Oyu Tolgoi LLC Announces Earnings and Operating Results for the Second Quarter and First Half Ended June 30, 2015; Reports Impairments
Aug 5 15
Oyu Tolgoi LLC announced earnings and operating results for the second quarter and first half ended June 30, 2015. For the quarter, the company reported revenue was USD 421,300,000 against USD 459,500,000 a year ago. Captalized property, plant and equipment was USD 36,400,000 against USD 44,800,000 a year ago. Income from continuing operations attributable to owners of Turquoise Hill in the second quarter of 2015 has been reduced by a charge of USD 36.8 million for write-off of the net smelter royalty purchased from BHP Billiton in 2003, and by owners' share of adjustments to Oyu Tolgoi segment income following signing of the Oyu Tolgoi Underground Mine Development and Financing Plan on May 18.
For the first half, the company reported revenue was USD 847,500,000 against USD 573,400,000 a year ago. Captalized property, plant and equipment was USD 66,800,000 against USD 94,700,000 a year ago.
For the quarter, the company reported concentrates sold was 189,800 tones against 202,500 tones a year ago. Open pit material mined was 22,094,000 tones against 16,861,000 tones a year ago. Ore treated was 9,025,000 tones against 7,778,000 tones a year ago. Average mill head grades: copper was 0.69%, gold was 1.09%, silver was 1.46% against copper of 0.53%, gold of 0.60%, silver of 1.57%, respectively a year ago. Concentrates produced was 215,500 tones against 140,000 tones a year ago. Production of metals in concentrates: copper was 55,300 tones, gold was 238,000 ounces, silver was 297,000 ounces against copper of 36,200 tones, gold of 113,000 ounces, silver of 229,000 ounces, respectively a year ago.
For the first half, the company reported concentrates sold was 357,500 tones against 250,700 tones a year ago. Open pit material mined was 44,093,000 tones against 38,482,000 tones a year ago. Ore treated was 16,536,000 tones against 13,338,000 tones a year ago. Average mill head grades: copper was 0.61%, gold was 0.82%, silver was 1.33% against copper of 0.52%, gold of 0.55%, silver of 1.55%, respectively a year ago. Concentrates produced was 346,400 tones against 242,900 tones a year ago. Production of metals in concentrates: copper was 88,900 tones, gold was 324,000 ounces, silver was 481,000 ounces against copper of 61,500 tones, gold of 179,000 ounces, silver of 391,000 ounces, respectively a year ago.
For the quarter ended June 30, 2015, the company reported impairment or write-down of inventory was USD 25,625,000.
Oyu Tolgoi LLC Reports Unaudited Earnings Results for the First Quarter Ended March 31, 2014; Provides Production Guidance for the Year 2014
May 13 14
Oyu Tolgoi LLC reported unaudited earnings results for the first quarter ended March 31, 2014. For the quarter, the company reported revenue of $108,004,000. Operating loss was $48,230,000 compared to $16,272,000 last year. Loss before income taxes and other items was $44,847,000 compared to $16,745,000 last year. Net loss from continuing operations was $57,893,000 compared to $25,280,000 last year. Capital expenditures were $58,730,000 compared to $468,644,000 last year.
The company expects to produce 135,000 to 160,000 tonnes of copper and 600,000 to 700,000 ounces of gold in concentrates for 2014.
Oyu Tolgoi Reports Revenue Results for the Year 2013; Provides Production Guidance for 2014
Feb 13 14
Oyu Tolgoi reported revenue results for the year 2013. Gross revenues were $55 million on sales of 26,400 tonnes of concentrate. Year to date sales volumes have fallen short of expectations and some sales have been deferred into the second and third quarters of 2014.
For 2014, the company continues to target production of 150,000 to 175,000 tonnes of copper in concentrates and 700,000 to 750,000 ounces of gold in concentrates. However, the company will monitor production levels and if necessary, match them to meet customer requirements, with the goal of returning to more normal levels of inventory by the end of 2014.