Turquoise Hill Resources Ltd. TRQ

To positive to Sink More. Last Q Highlights

[LongTbuffet]

HIGHLIGHTS

• Oyu Tolgoi achieved a strong All Injury Frequency Rate of 0.09 per 200,000 hours worked for the three months ended March 31, 2019.
   
• During Q1'19, 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 $352.7 million in Q1'19 increased 43.6% over Q1'18 primarily reflecting the significant increase in gold production as Oyu Tolgoi benefitted from the processing of Phase 4 ore that contained higher gold content.
   
• For Q1'19, Oyu Tolgoi's cost of sales was $1.99 per pound of copper sold, C1 cash costs were $0.77 per pound of copper produced and all-in sustaining costs were $1.45 per pound of copper produced1.
   
• Operating cash costs1 of $198.1 million in Q1'19 increased 12.1% over Q1'18 primarily reflecting higher freight and royalty costs associated with higher sales revenues, higher power study costs and increased community development costs.
   
• For Q1'19, the Company recorded income of $105.2 million and net income attributable to owners of Turquoise Hill of $111.2 million or $0.06 per share.
   
• During Q1'19, underground expansion spend was $296.4 million, resulting in total project spend since January 1, 2016 of approximately $2.6 billion.
   
• Turquoise Hill generated cash flow from operating activities before interest and taxes of $49.8 million in Q1'19, an increase of 239.5% over Q1'18.
   
• Underground development progressed during Q1'19, with 3.2 total equivalent kilometres completed during the quarter, an increase of 0.6 total equivalent kilometres from Q1'18.
   
• Since the restart of underground development, 21.2 total equivalent kilometres and 16.6 equivalent kilometres of lateral development have been completed.
   
• The Shaft 2 development jaw crusher is complete and currently being commissioned.
   
• The Surface Discharge Conveyor is complete and tied to the existing Overland Conveyor and is now in commissioning phase.
   
• Shafts 3 and 4 works are progressing well and as of March 31, 2019 were 10 metres and 50 metres below the shaft collar respectively.
   
• Rio Tinto, in its role as manager of Oyu Tolgoi, has advised that it has completed a detailed review of the Shaft 2 schedule and Shaft 2 is now expected to be completed by the end of October 2019. 

 

1 Please refer to the NON-GAAP MEASURES section of this press release for further information.

FINANCIAL RESULTS

Read more at https://stockhouse.com/news/press-releases/2019/05/15/turquoise-hill-announces-financial-results-and-review-of-operations-for-the#bAQ2Shyo3cOYAYqa.99