JUMP­ING THE QUEUE

National Post (Latest Edition) - Financial Post Magazine - - COMMENT -

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

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