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Last $2.88 USD
Change Today -0.01 / -0.35%
Volume 6.4M
TRQ On Other Exchanges
Symbol
Exchange
Frankfurt
As of 8:04 PM 09/2/15 All times are local (Market data is delayed by at least 15 minutes).

turquoise hill resources ltd (TRQ) Key Developments

Turquoise Hill Resources Ltd. Announces Unaudited Consolidated Earnings and Operating Results for the Second Quarter and Six Months Ended June 30, 2015; Reports Impairments for the Second Quarter Ended June 30, 2015; Provides Production Guidance for the Second Half of 2015 and Provides CapEx Guidance for the Full Year 2015

Turquoise Hill Resources Ltd. announced unaudited consolidated earnings and operating results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported revenue of USD 421.261 million compared to USD 459.548 million a year ago. Income from continuing operations before taxes was USD 57.092 million compared to loss of USD 21.329 million a year ago. Income attributable to owners of the company was USD 24.875 million or USD 0.01 per basic and diluted share compared to USD 7.884 million a year ago. Results for the second quarter of 2015 reflect the impact of lower production costs, partly offset by one-time charges and adjustments relating to agreements made as part of the Oyu Tolgoi Underground Mine Development and Financing Plan signed on May 18, 2015, and loss on partial divestment of SouthGobi on April 23, 2015. Income attributable to owners of the company from continuing operations was USD 49.889 million or USD 0.02 per basic and diluted share compared to USD 20.136 million or USD 0.01 per basic and diluted share a year ago. Net cash generated from operating activities was USD 234.549 million compared to USD 152.703 million a year ago. Expenditures on property, plant and equipment were USD 35.164 million compared to USD 68.141 a year ago. For the six months, the company reported revenue of USD 847.418 million compared to USD 573.495 million a year ago. Income from continuing operations before taxes was USD 121.283 million compared to loss of USD 78.296 million a year ago. Income attributable to owners of the company was USD 121.045 million or USD 0.06 per basic and diluted share compared to loss of USD 13.759 million a year ago. Income attributable to owners of the company from continuing operations was USD 117.030 million or USD 0.06 per basic and diluted share compared to USD 10.667 million a year ago. Net cash generated from operating activities was USD 331.830 million compared to USD 22.400 million a year ago. Expenditures on property, plant and equipment were USD 59.447 million compared to USD 144.979 a year ago. Income attributable to owners of the company from continuing operations was USD 49.889 million or USD 0.02 per basic and diluted share compared to USD 20.136 million or USD 0.01 per basic and diluted share a year ago. For the quarter, the company reported open pit material mined was 22,094,000 tonnes against 16,861,000 for the same period last year. Ore treated was 9,025,000 tonnes against 7,778,000 tonnes for the same period last year. Copper production was 55,300 tonnes against 36,200 tonnes for the same period last year. Gold production was 238,000 ounces against 113,000 ounces for the same period last year. Silver production was 297,000 ounces against 229,000 ounces for the same period last year. For the half year, the company reported open pit material mined was 44,093,000 tonnes against 38,482,000 for the same period last year. Ore treated was 16,536,000 tonnes against 13,338,000 tonnes for the same period last year. Copper production was 88,900 tonnes against 61,500 tonnes for the same period last year. Gold production was 324,000 ounces against 179,000 ounces for the same period last year. Silver production was 481,000 ounces against 391,000 ounces for the same period last year. For the quarter, the company reported write down of carrying value of property, plant and equipment of USD 38.087 million against USD 8.170 million a year ago. For the second half of 2015, the company's production of higher-grade ore is expected to continue. The company’s metal production, especially gold, is strongly dependent on the proportion of ore treated from the high-grade zone. During the second half of the year, copper production is expected to be higher than the first half while gold production is expected to moderate as grades begin to decline in the later part of third quarter of 2015. The company continues to expect Oyu Tolgoi to produce 175,000 to 195,000 tonnes of copper and 600,000 to 700,000 ounces of gold in concentrates in 2015. The company maintaining 2015 guidance for CapEx. The company expects total CapEx to be USD 230 million.

Turquoise Hill Resources Ltd. to Report Q2, 2015 Results on Aug 05, 2015

Turquoise Hill Resources Ltd. announced that they will report Q2, 2015 results After-Market on Aug 05, 2015

Turquoise Hill Resources Ltd., Q2 2015 Earnings Call, Aug 06, 2015

Turquoise Hill Resources Ltd., Q2 2015 Earnings Call, Aug 06, 2015

Turquoise Hill Resources Announces Production Results of Oyu Tolgoi for the Second Quarter and First Half of 2015

Turquoise Hill Resources announced production results of Oyu Tolgoi for the second quarter and first half of 2015. For the quarter, the company reported production of open pit material mined of 22,094,000 tonnes compared to 16,861 tonnes a year ago. Ore treated was 9,025 tonnes compared to 7,778,000 tonnes a year ago. Copper concentrates produced was 215.5 tonnes compared to 140,000 tonnes a year ago. Production of copper in concentrates was 55,300 tonnes compared to 36,200 tonnes a year ago. Production of gold in concentrates was 238,000 tonnes compared to 113,000 tonnes and production of silver in concentrates was 297,000 tonnes compared to 229,000 tonnes a year ago. For the half year, the company reported production of open pit material mined of 44,093,000 tonnes compared to 38,482,000 produced in the same period last year. Ore treated was 16,536,000 tonnes against 13,338,000 tonnes reported last year. Copper concentrates produced was 346,400 tonnes against 242,900 tonnes reported last year. Production of copper in concentrates was 88,900 tonnes against 61,500 tonnes reported last year. Production of gold in concentrates was 324,000 tonnes against 179,000 tonnes reported last year. Production of silver in concentrates was 481,000 tonnes against 391,000 tonnes reported last year.

SouthGobi Resources and Turquoise Hill Resources Face Notice of Claim by Alexander Molyneux

SouthGobi Resources Ltd. announced that on June 30, it was served with a notice of civil claim filed by the company's former President and Chief Executive Officer, Alexander Molyneux, in the British Columbia Supreme Court. The claim relates to alleged breaches of Molyneux's employment agreement by the company. In addition to SouthGobi, Turquoise Hill Resources Ltd., the company's largest shareholder at the time of Molyneux's employment, was also named in the claim. Molyneux acted as SouthGobi's President from April 2009 and Chief Executive Officer from October 2009 until September 2012, when the company terminated his employment. Molyneux is seeking damages in excess of $1 million in his notice of claim. The company considers the action is without merit. SouthGobi said it intends to vigorously defend the action and reserves its right to pursue all legal rights and remedies available to it in connection with the proceedings.

 

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