Turquoise Hill plunges to all-time lows on Oyu Tolgoi troubles [Seeking Alpha]
Turquoise Hill Resources Ltd. Ordinary Shares (TRQ)
US:NYSE Investor Relations:
turquoisehill.com/s/investors.asp
Company Research
Source: Seeking Alpha
Shares of Turquoise Hill Resources ( TRQ ) sink to historic depths on news that steady-state production from the Oyu Tolgoi mine in Mongolia could be delayed 16-30 months from the original estimate while the capital cost of the mine expansion project could soar as much as $1.9B over expectations of $5.3B. Executives from TRQ majority owner Rio Tinto ( RIO ) say a final mining plan with cost estimates and production timelines probably will not be ready until H2 2020. Among TRQ's Q2 production results , copper fell 0.6% Y/Y to 39.1K metric tons, gold output gained 43% to 71.8K oz. and mill throughput rose 2.3% Y/Y and 12.3% Q/Q. The transition from mining Phase 4A to Phase 4B and stockpiles resulted in lower copper head grade of 0.46% vs. 0.57% in Q1 and lower gold head grade of 0.31g/t vs. 0.58g/t in Q1 as well as Q/Q decreases in production of concentrate (-14%), copper (-14.6%) and gold (-40%). TRQ says it expects copper and gold grades will decline through
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