Thesis
In a previous article, I discussed how declining copper prices could pose a threat to the near-term outlook of Turquoise Hill Resources (TRQ). The prevailing uncertainty amid the pandemic-triggered lock downs also elevated the troubles. However, with easing lockdowns and recovering oil prices, copper's price outlook has witnessed a turnaround particularly due to the gradual reopening of the Chinese economy. This is good news for TRQ, whose share prices have been depressed for long and whose copper and gold concentrates are shipped to Chinese smelters.
More importantly, the GoM (read: