Turquoise Hill Releases 2019 Financial Guidance, Underground Development Updates

Turquoise Hill Resources (TSX:TRQ,NYSE:TRQ) released its 2019 financial guidance, which estimated that operating cash costs for the year would come in at $800 million to $850 million.

The report also gave an update on underground development, which highlighted “significant progress” made at the Oyu Tolgoi project through 2018.

As stated in the press release:

Capital expenditures for 2019 on a cash-basis are expected to be $150 million to $180 million for open-pit operations and $1.3 billion to $1.4 billion for underground development. Open-pit capital is mainly comprised of deferred stripping, equipment purchases, maintenance componentization and tailings storage facility construction. Underground development capital includes both expansion capital and VAT.

Oyu Tolgoi is expected to produce 125,000 to 155,000 tonnes of copper and 180,000 to 220,000 ounces of gold in concentrates for 2019. Open-pit operations are expected to mine ore primarily from Phase 4 throughout the year, with contributions from Phase 6. Mill throughput for 2019 is expected to be approximately 40 million tonnes and includes the processing of some material from mine stockpiles.

Click here to read the full press release from Turquoise Hill Resources.