Turquoise Hill Resources Reports Net Loss of $434.6 Million for 2012

Turquoise Hill Resources (TSX:TRQ, NYSE:TRQ, NASDAQ:TRQ) reported their financial results for 2012, including a net loss of $434.6 million.

As quoted in the press release:

HIGHLIGHTS

• Following the signing of the binding power purchase agreement in November 2012, electrical transmission lines to OyuTolgoi were energized and operational.
• Phase-one construction at OyuTolgoi reached 99% completion at the end of 2012.
• Underground lateral development continued during Q4’12 with approximately 1,500 metres achieved by the end of 2012.
• Construction of the concentrator was completed in Q4’12 and a commissioning ceremony was held on December 27, 2012. First ore was fed into the semi-autogenous grinding mill on January 2, 2013.
• First concentrate was produced at OyuTolgoi on January 31, 2013, and commencement of commercial production is expected by the end of June 2013 subject to the resolution of the issues being discussed with the Mongolian Government.
• Turquoise Hill and Rio Tinto continue to have productive discussions with the Mongolian Government on a range of issues related to the implementation of the Investment Agreement and all parties have agreed to continue discussions with a goal of resolving matters in the near term.

To view the whole press release, click here.