Turquoise Hill Resources announced on August 5th its financial results for the quarter ended June 30, 2015.
HIGHLIGHTS
- On May 18, 2015, the Oyu Tolgoi Underground Mine Development and Financing Plan was signed addressing key outstanding shareholder matters and setting out long-term funding of the project.
- Following signing of the Underground Mine Development and Financing Plan, Turquoise Hill and Rio Tinto are advancing project financing and updating the underground feasibility study.
- Oyu Tolgoi achieved a solid safety performance with an All Injury Frequency Rate of 0.22per 200,000 hours worked for the first half of 2015.
- Oyu Tolgoi recorded revenue of $421.3 million in Q2’15 on sales of 189,800 tonnes of concentrate, a 1.2% reduction over Q1’15 reflecting lower gold prices partially offset by higher concentrate sales.
- Turquoise Hill reported income from continuing operations attributable to shareholders of $49.9 million.
- Turquoise Hill generated operating cash flow of $239.2 million during Q2’15, an increase of 127.2% over Q1’15.
- Concentrate production for Q2’15 increased 64.6% over Q1’15 due to a 20.1% increase in concentrator throughput and higher head grades.
- In Q2’15, Oyu Tolgoidelivered record-setting concentrate production and throughput.
- Copper and gold in concentrates for Q2’15 increased 64.6% and 176.7% respectively over Q1’15.
- Oyu Tolgoi began accessing higher-grade material in Q2’15 and mining and processing of higher-grade ore is expected to continue into the second half of 2015.
- Turquoise Hill continues to expect Oyu Tolgoi to produce 175,000 to 195,000 tonnes of copper and 600,000 to 700,000 ounces of gold in concentrates in 2015.
- On July 9, 2015, Oyu Tolgoi marked the second anniversary of its first shipment of concentrate.
- Turquoise Hill’s cash and cash equivalents at June 30, 2015 were $1.2 billion.
Source: Turquoise Hill Resources, photo credit: http://www.turquoisehill.com
Turquoise Hill Resources announced on August 5th its financial results for the quarter ended June 30, 2015.
HIGHLIGHTS
- On May 18, 2015, the Oyu Tolgoi Underground Mine Development and Financing Plan was signed addressing key outstanding shareholder matters and setting out long-term funding of the project.
- Following signing of the Underground Mine Development and Financing Plan, Turquoise Hill and Rio Tinto are advancing project financing and updating the underground feasibility study.
- Oyu Tolgoi achieved a solid safety performance with an All Injury Frequency Rate of 0.22per 200,000 hours worked for the first half of 2015.
- Oyu Tolgoi recorded revenue of $421.3 million in Q2’15 on sales of 189,800 tonnes of concentrate, a 1.2% reduction over Q1’15 reflecting lower gold prices partially offset by higher concentrate sales.
- Turquoise Hill reported income from continuing operations attributable to shareholders of $49.9 million.
- Turquoise Hill generated operating cash flow of $239.2 million during Q2’15, an increase of 127.2% over Q1’15.
- Concentrate production for Q2’15 increased 64.6% over Q1’15 due to a 20.1% increase in concentrator throughput and higher head grades.
- In Q2’15, Oyu Tolgoidelivered record-setting concentrate production and throughput.
- Copper and gold in concentrates for Q2’15 increased 64.6% and 176.7% respectively over Q1’15.
- Oyu Tolgoi began accessing higher-grade material in Q2’15 and mining and processing of higher-grade ore is expected to continue into the second half of 2015.
- Turquoise Hill continues to expect Oyu Tolgoi to produce 175,000 to 195,000 tonnes of copper and 600,000 to 700,000 ounces of gold in concentrates in 2015.
- On July 9, 2015, Oyu Tolgoi marked the second anniversary of its first shipment of concentrate.
- Turquoise Hill’s cash and cash equivalents at June 30, 2015 were $1.2 billion.
Source: Turquoise Hill Resources, photo credit: http://www.turquoisehill.com