Turquoise Hill Announces Financial Results

Base Metals Investing

Turquoise Hill Resources today announced its financial results for the quarter ended March 31, 2018.

Turquoise Hill Resources (NYSE:TRQ,TSX:TRQ) today announced its financial results for the quarter ended March 31, 2018.

As highlighted in the press release:

  • Oyu Tolgoi achieved a strong All Injury Frequency Rate of 0.21 per 200,000 hours worked for the three months ended March 31, 2018.

  • Underground development achieved record-level monthly progress during Q1 18, with 2.6 equivalent kilometres completed during the quarter.

  • In March 2018, the underground team experienced their highest development month to date.

  • Since the restart of development, a total of 10.3 equivalent kilometres of lateral development has been completed.

  • Sinking of shaft 2 was completed in January 2018 and sinking of shaft 5 was completed in March 2018.

  • During Q1 18, underground expansion spend was US$270.5 million, resulting in total project spend since January 1, 2016 of approximately US$1.4 billion.

  • Production from first draw bell remains planned for mid-2020 and sustainable first production in 2021.

  • During Q1 18, Oyu Tolgoi produced 38,800 tonnes of copper and 42,000 ounces of gold.

  • Revenue of US$245.6 million in Q118 increased 3.4 percent over Q1 17 reflecting higher copper and gold prices partly offset by lower concentrate sales volumes.

  • For Q1 18, the company recorded income of US$79.7 million and net income attributable to owners of Turquoise Hill of US$85.7 million or US$0.04 per share.

  • Turquoise Hill generated cash flow from operating activities before interest and taxes of US$14.7 million in Q1 18.

  • For Q1 18, Oyu Tolgoi’s cost of sales was US$2.23 per pound of copper sold, C1 cash costs were US$1.76 per pound of copper produced and all-in sustaining costs were US$2.07 per pound of copper produced.

  • Operating cash costs of US$176.6 million in Q1 18 increased 4.9 percent over Q1 17 reflecting higher open pit and concentrator maintenance costs.

Click here to view the full Turquoise Hill Resources(NYSE:TRQ,TSX:TRQ) press release.

 

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