The Vancouver-based Turquoise Hill Resources -- formerly known as Ivanhoe Mines Ltd. -- says its third-quarter net income shot up to $114.3 million, largely due to a $176.2-million increase in the fair value of certain derivatives. The most recent quarter also included $55.3 million in exploration expenses, $57.2 million in cost of sales, $18.3 million in general and administrative expenses, and a $12.5 million writedown on current assets.
Those changes were offset by a $12.9-million change in the fair value of SouthGobi Resources Ltd.’s embedded derivatives, a $176.2-million increase in the fair value of the derivatives on its 2012 rights offering, and $4.7 million in interest income. Revenue was $23.8 million, though the company, now majority-owned by Anglo Australian mining giant Rio Tinto PLC, did not provide a year ago comparison.