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turquoise hill resources ltd (IHM) Snapshot

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03/7/14 - €3.40
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turquoise hill resources ltd (IHM) Details

Turquoise Hill Resources Ltd., together with its subsidiaries, operates as a mineral exploration, development, and mining company. The company’s principal mineral resource property includes the Oyu Tolgoi project, a copper-gold project located in the South Gobi region of Mongolia. It also holds interests in coal resource properties in Mongolia; and molybdenum and silver resource properties. The company was formerly known as Ivanhoe Mines Ltd. and changed its name to Turquoise Hill Resources Ltd. in August 2012. Turquoise Hill Resources Ltd. was founded in 1994 and is headquartered in Vancouver, Canada. Turquoise Hill Resources Ltd. operates as a subsidiary of Rio Tinto plc.

3,360 Employees
Last Reported Date: 03/26/14
Founded in 1994

turquoise hill resources ltd (IHM) Top Compensated Officers

Chief Executive Officer, Director, Member of ...
Total Annual Compensation: $506.5K
Senior Vice President of Operations and Techn...
Total Annual Compensation: $291.9K
Compensation as of Fiscal Year 2013.

turquoise hill resources ltd (IHM) Key Developments

Turquoise Hill Resources Announces Production Results at Oyu Tolgoi for the Third Quarter and Nine Months of 2014; Provides Production Guidance for the Fourth Quarter 2014 and Capital Expenditure Guidance for the Year 2014

Turquoise Hill Resources announced production results at Oyu Tolgoi for the third quarter and nine months of 2014. For the quarter, production was 36,600 tonnes of copper and 132,000 ounces of gold in concentrates. Metal production for the quarter was in-line with second quarter 2014 as higher copper grades offset lower throughput due to the previously announced failure of the rake arms in one of Oyu Tolgoi's two tailings thickeners. Material mined of approximately 19.5 million tonnes for the quarter was higher than second quarter 2014 but was impacted by lower equipment availability. For the nine months, production of copper in concentrates was 98,200 tonnes, gold in concentrates was 311,000 tonnes, and silver in concentrates was 608,000 tonnes compared to production of copper in concentrates of 43,700 tonnes, gold in concentrates of 83,000 tonnes, and silver in concentrates of 281,000 tonnes a year ago. As a result of the delayed mine advancement in third quarter 2014, the company now expects Oyu Tolgoi to produce between 550,000 - 600,000 ounces of gold in concentrates for 2014. Previously anticipated fourth quarter 2014 gold in concentrates production is expected to shift to first quarter 2015. The company previously expected between 135,000 - 160,000 tonnes of copper in concentrates for the year but now expects Oyu Tolgoi to produce between 135,000 - 150,000 tonnes of copper in concentrates for 2014. The company has also reduced expected capital expenditure for 2014 from USD 160 million to capital expenditure of approximately USD 110 million for the year.

Turquoise Hill Resources Announces 2014 Oyu Tolgoi Feasibility Study

Turquoise Hill Resources announced that the 2014 Oyu Tolgoi Feasibility Study has been finalized and presented to the board of directors of Oyu Tolgoi LLC. The Feasibility Study includes analysis of two production cases - the 2014 Reserve Case and the 2014 Life of Mine (LOM) Case. The 2014 Reserve Case includes mineral reserves from the Southern Oyu Tolgoi open pit and the Hugo North Lift 1 block cave. The LOM Case reflects the development flexibility that exists with respect to later phases of the Oyu Tolgoi deposits (Heruga, Hugo South, and the second lift of Hugo North), which will require separate development decisions in the future based on then prevailing conditions and the development experience obtained from developing and operating the initial phases of the Oyu Tolgoi Project. Accordingly, the 2014 LOM Case is effectively a preliminary economic assessment under National Instrument 43-101 - Standards of Disclosure for Mineral Projects and therefore does not have as high a level of certainty as the 2014 Reserve Case. The 2014 LOM Case is preliminary in nature and includes Inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the 2014 LOM Case will be realized. An updated mineral resource model and estimate for the Hugo North deposit.

Turquoise Hill Resources Announces Earnings Results for the Second Quarter Ended June 30, 2014

Turquoise Hill Resources announced earnings results for the second quarter ended June 30, 2014. In the second quarter of 2014, the company recorded net income of $9.6 million ($0.00 per share), compared to a net loss of $105.4 million ($0.08 per share) in the second quarter of 2013, representing an improvement of $115.0 million. Results for the second quarter of 2014 improved due to reductions in operating losses before non-controlling interests at Oyu Tolgoi of $39.2 million and at SouthGobi of $24.9 million which after adjusting for non-controlling interests resulted in improvements of $25.9 million and $13.9 million respectively. In addition, the improvement arose from a gain of $14.0 million on the sale of non-core mineral property rights and reduced corporate expenses of $8.1 million. The results for the second quarter of 2013 included a loss from discontinued operations of $48.9 million. Total revenue was $442.7 million against $6.1 million a year ago.


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