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Turquoise Hill reports its 2Q19 financial results

Published by , Assistant Editor
Global Mining Review,

On 31 July, Turquoise Hill Resources announced its financial results for the quarter ended 30 June 2019. All figures are in US dollars unless otherwise stated. “The Oyu Tolgoi opencast mine continued its strong performance through the second quarter of 2019,” said Ulf Quellmann, Turquoise Hill’s CEO. “Revenue of US$382.7 million in 2Q19 was a 12% increase on a year-on-year basis, while copper and gold production were essentially flat and up 44% over 2Q18 respectively.

“As discussed in our second quarter 2019 production update conference call on 16 July, the underground development during 2Q19 was very strong with the completion of critical infrastructure components, Shaft 2 transitioning into rope up phase, Shafts 3 & 4 progressing well, and a record month of lateral development in June.

“We continue to review mine design modifications with Rio Tinto and are assessing the potential impact on the cost and schedule of the underground project. Critically, all underground development to date has not been impacted at all by pending changes to our mine design, and all infrastructure developed to date remains usable and in the appropriate locations for all of the mine design options under review. Supported by our current liquidity of US$3 billion we continue to drive forward with the underground development of the Oyu Tolgoi mine whilst we are reviewing a variety of funding options.”

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