financial results and review of operations for 2021 MONTREAL, March 2, 2022 /PRNewswire/ - Turquoise Hill Resources (the Company) today announced its financial results for the year ended December 31, 2021. All figures are in U.S. dollars unless otherwise stated.
"2021 was a year of significant accomplishments for Turquoise Hill and its shareholders. We achieved a safety All Injury Frequency Rate (AIFR) of 0.14 per 200,000 hours worked, the best full-year AIFR in the site's history, and an outstanding accomplishment for the OT team." stated Steve Thibeault, Turquoise Hill's Interim Chief Executive Officer. "We also took critical steps towards bringing the Oyu Tolgoi high grade underground mine into production, making Turquoise Hill one of the fastest growing major copper producers in the world."
"In addition, we reset and renewed our partnership with the Government of Mongolia which allowed us to proceed with the development of the underground mine. The Company also reached an amended funding agreement with Rio Tinto that provides a clear path to meeting the Company's estimated funding requirements. The underground mine remains on-track to reach sustainable production in H1 2023. These are remarkable outcomes considering the challenges posed by the COVID -19 pandemic, which resulted in our workforce being below normal staffing levels for much of the year."