Turquoise Hill announces second quarter 2019 production results

B.Chimeg GoGo.mn

2019-07-16 12:06 GMT+8

Turquoise Hill announced second quarter 2019 production for Oyu Tolgoi and provided an update on underground development.

Highlights:

•Copper production of 39,156 tonnes, a decrease of 0.6% vs Q2 2018

•Gold production of 71,825 ounces, an increase of 43.7% vs Q2 2018

•Mill throughput increased 2.3% year over year and 12.3% sequentially

The transition from mining Phase 4A to Phase 4B and stockpiles resulted in: o Lower copper head grade of 0.46% vs 0.57% Q1 2019 o Lower gold head grade of 0.31g/t vs 0.58g/t Q1 2019 o Concentrate production decreased 14% vs Q1 2019 o Copper production decreased 14.6% vs Q1 2019 o Gold production decreased 40% vs Q1 2019 Copper and gold grades are expected to decline over the remainder of the year as Oyu Tolgoi processes a higher proportion of Phase 4B and Phase 6 ore, but the company is well positioned to meet its 2019 copper and gold production guidance.

The focus for the construction team remains completing Shaft 2, where works are progressing. Rope up preparation is well advanced and related work is expected to commence in July. The commissioning of Shaft 2 remains on track for October. Other critical infrastructure components such as the control room facility and the jaw crusher system are now complete and construction on shafts 3 and 4 is progressing well.

By implementing productivity improvements, the underground mining team achieved a record performance of over 1,000 metres of lateral development in June. Record monthly development was also achieved in June in the convey-to-surface decline as a result of excellent productivity in improved ground conditions.

Ulf Quellmann, Chief Executive Officer of Turquoise Hill stated, “In addition to the solid second quarter operational performance, we have also made good progress towards the completion of the definitive estimate. Working with Rio Tinto, we have identified a number of mine designs to address the stability risks associated with the original design, and continue to assess the impact on the cost and schedule of the project. Oyu Tolgoi is a world-class ore body with a very long life of mine. Developing the right new mine plan is essential in delivering maximum value for Turquoise Hill’s shareholders.”   

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