estimation of achievement of sustainable first production, as well as the revised development capital spend for the underground project. The updated mine planning assumptions led to an increase in the amount of loss carry forwards and temporary differences estimated to expire unutilized. 2019 – Canada Deferred tax assets of $40.1 million were recognized at December 31, 2019 in Canada comprised of $39.6 million relating to non-capital non-capital Non-capital 2018 – Mongolia Deferred tax assets of $584.2 million were recognized at December 31, 2018 in Mongolia, comprised of $280.1 million relating to tax losses that expire if not recovered against taxable income within eight years and $304.1 million relating to accrued but unpaid interest expense and other temporary differences. During the year ended December 31, 2018, the Company recognized additional Mongolian deferred tax assets of $165.9 million, of which $105.6 million related to 2018 activity. The remaining movement in the Mongolian deferred tax asset was due to an overall strengthening of future taxable income driven by improved long-term commodity price projections and updated operating assumptions in mine planning during 2018. This was partly offset by a reduction of the deferred tax asset recognized for losses incurred in 2016, as the delay to sustainable first production of the underground mine was expected to lead to an increase in the amount of 2016 losses estimated to expire un-utilized. 2018 - Canada The deferred tax asset at December 31, 2018 of $65.3 million was recognized in relation to non-capital (iii) Withholding taxes Withholding tax is accrued on interest owing on the loans and recognized within deferred tax liabilities as interest accrues. Mongolian withholding tax will be due upon receipt of loan interest.
Disclosure of Reconciliation of Average Effective Tax Rate and Applicable Tax Rate	(b) Reconciliation of income taxes calculated at the statutory rates to the actual tax provision Year Ended December 31, 2019 2018 Income (loss) from operations before taxes $ (319,785 ) $ 253,630 Tax at Canadian combined federal and provincial income tax rate (2019: 26.6%; 2018: 26.73%) (85,063 ) 67,795 Tax effect of: Change in amount of deferred tax recognized 300,237 (152,639 ) Difference in tax rates and treatment in foreign jurisdictions (100,134 ) (83,568 ) Withholding taxes 31,246 24,670 Non deductible losses and expense 10,847 3,098 $ 157,133 $ (140,644 )
Summary of Deferred Tax Assets and Liabilities	Recognized and unrecognized deferred tax assets and liabilities are shown in the table below: Recognized Unrecognized December 31, December 31, December 31, December 31, 2019 2018 2019 2018 Deferred tax assets Non-capital $ 208,921 $ 345,368 $ 442,686 $ 276,492 Capital losses - - 116,450 120,626 Other temporary differences including accrued interest 325,157 304,053 133,693 11,674 $ 534,078 $ 649,421 $ 692,829 $ 408,792 Deferred tax liabilities (ii) Withholding tax (79,180 ) (47,934 ) - - $ (79,180 ) $ (47,934 ) $ - $ - (i) Unrecognized deferred tax assets relating to Mongolian non-capital (ii) Deferred tax is not recognized on the unremitted earnings of subsidiaries where the Company is able to control the timing of the remittance and it is probable that there will be no remittance in the foreseeable future. At December 31, 2019, deferred tax liabilities have not been recognized in respect of any unremitted earnings (2018: nil). In addition to the above, the Company has $812.1 million of investment tax credits at December 31, 2019. No deferred tax asset has been recognized in respect of these credits, in accordance with the initial recognition exception in IAS 12 Income taxes

Decommissioning obligations (Ta

Decommissioning obligations (Tables)	12 Months Ended
	Dec. 31, 2019
Text block [abstract]
Detailed Information about Decommissioning Obligations	Year Ended December 31, 2019 2018 Opening carrying amount $ 131,565 $ 125,721 Changes in estimates (32,688 ) 769 Accretion of present value discount 5,361 5,075 $ 104,238 $ 131,565

Non-controlling interests (Tabl

Non-controlling interests (Tables)	12 Months Ended
	Dec. 31, 2019
Text block [abstract]
Summary of Non-Controlling Interests in Subsidiaries	Non-controlling 2019 2018 Balance, January 1 $ (910,135 ) $ (893,211 ) Impact of change in accounting policy (Note 2) (578 ) - Restated balance, January 1 $ (910,713 ) $ (893,211 ) Non-controlling (326,461 ) (16,924 ) Common share investments funded on behalf of non-controlling 219,300 175,100 Funded amounts repayable to the Company (a) (219,300 ) (175,100 ) Balance, December 31 $ (1,237,174 ) $ (910,135 ) (a) Since 2011, the Company has funded common share investments in Oyu Tolgoi on behalf of Erdenes. In accordance with the Amended and Restated Shareholders Agreement dated June 8, 2011, such funded amounts earn interest at an effective annual rate of LIBOR plus 6.5% and are repayable to the Company via a pledge over Erdenes’ share of future Oyu Tolgoi common share dividends. Erdenes also has the right to reduce the outstanding balance by making payments directly to the Company.

Cash flow information (Tables)

Cash flow information (Tables)	12 Months Ended
	Dec. 31, 2019
Text block [abstract]
Reconciliation of Net Income to Net Cash Flow Generated from Operating Activities and Other Non-cash Transactions	(a) Reconciliation of net income to net cash flow generated from operating activities before interest and tax Year Ended December 31, 2019 2018 Income (loss) for the year $ (476,918 ) $ 394,274 Adjustments for: Depreciation and amortization 192,052 211,201 Impairment charges 596,906 - Finance items: Interest income (106,335 ) (154,668 ) Interest and accretion expense 10,021 52,489 Unrealized foreign exchange losses (gains) (131 ) 851 Inventory write downs (reversals) (2,161 ) 14,031 Write off of property, plant and equipment 2,293 3,373 Income and other taxes 157,133 (140,644 ) Other items 87 (219 ) Net change in non-cash (Increase) decrease in: Inventories 31,093 (983 ) Trade, other receivables and prepaid expenses (938 ) (8,377 ) (Decrease) increase in: Trade and other payables (14,106 ) (15,886 ) Deferred revenue (47,266 ) 7,564 Cash generated from operating activities before interest and tax $ 341,730 $ 363,006 (b) Supplementary information regarding other non-cash The non-cash Year Ended December 31 2019 2018 Investing activities Change in accounts payable and accrued liabilities related to purchase of property, plant and equipment $ 14,324 $ 26,930

Related parties (Tables)

Related parties (Tables)	12 Months Ended
	Dec. 31, 2019
Text block [abstract]
Disclosure of Related Party Transactions by Financial Statement Line Item	The following tables present the consolidated financial statements line items within which transactions with a Rio Tinto entity or entities (“Rio Tinto”) are reported. Rio Tinto entities comprise Rio Tinto plc, Rio Tinto Limited and their respective subsidiaries other than Turquoise Hill and its subsidiaries. Year Ended December 31, Statements of Income 2019 2018 Operating and corporate administration expenses: Cost recoveries - Turquoise Hill $ 710 $ 623 Management services payment (i) (31,041 ) (30,055 ) Cost recoveries - Rio Tinto (ii) (42,836 ) (40,627 ) Finance income: Cash and cash equivalents (iii) 16,194 20,175 Receivable from Rio Tinto (iv) 64,285 119,688 Finance costs: Completion support fee (v) (108,712 ) (108,421 ) $ (101,400 ) $ (38,617 ) Year Ended December 31, Statements of Cash Flows 2019 2018 Cash generated from operating activities Interest received (iii, iv) $ 58,850 $ 72,012 Interest paid (v) (156,814 ) (11,918 ) Cash flows from investing activities Receivable from related party: amounts withdrawn (iv) 1,375,000 1,270,000 Expenditures on property, plant and equipment: Management services payment and cost recoveries - Rio Tinto (i), (ii) (60,828 ) (61,145 ) December 31, December 31, Balance Sheets 2019 2018 Cash and cash equivalents (iii) $ 210,000 $ 741,711 Trade and other receivables (Note 10) 5,763 15,641 Prepaid expenses and other assets (Note 11) 82,808 2,928 Receivable from related party and other non-current 511,284 1,886,284 Trade and other payables (Note 14) Management services payment - Rio Tinto (i) (14,156 ) (15,700 ) Cost recoveries - Rio Tinto (ii) (51,747 ) (35,790 ) $ 743,952 $ 2,595,074 (i) In accordance with the Amended and Restated Shareholders’ Agreement, which was signed on June 8, 2011, and other related agreements, Turquoise Hill is required to make a management services payment to Rio Tinto equal to a percentage of all capital costs and operating costs incurred by Oyu Tolgoi from March 31, 2010 onwards. After signing the Underground Mine Development and Financing Plan on May 18, 2015, the management services payment to Rio Tinto is calculated as 1.5% applied to underground development capital costs, and 3% applied to operating costs and capital related to current operations. (ii) Rio Tinto recovers the costs of providing general corporate support services and mine management services to Turquoise Hill. Mine management services are provided by Rio Tinto in its capacity as the manager of Oyu Tolgoi. (iii) In addition to placing cash and cash equivalents on deposit with banks or investing funds with other financial institutions, Turquoise Hill may deposit cash and cash equivalents with Rio Tinto in accordance with an agreed upon policy and strategy for the management of liquid resources. At December 31, 2019, cash equivalents deposited with wholly owned subsidiaries of Rio Tinto totalled $210.0 million, earning interest at rates equivalent to those offered by financial institutions or short-term corporate debt. (iv) As part of project finance (Note 15), Turquoise Hill appointed 9539549 Canada Inc., a wholly owned subsidiary of Rio Tinto, as service provider to provide post-drawdown cash management services in connection with net proceeds from the project finance facility, which were placed with 9539549 Canada Inc. and shall be returned to Turquoise Hill as required for purposes of Oyu Tolgoi underground mine development and funding. Rio Tinto International Holdings Limited, a wholly owned subsidiary of Rio Tinto, agreed to guarantee the obligations of the service provider under this agreement. At December 31, 2019, the resulting receivable from 9539549 Canada Inc. totalled $511.3 million, earning interest at an effective annual rate of LIBOR plus 2.45%. The interest rate reflects: interest receivable at LIBOR minus 0.05%; plus a benefit of 2.5% arising on amounts receivable from 9539549 Canada Inc. under the Cash Management Services Agreement, which are net settled with the 2.5% completion support fee described in (v) below. At December 31, 2019, the fair value of the receivable approximates its carrying value. The fair value has been estimated with reference to a market yield, the variability of which is considered a reasonable indicator, over the projected timeframe for returning funds to Turquoise Hill, of movements in the fair value of the receivable. This is considered a level 3 fair value measurement. (v) As part of the project finance agreements (Note 15), Rio Tinto agreed to provide a guarantee, known as the completion support undertaking (“CSU”) in favour of the Commercial Banks and the Export Credit Agencies. In consideration for providing the CSU, the Company is required to pay Rio Tinto a fee equal to 2.5% of the amounts drawn under the facility. The annual completion support fee of 2.5% on amounts drawn under the facility is accounted for as a borrowing cost and included within interest expense and similar charges (refer to Note 7). The fee is settled net of a benefit arising on amounts receivable from 9539549 Canada Inc. under the Cash Management Services Agreement described in (iv) above. The fee payment obligation will terminate on the date Rio Tinto’s CSU obligations to the project lenders terminate.

Financial instruments and fai_2

Financial instruments and fair value measurements (Tables)	12 Months Ended
	Dec. 31, 2019
Text block [abstract]
Summary of Financial Instruments and Fair Value Measurements	Fair Value at December 31, 2019 Total Level 1 Level 2 Level 3 Money market funds (a) $ 876,126 $ 876,126 $ - $ - Marketable securities (a) 3,909 3,909 - - Trade receivables (b) 16,881 - 16,881 - $ 896,916 $ 880,035 $ 16,881 $ - Fair Value at December 31, 2018 Total Level 1 Level 2 Level 3 Money market funds (a) $ 315,808 $ 315,808 $ - $ - Marketable securities (a) 5,566 5,566 - - Trade receivables (b) 10,936 - 10,936 - $ 332,310 $ 321,374 $ 10,936 $ - (a) The Company’s money market funds and marketable securities are classified within level 1 of the fair value hierarchy as they are valued using quoted market prices in active markets. (b) Trade receivables from provisionally priced concentrate sales are included in level 2 of the fair value hierarchy as the basis of valuation uses quoted commodity prices.

Key management compensation (Ta

Key management compensation (Tables)	12 Months Ended
	Dec. 31, 2019
Text block [abstract]
Schedule of Key Management Compensation	The compensation for key management, which comprises Turquoise Hill’s directors, Chief Executive Officer, Chief Financial Officer, and Chief Operating Officer, in respect of employee services is as follows: Year Ended December 31, 2019 2018 Salaries, director fees and other short term benefits $ 3,520 $ 1,909 Post-employment benefits 214 27 Share based payment 1,370 1,262 $ 5,104 $ 3,198

Nature of operations and liqu_2

Nature of operations and liquidity risk - Additional Information (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Nature of operations [line items]
Liquidity amount available	$ 2,200,000
Cash and cash equivalents	1,651,985	$ 1,603,067	$ 1,444,783
Working capital balance	1,900,000
Contractual obligations	100,000
Cash [member]
Nature of operations [line items]
Cash and cash equivalents	$ 1,700,000
Rio Tinto [member]
Nature of operations [line items]
Percentage of ownership interest held by ultimate parent entity	50.80%	50.80%
Rio Tinto [member] | Liquidity risk [member]
Nature of operations [line items]
Deposits classified as cash equivalents	$ 500,000

Summary of significant accoun_4

Summary of significant accounting policies - Reconciliation Of The Company's Operating Lease Commitments (Detail) - USD ($)	Dec. 31, 2019	Jan. 01, 2019
Summary Of Significant Accounting Policies [abstract]
Operating leases - aggregate of minimum lease payments under non-cancellable leases reported at December 31, 2018 (Note 19)		$ 25,861,000
Short term leases (under one year) - undiscounted		(3,340,000)
Finance lease liability already on balance sheet at December 31, 2018 (Note 13)		12,057,000
Effects of discounting on payments included in the calculation of the lease liability (excluding finance lease balances)		(3,448)
Finance lease balances		(2,942)
Lease liability opening balance at January 1, 2019	$ 21,582,000	28,188,000
Less: Finance lease liability already on balance sheet at December 31, 2018		(12,057,000)
IFRS 16 lease liability opening balance at January 1, 2019		$ 16,131,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of summary of significant accounting policies [line items]
Right Of Use Assets	$ 8,710		$ 14,431
Lease Liabilities	21,582	$ 28,188
Accumulated adjustment to equity	7,931,057		8,410,785	$ 8,019,224
Retained earnings [member]
Disclosure of summary of significant accounting policies [line items]
Accumulated adjustment to equity	(3,821,889)		(3,670,310)	(4,081,508)
Non-controlling interests [member]
Disclosure of summary of significant accounting policies [line items]
Accumulated adjustment to equity	$ (1,237,174)		$ (910,135)	$ (893,211)
IFRS 16 [Member]
Disclosure of summary of significant accounting policies [line items]
Right Of Use Assets		14,400
Lease Liabilities		16,100
IFRS 16 [Member] | Retained earnings [member]
Disclosure of summary of significant accounting policies [line items]
Accumulated adjustment to equity		1,100
IFRS 16 [Member] | Non-controlling interests [member]
Disclosure of summary of significant accounting policies [line items]
Accumulated adjustment to equity		$ 600
Oyu Tolgoi [member]
Disclosure of summary of significant accounting policies [line items]
Percentage of ownership interest in subsidiary	66.00%
Percentage of ownership interest, held by non-controlling interest	34.00%
Percentage of fund provided for mine exploration and development costs of subsidiary	100.00%
Bottom of range [member]
Disclosure of summary of significant accounting policies [line items]
Final adjustment period of selling price	30 days
Top of range [member]
Disclosure of summary of significant accounting policies [line items]
Final adjustment period of selling price	180 days

Operating Segment - Schedule of

Operating Segment - Schedule of Operating Segments (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Disclosure of operating segments [line items]
Revenue		$ 1,166,014	$ 1,180,022
Cost of sales		(742,985)	(777,248)
Gross margin		423,029	402,774
Operating (expenses) income		(221,493)	(234,072)
Corporate administration expenses		(23,443)	(24,370)
Other income		2,714	7,119
Impairment charges	$ (600,000)	(596,906)
Income (loss) before finance items and taxes		(416,099)	151,451
Finance income		106,335	154,668
Finance costs		(10,021)	(52,489)
Income (loss) from operations before taxes		(319,785)	253,630
Income and other taxes		(157,133)	140,644
Income (loss) for the year		(476,918)	394,274
Depreciation and depletion		192,052	211,201
Capital additions		1,753,728	1,684,732
Current assets		2,465,706	3,526,587
Non-current assets		10,356,688	9,785,400
Current liabilities		520,649	534,406
Non-current liabilities		4,370,688	4,366,796
Net increase (decrease) in cash		48,918	158,284
Operating segments [member] | Oyu Tolgoi [member]
Disclosure of operating segments [line items]
Revenue		1,166,014	1,180,022
Cost of sales		(742,985)	(777,248)
Gross margin		423,029	402,774
Operating (expenses) income		(271,547)	(284,063)
Other income		2,498	7,105
Impairment charges		(596,906)
Income (loss) before finance items and taxes		(442,926)	125,816
Finance income		29,719	46,993
Finance costs		(456,382)	(388,388)
Income (loss) from operations before taxes		(869,589)	(215,579)
Income and other taxes		(90,590)	165,803
Income (loss) for the year		(960,179)	(49,776)
Depreciation and depletion		193,183	211,201
Capital additions		1,753,728	1,684,732
Current assets		380,830	409,733
Non-current assets		10,311,721	9,447,857
Current liabilities		486,337	508,551
Non-current liabilities		10,870,018	9,695,964
Net increase (decrease) in cash		(37,813)	67,599
Corporate and other eliminations [member]
Disclosure of operating segments [line items]
Operating (expenses) income		50,054	49,991
Corporate administration expenses		(23,443)	(24,370)
Other income		216	14
Income (loss) before finance items and taxes		26,827	25,635
Finance income		76,616	107,675
Finance costs		446,361	335,899
Income (loss) from operations before taxes		549,804	469,209
Income and other taxes		(66,543)	(25,159)
Income (loss) for the year		483,261	444,050
Depreciation and depletion		(1,131)
Current assets		2,084,876	3,116,854
Non-current assets		44,967	337,543
Current liabilities		34,312	25,855
Non-current liabilities		(6,499,330)	(5,329,167)
Net increase (decrease) in cash		$ 86,731	$ 90,685

Operating Segment - Schedule _2

Operating Segment - Schedule of Operating Segments (Parenthetical) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Disclosure of operating segments [line items]
Revenue	$ 1,166,014	$ 1,180,022
Oyu Tolgoi [member] | Operating segments [member]
Disclosure of operating segments [line items]
Revenue	$ 1,166,014	1,180,022
CHINA | Bottom of range [member] | Oyu Tolgoi [member] | Operating segments [member]
Disclosure of operating segments [line items]
Percentage of revenue	10.00%
CHINA | Customer one [member] | Oyu Tolgoi [member] | Operating segments [member]
Disclosure of operating segments [line items]
Revenue	$ 225,500	209,600
CHINA | Customer two [member] | Oyu Tolgoi [member] | Operating segments [member]
Disclosure of operating segments [line items]
Revenue	128,000	145,100
CHINA | Customer three [member] | Oyu Tolgoi [member] | Operating segments [member]
Disclosure of operating segments [line items]
Revenue	$ 120,700	$ 127,800

Revenue - Schedule of Revenue (

Revenue - Schedule of Revenue (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Disclosure of revenue [line items]
Copper	$ 787,810	$ 866,542
Gold	365,006	300,429
Silver	13,198	13,051
Revenue	1,166,014	1,180,022
Revenue from contracts with customers [member]
Disclosure of revenue [line items]
Copper	794,870	899,737
Gold	353,668	299,820
Silver	12,932	12,946
Revenue	1,161,470	1,212,503
Other revenue [member]
Disclosure of revenue [line items]
Copper	(7,060)	(33,195)
Gold	11,338	609
Silver	266	105
Revenue	$ 4,544	$ (32,481)

Cost of Sales - Schedule of Cos

Cost of Sales - Schedule of Cost of Sales (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Analysis of income and expense [abstract]
Production and delivery	$ 559,066	$ 568,007
Depreciation and depletion	183,919	209,496
Reversal of provision against carrying value of inventories	0	(255)
Cost of sales	$ 742,985	$ 777,248

Operating Expenses - Schedule o

Operating Expenses - Schedule of Operating Expenses (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Expenses by nature [abstract]
Oyu Tolgoi administration expenses	$ 134,573	$ 117,172
Royalty expenses	64,048	70,782
Inventory write downs (reversals)	(2,161)	14,286
Selling expenses	14,607	26,754
Depreciation	8,133	1,705
Other	2,293	3,373
Total	$ 221,493	$ 234,072

Finance Items - Schedule of Fin

Finance Items - Schedule of Finance Income and Finance Costs (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Finance income:
Interest income	$ 106,335	$ 154,668
Finance income	106,335	154,668
Finance costs:
Interest expense and similar charges	(401,582)	(382,082)
Amounts capitalized to property, plant and equipment	396,922	334,668
Accretion of decommissioning obligations	(5,361)	(5,075)
Finance costs	$ (10,021)	$ (52,489)

Finance Items - Schedule of F_2

Finance Items - Schedule of Finance Income and Finance Costs (Parenthetical) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Finance income and cost expense [Line Items]
Weighted average rate of general borrowings	8.50%
Finance income	$ 106,335	$ 154,668
Rio Tinto Limited [Member]
Finance income and cost expense [Line Items]
Finance income	$ 64,300	$ 119,700

Cash and Cash Equivalents - Sch

Cash and Cash Equivalents - Schedule of Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash and cash equivalents [abstract]
Cash at bank and on hand	$ 112,572	$ 148,040
Money market funds and other cash equivalents	1,539,413	1,455,027
Cash and cash equivalents	$ 1,651,985	$ 1,603,067	$ 1,444,783

Cash and Cash Equivalents - S_2

Cash and Cash Equivalents - Schedule of Cash and Cash Equivalents (Parenthetical) (Detail) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Rio Tinto [member]
Disclosure of cash and cash equivalents [line items]
Sort-term liquid investments	$ 210	$ 741.7

Inventories - Summary of Invent

Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Classes of current inventories [abstract]
Concentrate	$ 26,801	$ 69,691
Ore stockpiles	45,713	76,512
Provision against carrying value of ore stockpiles	(908)	(15,636)
Materials and supplies	179,795	185,994
Provision against carrying value of materials and supplies	(75,682)	(73,591)
Inventories	175,719	242,970
Ore stockpiles	30,640	25,005
Provision against carrying value of ore stockpiles	(1,655)	(6,350)
Inventories	$ 28,985	$ 18,655

Inventories - Additional Inform

Inventories - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Classes of current inventories [abstract]
Cost of sales	$ 742,985	$ 777,248
Inventory write-downs, net of charges/reversals	2,200	14,031
Amount of inventories on which there was a provision against carrying value which was sold and recognized in cost of sales for the period	$ 15,200	$ 4,400

Trade and Other Receivables - S

Trade and Other Receivables - Summary of Trade and Other Receivables (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Trade and other receivables [abstract]
Trade receivables and other	$ 21,284	$ 14,623
Due from related parties (Note 22)	5,763	15,641
Total	$ 27,047	$ 30,264

Prepaid Expenses and Other As_3

Prepaid Expenses and Other Assets - Summary of Prepaid Expenses and Other Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Prepaid expenses and other assets [abstract]
Prepaid expenses	$ 16,863	$ 27,285
Amounts prepaid to related parties	82,808	2,928
Prepaid expenses and other assets	$ 99,671	$ 30,213

Receivable from Related Party_3

Receivable from Related Party and Other Non-current Financial Assets - Summary of Receivable from Related Party and Other Non-current Financial Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Current assets:
Receivable from related party	$ 511,284	$ 1,620,073
Receivable from related party	511,284	1,620,073
Receivable from related party and other non-current financial assets:
Receivable from related party	0	266,211
Marketable securities	3,909	5,566
Other	7,069	7,242
Receivable from related party and other financial assets	$ 10,978	$ 279,019

Property, Plant and Equipment -

Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period		$ 8,838,305	$ 7,346,972
Additions			1,350,064
Interest capitalized		396,922	334,668
Depreciation for the year			(189,404)
Impairment charges	$ (600,000)	(596,906)
Disposals and write offs			(3,995)
Property, plant and equipment at end of period		9,782,647	8,838,305
Non-current assets pledged as security		9,781,597	8,838,305
Previously Reported
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period		8,838,305
Property, plant and equipment at end of period			8,838,305
Impact of change in accounting policy [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period		14,431
Property, plant and equipment at end of period			14,431
As restated [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period		8,852,736
Additions		1,356,806
Interest capitalized		396,922
Changes to decommissioning obligations		(32,688)
Depreciation for the year		(191,891)
Impairment charges		(596,906)
Disposals and write offs		(2,332)
Property, plant and equipment at end of period		9,782,647	8,852,736
Cost [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period		10,753,275
Property, plant and equipment at end of period		12,408,547	10,753,275
Accumulated depreciation / Impairment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period		(1,914,970)
Property, plant and equipment at end of period		(2,625,900)	(1,914,970)
Mining Property Interests [member] | Oyu Tolgoi [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period		799,113	834,310
Additions			21,137
Depreciation for the year			(56,334)
Property, plant and equipment at end of period		723,516	799,113
Non-current assets pledged as security		723,516	799,113
Mining Property Interests [member] | Oyu Tolgoi [member] | Previously Reported
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period		799,113
Property, plant and equipment at end of period			799,113
Mining Property Interests [member] | Oyu Tolgoi [member] | As restated [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period		799,113
Additions		56,083
Changes to decommissioning obligations		(32,688)
Depreciation for the year		(46,985)
Impairment charges		(52,007)
Property, plant and equipment at end of period		723,516	799,113
Mining Property Interests [member] | Cost [member] | Oyu Tolgoi [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period		1,247,246
Property, plant and equipment at end of period		1,270,641	1,247,246
Mining Property Interests [member] | Accumulated depreciation / Impairment [member] | Oyu Tolgoi [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period		(448,133)
Property, plant and equipment at end of period		(547,125)	(448,133)
Plant and equipment [member] | Oyu Tolgoi [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period		3,263,447	3,197,491
Depreciation for the year			(133,070)
Disposals and write offs			(3,995)
Transfers and other movements			203,021
Property, plant and equipment at end of period		3,126,331	3,263,447
Non-current assets pledged as security		3,126,331	3,263,447
Plant and equipment [member] | Oyu Tolgoi [member] | Previously Reported
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period		3,263,447
Property, plant and equipment at end of period			3,263,447
Plant and equipment [member] | Oyu Tolgoi [member] | Impact of change in accounting policy [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period		14,431
Property, plant and equipment at end of period			14,431
Plant and equipment [member] | Oyu Tolgoi [member] | As restated [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period		3,277,878
Additions		430
Depreciation for the year		(144,825)
Impairment charges		(180,192)
Disposals and write offs		(2,184)
Transfers and other movements		175,224
Property, plant and equipment at end of period		3,126,331	3,277,878
Plant and equipment [member] | Cost [member] | Oyu Tolgoi [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period		4,729,132
Property, plant and equipment at end of period		4,840,318	4,729,132
Plant and equipment [member] | Accumulated depreciation / Impairment [member] | Oyu Tolgoi [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period		(1,465,685)
Property, plant and equipment at end of period		(1,713,987)	(1,465,685)
Capital works in progress [member] | Oyu Tolgoi [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period		4,775,745	3,315,171
Additions			1,328,927
Interest capitalized			334,668
Transfers and other movements			(203,021)
Property, plant and equipment at end of period		5,931,750	4,775,745
Non-current assets pledged as security		5,931,750	4,775,745
Capital works in progress [member] | Oyu Tolgoi [member] | Previously Reported
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period		4,775,745
Property, plant and equipment at end of period			4,775,745
Capital works in progress [member] | Oyu Tolgoi [member] | As restated [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period		4,775,745
Additions		1,299,162
Interest capitalized		396,922
Impairment charges		(364,707)
Disposals and write offs		(148)
Transfers and other movements		(175,224)
Property, plant and equipment at end of period		5,931,750	4,775,745
Capital works in progress [member] | Cost [member] | Oyu Tolgoi [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period		4,775,745
Property, plant and equipment at end of period		6,296,457	4,775,745
Capital works in progress [member] | Accumulated depreciation / Impairment [member] | Oyu Tolgoi [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period		0
Property, plant and equipment at end of period		(364,707)	0
Plant and equipment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at end of period		1,050
Plant and equipment [member] | As restated [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Additions		1,131
Depreciation for the year		(81)
Property, plant and equipment at end of period		1,050
Plant and equipment [member] | Cost [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period		1,152
Property, plant and equipment at end of period		1,131	1,152
Plant and equipment [member] | Accumulated depreciation / Impairment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period		(1,152)
Property, plant and equipment at end of period		$ (81)	$ (1,152)

Property, Plant and Equipment_2

Property, Plant and Equipment - Summary of Property, Plant and Equipment (Parenthetical) (Detail) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Cash On Hand And Bank [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Assets pledged	$ 86.2	$ 124
Current Inventory [member]
Disclosure of detailed information about property, plant and equipment [line items]
Inventory pledged as security	175.7	243
Non-current Inventory [member]
Disclosure of detailed information about property, plant and equipment [line items]
Inventory pledged as security	$ 29	$ 18.7

Property, plant and equipment_3

Property, plant and equipment - Schedule Of Detailed Information About Property Plant Equipment And Leased Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	$ 9,782,647	$ 8,838,305	$ 7,346,972
Plant and equipment owned [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	9,773,937
Right of use assets [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	$ 8,710

Property, plant and equipment_4

Property, plant and equipment - Summary Of Quantitative Information About Right Use Assets (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Disclosure of detailed information about property, plant and equipment [abstract]
Beginning Balance	$ 14,431
Additional lease post transition date	1,561
Depreciation for the period	(7,282)
Ending Balance	$ 8,710

Property, Plant and Equipment_5

Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Thousands	Jul. 15, 2019	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of detailed information about property, plant and equipment [line items]
Impairment charge		$ 600,000	$ 596,906
Post-tax real discount rate		8.30%	8.00%
Total project cost			$ 5,300,000
FVLCD Recoverable amount		$ 8,700,000
Carrying Value of Property plant equipment			$ 9,782,647	$ 8,838,305	$ 7,346,972
Decrease percentage of Long Term Copper And Gold Prices			5.00%
Long term forecast copper price per pound		3.13	3.07
Percent of total recoverable amount		20.00%	20.00%
Long term forecast gold price per ounce		1,320	1,343
Bottom of range [member]
Disclosure of detailed information about property, plant and equipment [line items]
Post-tax real discount rate			1.00%
Delay in project	16 months
Increase Decrease In Project Cost	$ 1,200,000
Top of range [member]
Disclosure of detailed information about property, plant and equipment [line items]
Post-tax real discount rate			9.30%
Delay in project	30 months
Increase Decrease In Project Cost	$ 1,900,000
Discount Rate [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Carrying Value of Property plant equipment		$ 9,300,000
Reduction In Recoverable amount			$ 1,500,000
Price Volatility In Gold Copper [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Reduction In Recoverable amount			$ 1,300,000
Increase percentage of copper and gold prices			5.00%
Increase In Recoverable Amount			$ 1,200,000

Trade and Other Payables - Summ

Trade and Other Payables - Summary of Trade and Other Payables (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Trade and other payables [abstract]
Trade payables and accrued liabilities	$ 389,476	$ 395,883
Interest payable on long-term borrowings	9,814	10,906
Payable to related parties	65,903	51,490
Other	1,013	965
Trade and other current payables	$ 466,206	$ 459,244

Borrowings and Other Financia_3

Borrowings and Other Financial Liabilities - Detailed Information about Borrowings (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Current liabilities [abstract]
Project finance facility	$ 22,177
Lease liabilities	4,370
Current Borrowings And Other Financial Liabilities	26,547
Non-current liabilities [abstract]
Project finance facility	4,170,058	$ 4,175,240
Lease liabilities	17,212	12,057
Total Non-current borrowings and other financial liabilities	$ 4,187,270	$ 4,187,297

Borrowings and Other Financia_4

Borrowings and Other Financial Liabilities - Detailed Information about Borrowings (Parenthetical) (Detail) - Oyu Tolgoi [member] $ in Billions	Dec. 14, 2015USD ($)
Disclosure of detailed information about borrowings [line items]
Project finance facility	$ 4.4
Debt cap	6
Supplemental debt	1.6
Additional drawn down amount available under borrowing facility	$ 0.1

Borrowings and Other Financia_5

Borrowings and Other Financial Liabilities - Additional Information (Detail) - Oyu Tolgoi [member] $ in Billions	Dec. 31, 2019USD ($)
Disclosure of detailed information about borrowings [line items]
Amount drawn down under project finance facility	$ 4.3
Weighted average incremental borrowing rate	7.20%

Borrowings and Other Financia_6

Borrowings and Other Financial Liabilities - Detailed Information about Project Finance Facility (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Disclosure of detailed information about borrowings [line items]
Carrying Value	$ 4,170,058	$ 4,175,240
Fair Value	4,348,918	$ 4,347,194
International Financial Institutions A Loan [member]
Disclosure of detailed information about borrowings [line items]
Carrying Value	$ 774,858
Original Term	15 years
14 years export credit agencies loan [member]
Disclosure of detailed information about borrowings [line items]
Carrying Value	$ 874,092
Original Term	14 years
13 years export credit agencies loan [member]
Disclosure of detailed information about borrowings [line items]
Carrying Value	$ 276,428
Original Term	13 years
MIGA Insured Loan [member]
Disclosure of detailed information about borrowings [line items]
Carrying Value	$ 678,679
Original Term	12 years
Commercial Banks B Loan [member]
Disclosure of detailed information about borrowings [line items]
Carrying Value	$ 1,588,178
Original Term	12 years
Interest rate post completion [member] | International Financial Institutions A Loan [member]
Disclosure of detailed information about borrowings [line items]
Annual interest rate, adjustment to basis	4.78%
Annual interest rate, basis	LIBOR
Interest rate post completion [member] | 14 years export credit agencies loan [member]
Disclosure of detailed information about borrowings [line items]
Annual interest rate, adjustment to basis	4.65%
Annual interest rate, basis	LIBOR
Interest rate post completion [member] | 13 years export credit agencies loan [member]
Disclosure of detailed information about borrowings [line items]
Annual interest rate	2.30%
Interest rate post completion [member] | MIGA Insured Loan [member]
Disclosure of detailed information about borrowings [line items]
Annual interest rate, adjustment to basis	3.65%
Annual interest rate, basis	LIBOR
Interest rate post completion [member] | Commercial Banks B Loan [member]
Disclosure of detailed information about borrowings [line items]
Annual interest rate, adjustment to basis	4.40%
Annual interest rate, basis	LIBOR
Carrying Value	$ 50,000
Interest rate pre completion [member] | International Financial Institutions A Loan [member]
Disclosure of detailed information about borrowings [line items]
Annual interest rate, adjustment to basis	3.78%
Annual interest rate, basis	LIBOR
Interest rate pre completion [member] | 14 years export credit agencies loan [member]
Disclosure of detailed information about borrowings [line items]
Annual interest rate, adjustment to basis	3.65%
Annual interest rate, basis	LIBOR
Interest rate pre completion [member] | 13 years export credit agencies loan [member]
Disclosure of detailed information about borrowings [line items]
Annual interest rate	2.30%
Interest rate pre completion [member] | MIGA Insured Loan [member]
Disclosure of detailed information about borrowings [line items]
Annual interest rate, adjustment to basis	2.65%
Annual interest rate, basis	LIBOR
Interest rate pre completion [member] | Commercial Banks B Loan [member]
Disclosure of detailed information about borrowings [line items]
Annual interest rate, adjustment to basis	3.40%
Annual interest rate, basis	LIBOR
Borrowings maturity	15-year loan at A Loan rate
At fair value [member]
Disclosure of detailed information about borrowings [line items]
Fair Value	$ 4,653,809
At fair value [member] | International Financial Institutions A Loan [member]
Disclosure of detailed information about borrowings [line items]
Fair Value	862,016
At fair value [member] | 14 years export credit agencies loan [member]
Disclosure of detailed information about borrowings [line items]
Fair Value	966,989
At fair value [member] | 13 years export credit agencies loan [member]
Disclosure of detailed information about borrowings [line items]
Fair Value	322,101
At fair value [member] | MIGA Insured Loan [member]
Disclosure of detailed information about borrowings [line items]
Fair Value	747,440
At fair value [member] | Commercial Banks B Loan [member]
Disclosure of detailed information about borrowings [line items]
Fair Value	$ 1,755,263

Borrowings and Other Financia_7

Borrowings and Other Financial Liabilities - Detailed Information about Project Finance Facility (Parenthetical) (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)
Oyu Tolgoi [member]
Disclosure of detailed information about borrowings [line items]
Aggregate initial fair value of borrowings less transaction costs	$ 4,348.9
Amortized transaction costs	$ 156.7
Borrowing facility, interest-only payments period	5 years
MIGA Insured Loan [member]
Disclosure of detailed information about borrowings [line items]
Annual insurance premium	1.40%

Borrowings and other financia_8

Borrowings and other financial liabilities - Summary of Maturity Principal Repayments of Borrowings (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Maturity analysis - Project Finance facility
Borrowings	$ 4,348,918	$ 4,347,194
Less than one year [member]
Maturity analysis - Project Finance facility
Borrowings	23,389
1 to 5 years [member]
Maturity analysis - Project Finance facility
Borrowings	1,893,607	1,193,582
More than 5 years [member]
Maturity analysis - Project Finance facility
Borrowings	$ 2,432,022	$ 3,153,612

Borrowings and other financia_9

Borrowings and other financial liabilities - Schedule Of Lease Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Disclosure of detailed information about borrowings [line items]
Total undiscounted lease liabilities	$ 21,755
Lease liabilities included in the Consolidated balance sheet	21,582	$ 28,188
Current	4,370
Non-Current	17,212		$ 12,057
Less than one year [member]
Disclosure of detailed information about borrowings [line items]
Total undiscounted lease liabilities	4,386
One to five years [Member]
Disclosure of detailed information about borrowings [line items]
Total undiscounted lease liabilities	15,334
More than 5 years [member]
Disclosure of detailed information about borrowings [line items]
Total undiscounted lease liabilities	$ 2,035

Income Taxes - Summary of Compo

Income Taxes - Summary of Components of Tax Expenses and Benefit (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Major components of tax expense (income) [abstract]
Current	$ 10,544	$ 12,804
Deferred
Temporary differences including tax losses	115,343	(175,679)
Withholding taxes	31,246	22,231
Deferred tax expense (income)	146,589	(153,448)
Net income statement expense (benefit) for income taxes	$ 157,133	$ (140,644)

Income Taxes - Summary of Com_2

Income Taxes - Summary of Components of Tax Expenses and Benefit (Parenthetical) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Disclosure representing major components of tax expense income [line items]
Withholding tax cash payment for interest and other taxes	$ 2,600	$ 4,900
Deferred tax assets	534,078	649,421
Mongolia [member]
Disclosure representing major components of tax expense income [line items]
Deferred tax assets relating to tax losses that expire if not recovered against taxable profits	169,400
Deferred tax assets	494,000	584,200
Deferred tax assets relating to accrued but unpaid interest expense and other temporary differences	$ 324,600	$ 304,100

Income Taxes - Summary of Prior

Income Taxes - Summary of Prior Period Withholding Tax Obligations (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Major components of tax expense (income) [abstract]
Income (loss) from operations before taxes	$ (319,785)	$ 253,630
Tax at Canadian combined federal and provincial income tax rate (2019: 26.6%; 2018: 26.73%)	(85,063)	67,795
Change in amount of deferred tax recognized	300,237	(152,639)
Difference in tax rates and treatment in foreign jurisdictions	(100,134)	(83,568)
Withholding taxes	31,246	24,670
Non deductible losses and expense	10,847	3,098
Net income statement expense (benefit) for income taxes	$ 157,133	$ (140,644)

Income Taxes - Summary of Pri_2

Income Taxes - Summary of Prior Period Withholding Tax Obligations (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Major components of tax expense (income) [abstract]
Canadian federal and provincial income tax rate	26.60%	26.73%

Income Taxes - Summary of Defer

Income Taxes - Summary of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Deferred tax assets
Non-capital losses	$ 208,921	$ 345,368
Capital losses	0
Other temporary differences including accrued interest	325,157	304,053
Deferred tax assets	534,078	649,421
Deferred tax liabilities
Withholding tax	(79,180)	(47,934)
Deferred tax liabilities	(79,180)	(47,934)
Unrecognized deferred tax assets
Non-capital losses	442,686	276,492
Capital losses	116,450	120,626
Other temporary differences including accrued interest	133,693	11,674
Unrecognized deferred tax assets	692,829	$ 408,792
Unrecognized deferred tax liabilities
Withholding tax	0
Unrecognized deferred tax liabilities	$ 0

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Disclosure representing major components of tax expense income [line items]
Investment tax credits		$ 812,100,000
Deferred tax		146,589,000	$ (153,448,000)
Deferred tax assets		534,078,000	649,421,000
Mongolia [member]
Disclosure representing major components of tax expense income [line items]
Increase decrease in deferred tax liability asset		90,100,000
Deferred tax assets		494,000,000	584,200,000
Deferred tax assets relating to accrued but unpaid interest expense and other temporary differences		324,600,000	304,100,000
Description of expiry date of temporary differences unused tax losses and unused tax credits	eight years
Deferred tax assets relating to tax losses that expire if not recovered against taxable profits			280,100,000
Additional deferred tax assets			165,900,000
Additional deferred tax assets as result of additional operating losses and accrued but unpaid interest expense			105,600,000
Mongolia [member] | Additional operating losses and accrued but unpaid interest [member]
Disclosure representing major components of tax expense income [line items]
Increase decrease in deferred tax liability asset		97,700,000
Mongolia [member] | Temporary differences fixed assets [member]
Disclosure representing major components of tax expense income [line items]
Increase decrease in deferred tax liability asset		187,800,000
Canada [member]
Disclosure representing major components of tax expense income [line items]
Deferred tax assets		40,100,000	$ 65,300,000
Canada [member] | Non Capital Losses
Disclosure representing major components of tax expense income [line items]
Deferred tax assets		39,600,000
Canada [member] | Other temporary differences
Disclosure representing major components of tax expense income [line items]
Deferred tax assets relating to accrued but unpaid interest expense and other temporary differences		$ 500,000
Description of expiry date of temporary differences unused tax losses and unused tax credits		twenty years
Investment tax credits [member]
Disclosure representing major components of tax expense income [line items]
Deferred tax		$ 0

Decommissioning Obligations - D

Decommissioning Obligations - Detailed Information about Decommissioning Obligations (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Disclosure of decommissioning liabilities [abstract]
Opening carrying amount	$ 131,565	$ 125,721
Changes in estimates	(32,688)	769
Accretion of present value discount	5,361	5,075
Closing carrying amount	$ 104,238	$ 131,565

Decommissioning Obligations - A

Decommissioning Obligations - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Decommissioning Liabilities [line items]
Estimated future cash expenditures	$ 212.6	$ 273.7
Discount rate used in net present value of expected future cash flows	2.00%	2.00%
Oyu Tolgoi [member]
Disclosure Of Decommissioning Liabilities [line items]
Anticipated closure date	2055

Share Capital - Additional Info

Share Capital - Additional Information (Detail) - shares	Dec. 31, 2019	Dec. 31, 2018
Common Shares [member]
Disclosure of classes of share capital [line items]
Number of shares issued	2,012,314,469	2,012,314,469
Number of shares outstanding	2,012,314,469	2,012,314,469
Preferred Shares [member]
Disclosure of classes of share capital [line items]
Number of shares issued	0	0
Number of shares outstanding	0	0

Non-controlling Interests - Sum

Non-controlling Interests - Summary of Non-controlling Interests in Subsidiaries (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Disclosure of subsidiaries [line items]
Beginning balance	$ (910,135)
Non-controlling interest's share of loss	(326,461)	$ (16,924)
Ending balance	(1,237,174)	(910,135)
Oyu Tolgoi [member]
Disclosure of subsidiaries [line items]
Beginning balance	(910,135)	(893,211)
Non-controlling interest's share of loss	(326,461)	(16,924)
Common share investments funded on behalf of non-controlling interest	219,300	175,100
Funded amounts repayable to the Company	(219,300)	(175,100)
Ending balance	(1,237,174)	(910,135)
Oyu Tolgoi [member] | Impact of change in accounting policy
Disclosure of subsidiaries [line items]
Beginning balance	(578)
Ending balance		(578)
Oyu Tolgoi [member] | As Restated [Member]
Disclosure of subsidiaries [line items]
Beginning balance	$ (910,713)	(893,211)
Ending balance		$ (910,713)

Non-controlling Interests - S_2

Non-controlling Interests - Summary of Non-controlling Interests in Subsidiaries (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2019
Oyu Tolgoi [member]
Disclosure of subsidiaries [line items]
Interest on investments in subsidiary on behalf of noncontrolling interest, adjustment to LIBOR interest rate basis	6.50%

Non-controlling Interests - Add

Non-controlling Interests - Additional Information (Detail) - Oyu Tolgoi [member] - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Disclosure of subsidiaries [line items]
Investments in subsidiary on behalf of noncontrolling interest	$ 1,240.7	$ 1,021.4
Accrued interest on Investments in subsidiary on behalf of noncontrolling interest	$ 654.9	$ 505.6

Cash Flow Information - Reconci

Cash Flow Information - Reconciliation of Net Income to Net Cash Flow Generated from Operating Activities and Other Non-Cash Transactions (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Disclosure of supplementary cash flow information [abstract]
Income (loss) for the year	$ (476,918)	$ 394,274
Adjustments for:
Depreciation and amortization	192,052	211,201
Impairment charges	596,906
Finance items:
Interest income	(106,335)	(154,668)
Interest and accretion expense	10,021	52,489
Unrealized foreign exchange losses (gains)	(131)	851
Inventory write downs (reversals)	2,200	14,031
Write off of property, plant and equipment	2,293	3,373
Income and other taxes	157,133	(140,644)
Other items	87	(219)
(Increase) decrease in:
Inventories	31,093	(983)
Trade, other receivables and prepaid expenses	(938)	(8,377)
(Decrease) increase in:
Trade and other payables	(14,106)	(15,886)
Deferred revenue	(47,266)	7,564
Cash generated from (used in) operating activities before interest and tax	$ 341,730	$ 363,006

Cash Flow Information - Supplem

Cash Flow Information - Supplementary Information Regarding Other Non-Cash Transactions (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Investing activities
Change in accounts payable and accrued liabilities related to purchase of property, plant and equipment	$ 14,324	$ 26,930

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Earnings per share [abstract]
Potentially dilutive shares excluded from the earnings per share calculation	0	0

Related Parties - Additional In

Related Parties - Additional Information (Detail)	Dec. 31, 2019	Dec. 31, 2018
Rio Tinto [member]
Disclosure of transactions between related parties [line items]
Ownership interest held by ultimate parent	50.80%	50.80%

Related Parties - Disclosure of

Related Parties - Disclosure of Related Party Transactions by Financial Statement Line Item (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Income statements [abstract]
Finance costs	$ (10,021)	$ (52,489)
Cash generated from operating activities
Interest received	84,080	88,267
Interest paid	(427,464)	(261,431)
Cash flows from investing activities
Receivable from related party: amounts withdrawn	1,375,000	1,270,000
Balance Sheets
Trade and other receivables	5,763	15,641
Trade and other payables	(65,903)	(51,490)
Rio Tinto [member]
Income statements [abstract]
Cost recoveries - Turquoise Hill	710	623
Management services payment	(31,041)	(30,055)
Cost recoveries - Rio Tinto	(42,836)	(40,627)
Cash and cash equivalents	16,194	20,175
Receivable from Rio Tinto	64,285	119,688
Income (loss) from transactions with related party	(101,400)	(38,617)
Cash generated from operating activities
Interest received	58,850	72,012
Interest paid	(156,814)	(11,918)
Cash flows from investing activities
Receivable from related party: amounts withdrawn	1,375,000	1,270,000
Expenditures on property, plant and equipment:
Management services payment and cost recoveries - Rio Tinto	(60,828)	(61,145)
Balance Sheets
Cash and cash equivalents	210,000	741,711
Trade and other receivables	5,763	15,641
Prepaid expenses and other assets	82,808	2,928
Receivable from related party and other non-current financial assets	511,284	1,886,284
Total	743,952	2,595,074
Rio Tinto [member] | Completion Support Fee [member]
Income statements [abstract]
Finance costs	(108,712)	(108,421)
Rio Tinto [member] | Management Services [member]
Balance Sheets
Trade and other payables	(14,156)	(15,700)
Rio Tinto [member] | Cost recoveries [member]
Balance Sheets
Trade and other payables	$ (51,747)	$ (35,790)

Related Parties - Disclosure _2

Related Parties - Disclosure of Related Party Transactions by Financial Statement Line Item (Parenthetical) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	May 18, 2015
Disclosure of transactions between related parties [line items]
Management services as payment percentage applied to underground development capital costs		1.50%
Management services as payment percentage applied to operating costs and capital related to current operations		3.00%
Wholly Owned Subsidiaries of Rio Tinto [member]
Disclosure of transactions between related parties [line items]
Cash equivalents	$ 210
Fee payable equal to amount drawn under facility percentage	2.50%
Annual completion support fee percentage	2.50%
Wholly Owned Subsidiaries of Rio Tinto [member] | 9539549 Canada Inc [member]
Disclosure of transactions between related parties [line items]
Receivable from subsidiaries	$ 511.3
Interest rate adjustment to basis	2.45%
Interest rate basis	LIBOR
Wholly Owned Subsidiaries of Rio Tinto [member] | 9539549 Canada Inc [member] | Interest receivable [member]
Disclosure of transactions between related parties [line items]
Interest rate adjustment to basis	(0.05%)
Wholly Owned Subsidiaries of Rio Tinto [member] | 9539549 Canada Inc [member] | Cash management services agreement [member]
Disclosure of transactions between related parties [line items]
Interest rate adjustment to basis	2.50%

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	Jan. 16, 2018	Dec. 31, 2019	Dec. 31, 2018
Disclosure of commitments and contingencies [line items]
Capital commitments		$ 44.5
Power purchase commitments		404.3
Oyu Tolgoi [member]
Disclosure of commitments and contingencies [line items]
Disputed tax assessment		$ 150
Oyu Tolgoi [member] | Tax assessment [member]
Disclosure of commitments and contingencies [line items]
Settlement of unpaid taxes, fines and penalties for accepted items	$ 4.8
Dispute negotiation period		60 working-day
Oyu Tolgoi [member] | Tax assessment [member] | 2013 through 2015 [member]
Disclosure of commitments and contingencies [line items]
Tax assessment amount	$ 155
National power transmission grid [member] | Oyu Tolgoi [member]
Disclosure of commitments and contingencies [line items]
Purchase agreement period			6 years
Purchase agreement possible cancellation period			After the fourth year

Financial Instruments and Fai_3

Financial Instruments and Fair Value Measurements - Summary of Financial Instruments and Fair Value Measurements (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Disclosure of fair value measurements of assets and liabilities [line items]
Assets	$ 12,822,394	$ 13,311,987
Recurring fair value measurement [member]
Disclosure of fair value measurements of assets and liabilities [line items]
Assets	896,916	332,310
Recurring fair value measurement [member] | Level 1 of fair value hierarchy [member]
Disclosure of fair value measurements of assets and liabilities [line items]
Assets	880,035	321,374
Recurring fair value measurement [member] | Level 2 of fair value hierarchy [member]
Disclosure of fair value measurements of assets and liabilities [line items]
Assets	16,881	10,936
Recurring fair value measurement [member] | Money market funds [member]
Disclosure of fair value measurements of assets and liabilities [line items]
Assets	876,126	315,808
Recurring fair value measurement [member] | Money market funds [member] | Level 1 of fair value hierarchy [member]
Disclosure of fair value measurements of assets and liabilities [line items]
Assets	876,126	315,808
Recurring fair value measurement [member] | Marketable Securities [member]
Disclosure of fair value measurements of assets and liabilities [line items]
Assets	3,909	5,566
Recurring fair value measurement [member] | Marketable Securities [member] | Level 1 of fair value hierarchy [member]
Disclosure of fair value measurements of assets and liabilities [line items]
Assets	3,909	5,566
Recurring fair value measurement [member] | Trade receivables [member]
Disclosure of fair value measurements of assets and liabilities [line items]
Assets	16,881	10,936
Recurring fair value measurement [member] | Trade receivables [member] | Level 2 of fair value hierarchy [member]
Disclosure of fair value measurements of assets and liabilities [line items]
Assets	$ 16,881	$ 10,936

Financial Instruments and Fai_4

Financial Instruments and Fair Value Measurements - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)T	Dec. 31, 2018USD ($)
Foreign exchange risk [member] | Mongolian Tugrik [member]
Disclosure of fair value measurement of assets [line items]
Foreign exchange gain (loss)	$ 20.9	$ 22.7
Interest rate risk [member] | London Interbank Offered Rate (LIBOR) [member]
Disclosure of fair value measurement of assets [line items]
Calculated change in net earnings due to 100 basis point increase in LIBOR interest rates	$ 32.8	$ 16.3
Commodity price risk [member]
Disclosure of fair value measurement of assets [line items]
Copper in concentrate, sales | T	27,900

Key Management Compensation - S

Key Management Compensation - Schedule of Key Management Compensation (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Disclosure of key management personnel compensation [abstract]
Salaries, director fees and other short term benefits	$ 3,520	$ 1,909
Post-employment benefits	214	27
Share based payment	1,370	1,262
Total	$ 5,104	$ 3,198