Mongolian Oyu Tolgoi drives strong start to the year for Turquoise Hill Resources
The Oyu Tolgoi mine, in Mongolia, has seen copper and gold production on track to meet Turquoise Hill’s guidance.
“Oyu Tolgoi has made a strong start to 2019,” said Ulf Quellmann, Turquoise Hill’s Chief Executive Officer. “Copper and gold production at our open pit operations are up 18% and 188% over the first quarter of 2018 respectively, and we remain on track to achieve our full-year 2019 production guidance. Over the last three months, Oyu Tolgoi has completed key surface and underground infrastructure, commenced sinking shafts 3 and 4 and also progressed underground lateral development.
“We remain engaged with our mine manager, Rio Tinto, to incorporate new geotechnical data into the mine design, and we expect to provide an update along with our mid-year results.
“Oyu Tolgoi is truly a world-class deposit, with the potential to produce low-cost copper over a multi-decade life. Turquoise Hill provides a unique opportunity for shareholders to directly participate in the world’s next Tier-1 copper mine.”
During the first quarter of this year, Oyu Tolgoi produced 45,800 tonnes of copper and 120,000 ounces of gold and is on track to achieve 2019 copper and gold production guidance.
Revenue of $352.7mn in the first quarter increased 43.6% over the first quarter of 2018, primarily reflecting the significant increase in gold production as Oyu Tolgoi benefitted from the processing of Phase 4 ore that contained higher gold content.
The Government of Mongolia owns a 34% stake in Oyu Tolgoi, while Turquoise Hill Resources, 51% owned by Rio Tinto, holds the remaining shares.
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