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Turquoise Hill Resources (TSX:TRQ,NYSE:TRQ,NASDAQ:TRQ) announced their second quarter results, including a net loss of $105.3 million.
Turquoise Hill Resources (TSX:TRQ,NYSE:TRQ,NASDAQ:TRQ) announced their second quarter results, including a net loss of $105.3 million.
As quoted in the press release:
HIGHLIGHTS
Commissioning of the Oyu Tolgoi mine’s concentrator progressed during Q2’13, and by the end of Q2’13 the concentrator had consistently achieved throughput above 70%.
The concentrator is now consistently achieving throughput rates above 80% of design capacity.
Concentrator production is in stabilization and optimization phase and is expected to reach full capacity in the second half of 2013.
On July 9, 2013, Oyu Tolgoi commenced shipping concentrate to customers in China with an initial sale of approximately 5,800 tonnes of concentrate.
As of June 30, 2013, Oyu Tolgoi held 50,200 tonnes of concentrate inventory and is expected to produce between 75,000 and 85,000 tonnes of copper in concentrates for 2013.
Turquoise Hill’s CEO, Kay Priestly, said:
The production ramp-up at Oyu Tolgoi is progressing and the concentrator in now consistently achieving throughput rates above 80% of capacity. The commencement of concentrate shipments from Oyu Tolgoi was a significant operational milestone and the mine is currently delivering concentrate to customers. We continue to work with Rio Tinto and the Government of Mongolia on project financing as well as a range of other issues in order to reach a common understanding and successfully resolve matters.
To view the whole press release, click here.
