JUMPING THE QUEUE
The biggest riser in the FP500 database is Turquoise Hill Resources Ltd., which jumped 571 spots to land at No. 222. Formerly known as Ivanhoe Mines Ltd. and now a unit of global miner Rio Tinto PLC, its revenue soared 3,323.6% to $1.8 billion as it expanded its operations at the Oyu Tolgoi Project in Southern Mongolia, a copper-gold mine that should eventually produce even more as the company finalizes an agreement to develop the underground portion. Turquoise Hill Resources also has two subsidiaries that have coal resource properties in Mongolia and molybdenum, rhenium, copper, gold and uranium resource properties in Australia. However, a deal to unload its remaining stake in Mongolian coal miner SouthGobi Resources Ltd. — which was once worth billions of dollars but has been affected by a slowing Chinese economy, weaker coal prices, accounting problems and funding woes — fell through in April.
Other big movers included Nevsun Resources Ltd. (up 300 spots to No. 433) and Detour Gold Corp. (up 291 to No. 430), both of which expanded their respective mining operations. Desjardins Financial Security Life Assurance Co. made the biggest jump into the top 100, rising 43 positions to No. 76, and Fairfax Financial Holdings Ltd. was the biggest jumper within the top 100, up 31 spots to No. 40, again reflecting the strength of the insurance market.
Oyu Tolgoi Project in Southern Mongolia