Turquoise Hill Announces Financial Results

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.