Last $3.02 USD
Change Today +0.11 / 3.78%
Volume 719.2K
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As of 2:55 PM 12/26/14 All times are local (Market data is delayed by at least 15 minutes).

turquoise hill resources ltd (TRQ) Snapshot

Open
$2.93
Previous Close
$2.91
Day High
$3.04
Day Low
$2.93
52 Week High
03/7/14 - $4.36
52 Week Low
12/15/14 - $2.75
Market Cap
6.1B
Average Volume 10 Days
2.8M
EPS TTM
--
Shares Outstanding
2.0B
EX-Date
--
P/E TM
--
Dividend
--
Dividend Yield
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Current Stock Chart for TURQUOISE HILL RESOURCES LTD (TRQ)

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turquoise hill resources ltd (TRQ) 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 (TRQ) Top Compensated Officers

Senior Vice President of Operations and Techn...
Total Annual Compensation: $291.9K
Compensation as of Fiscal Year 2013.

turquoise hill resources ltd (TRQ) Key Developments

Turquoise Hill Resources Announces Earnings and Production Results for the Third Quarter and Nine Months Ended September 30, 2014; Provides Production Guidance for the Fourth Quarter of 2014; Provides Capital Expenditures Guidance for the Full Year of 2014

Turquoise Hill Resources announced earnings and production results for the third quarter and nine months ended September 30, 2014. For the third quarter, revenue was $466,144,000. Operating profit was $11,857,000 against operating loss of $98,394,000 a year ago. Profit before income taxes and other items was $13,944,000 against loss of $96,850,000 a year ago. Profit from continuing operations was $1,790,000 against loss of $117,801,000 a year ago. Net loss attributable to company was $38,637,000 or $0.02 basic and diluted per share against $94,032,000 or $0.09 basic and diluted per share a year ago. The improvement of $119.6 million is primarily due to the start of sales at Oyu Tolgoi in late 2013 resulting in gross margin in third quarter of 2014 of $86.2 million combined with reductions in operating ($17.3 million) and exploration ($12.2 million) expenses at Oyu Tolgoi and a reduction in corporate expenses of $6.1 million. Cash provided by operating activities was $247,538,000 against cash used in operating activities of $301,437,000 a year ago. Expenditures on property, plant and equipment was $67,445,000 against $98,732,000 a year ago. Net income from continuing operations attributable to company was $40,821,000 or $0.02 basic and diluted per share against net loss of $65,262,000 or $0.06 basic and diluted per share a year ago. For the nine months, revenue was $1,010,173,000. Operating loss was $61,818,000 against $213,018,000 a year ago. Loss before income taxes and other items was $90,931,000 against $204,972,000 a year ago. Loss from continuing operations was $129,004,000 against $247,455,000 a year ago. Net loss attributable to company was $79,638,000 or $0.04 basic and diluted per share against $250,339,000 or $0.25 basic and diluted per share a year ago. Cash provided by operating activities was $246,466,000 against Cash used in operating activities of $617,358,000 a year ago. Expenditures on property, plant and equipment was $188,954,000 against $853,037,000 a year ago. Net income from continuing operations attributable to company was $22,240,000 or $0.01 basic and diluted per share against net loss of $144,451,000 or $0.14 basic and diluted per share a year ago. For the quarter, the company reported open pit material mined of 19,493,000 tonnes compared to 12,151,000 tonnes a year ago. Ore treated was 7,029,000 tonnes compared to 8,052,000 tonnes a year ago. Concentrates produced was 134,100 tonnes compared to 110,300 tonnes a year ago. Production of copper in concentrates was 36,600 tonnes compared to 30,600 tonnes a year ago. Production of gold in concentrates was 132,000 tonnes compared to 62,000 tonnes a year ago. Production of silver in concentrates was 216,000 tonnes compared to 196,000 tonnes a year ago. For the nine months, the company reported open pit material mined of 57,975,000 tonnes compared to 54,768,000 tonnes a year ago. Ore treated was 20,367,000 tonnes compared to 12,482,000 tonnes a year ago. Concentrates produced was 377,000 tonnes compared to 160,500 tonnes a year ago. Production of copper in concentrates was 98,200 tonnes compared to 43,700 tonnes a year ago. Production of gold in concentrates was 311,000 tonnes compared to 83,000 tonnes a year ago. Production of silver in concentrates was 608,000 tonnes compared to 281,000 tonnes a year ago. For the full year 2014, the company reduced expected capital expenditure from $160 million to capital expenditure of approximately $110 million for the year. Strong concentrate sales are expected to continue during fourth quarter 2014 and sales are expected to exceed production for the quarter. Oyu Tolgoi's goal is to reach four to eight weeks of concentrate production in inventory by the end of 2014. As the open-pit mine deepens into the high-grade zone in fourth quarter 2014 and first quarter 2015, copper head grades are expected to increase and reach 0.60% - 0.70% per tonne and gold head grades are expected to average approximately 1.0 gram per tonne. As a result of delayed mine advancement in quarter 2014, Turquoise Hill 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. Turquoise Hill 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.

Turquoise Hill Resources Announces Board and Management Changes

Turquoise Hill Resources announced the retirement of Chair Dr. David Klingner, effective January 1, 2015, and Chief Executive Officer Kay Priestly, effective December 1, 2014. Current directors Jill Gardiner and Jeff Tygesen have been appointed Chair and Chief Executive Officer, respectively. Ms. Priestly will remain on the Turquoise Hill board until December 31, 2014. Ms. Priestly was appointed Chief Executive Officer of the Company on May 1, 2012 leading Turquoise Hill during the final phase of Oyu Tolgoi's initial development and operational ramp up. Mr. Tygesen has been a Turquoise Hill director since August 2012. Most recently, Mr. Tygesen was Vice-President, Copper Development at Rio Tinto Copper Group and was responsible for overseeing Rio Tinto's joint venture interests at its Chilean and Indonesian copper operations. Effective January 1, 2015, Dr. Craig Stegman will be appointed a Turquoise Hill director to fill the vacancy following Ms. Priestly's retirement. He is currently Vice President, Growth & Innovation where he is responsible for long-term planning for Rio Tinto's Copper Group assets. Dr. Stegman was previously Managing Director, Copper Major Projects and Managing Director, Northparkes Mines. Effective January 1, 2015, director Russel Robertson will take over as Chair of the Audit Committee and Ms. Gardiner will become Chair of the Nominating and Corporate Governance Committee. Ms. Gardiner was appointed to the Turquoise Hill board in May, 2012. She spent over 20 years in the investment banking industry, most recently as Managing Director and Regional Head, BC, for RBC Capital Markets.

Turquoise Hill Resources Ltd. to Report Q3, 2014 Results on Nov 10, 2014

Turquoise Hill Resources Ltd. announced that they will report Q3, 2014 results at 9:00 AM, Eastern Standard Time on Nov 10, 2014

 

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