turquoise hill resources ltd (TRQ) Key Developments
SouthGobi Resources and Turquoise Hill Resources Face Notice of Claim by Alexander Molyneux
Jul 2 15
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 large 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.
Turquoise Hill Resources Ltd. Presents at RBC Capital Markets 2015 Global Mining & Materials Conference, Jun-16-2015
Jun 16 15
Turquoise Hill Resources Ltd. Presents at RBC Capital Markets 2015 Global Mining & Materials Conference, Jun-16-2015 . Venue: Boston, Massachusetts, United States. Speakers: Jeffery D. Tygesen, Chief Executive Officer, Non Independent Director and Chairman of Health, Safety & Environment Committee, Steeve Thibeault, Chief Financial Officer.
Rio Tinto finalizes Deal with Mongolia to Proceed with $5.4 Billion Oyu Tolgoi Mine Expansion
May 19 15
Rio Tinto has reached a deal with the Mongolian Government for its $5.4 billion expansion of the underground mine at Oyu Tolgoi. The company has signed the mine development and financing plan alongside the government and its subsidiary Turquoise Hill Resources, which owns most of the mine. Following the agreement, the focus will now be on finalizing project finance, a feasibility study, and obtaining all necessary permits for the mine development to go ahead. According to Rio Tinto, the construction of the first phase of the open-pit Oyu Tolgoi mine was completed on schedule in less than two years. The mine shipped one million tonnes of copper concentrate in March 2015.
Turquoise Hill Resources Ltd. - Special Call
May 18 15
To discuss details of the recently announced Oyu Tolgoi Underground Mine Development and Financing Plan
Turquoise Hill Resources Ltd. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015; Provides Production Guidance for the Second Half of 2015
May 11 15
Turquoise Hill Resources Ltd. reported unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported total revenue of USD 426.2 million compared to USD 113.9 million a year ago. Net income from continuing operations attributable to parent were USD 67.1 million or USD 0.03 per basic and diluted share compared to net loss from continuing operations attributable to parent of USD 9.4 million or USD 0.01 per basic and diluted share a year ago. Net income attributable to the parent was USD 96.2 million or USD 0.04 per basic and diluted share compared to net loss attributable to the parent of USD 21.6 million or USD 0.02 per basic and diluted share a year ago. Revenue and sales reflects expected lower quarterly production and reduced head grades as well as the impact of the Lunar New Year holiday when border and customs operations were closed. Operating cash flows were USD 105.3 million, reflecting period sales, which were particularly impacted by high by-product revenues, and further drawdown of run-of-mine inventories held at December 31, 2014. Additions to property, plant and equipment were USD 30.4 million, including approximately USD 27.0 million for sustaining capital activities including the tailing storage facility. Income before finance items and taxes was USD 65.324 million compared to loss of USD 53.615 million a year ago. Income from continuing operations before taxes was USD 64.191 million compared to loss of USD 56.967 million a year ago. Net cash generated from operating activities was USD 101.069 million compared to net cash used in operating activities of USD 130.303 million a year ago. Expenditure on property, plant and equipment was USD 24.283 million compared to USD 76.838 million a year ago.
The company expects production distribution at Oyu Tolgoi to be relatively similar to 2014 with production levels significantly higher in the second half of 2015.