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TRQ - Turquoise Hill Is Closer To Being An Investment But Is Still A Bet On Copper And Gold
Turquoise Hill Resources Ltd.
The last time I wrote about Turquoise Hill (TRQ) was more than 3 years ago. As I am a value investor my conclusion was straightforward;
TRQ is a play on copper
Many things can go wrong
The investment isn't justified at low copper prices
Unfortunately for TRQ investors, the risks materialized and higher copper prices didn't suffice to protect the stock price.
However, the market capitalization is slowly but surely getting closer to what could be a fair investment valuation for TRQ where the higher copper price option, gold hedge and 100-year