Turquoise Hill announces first quarter 2018 production
April 17 2018 - 5:00PM
Turquoise Hill Resources (TSX:TRQ) (NYSE:TRQ) today announced first
quarter 2018 production for Oyu Tolgoi.
Jeff Tygesen, Chief Executive Officer of
Turquoise Hill, said, “Oyu Tolgoi’s first quarter production was in
line with expectations. Planned concentrator maintenance occurred
in January reducing mill throughput for the quarter; however the
impact was partially offset by increases in recovery, particularly
for gold. With the initial processing of ore from Phase 4A, we are
starting to see increased gold grades, recovery and production
compared to last year.”
Material mined decreased 20.0% over Q4’17 due to
winter weather effects in January as well as dig-unit maintenance
work during the quarter. Mill throughput decreased 11.8% over Q4’17
due to the January planned maintenance. Copper production in Q1’18
decreased 14.3% over Q4’17 mainly due to lower throughput and
slightly lower grades. Gold production increased 20.0% over Q4’17
due to higher gold grades from Phase 4A and an increase in
recovery.
Oyu Tolgoi is expected to produce 125,000 to
155,000 tonnes of copper and 240,000 to 280,000 ounces of gold in
concentrates for 2018.
Oyu Tolgoi Production DataAll
data represents full production and sales on a 100% basis
|
1Q2017 |
2Q2017 |
3Q2017 |
4Q2017 |
1Q2018 |
Full Year2017 |
|
|
|
|
|
|
|
|
|
Open pit
material mined (‘000 tonnes) |
24,333 |
25,193 |
27,466 |
28,929 |
23,131 |
105,921 |
|
Ore
treated (‘000 tonnes) |
10,087 |
9,637 |
10,615 |
10,838 |
9,561 |
41,177 |
|
Average
mill head grades: |
|
|
|
|
|
|
|
Copper (%) |
0.51 |
0.51 |
0.48 |
0.53 |
0.51 |
0.51 |
|
Gold (g/t) |
0.15 |
0.16 |
0.18 |
0.20 |
0.25 |
0.17 |
|
Silver (g/t) |
1.30 |
1.38 |
1.34 |
1.54 |
1.32 |
1.39 |
|
Concentrates produced (‘000 tonnes) |
176.0 |
171.0 |
170.0 |
205.4 |
177.3 |
722.5 |
|
Average concentrate grade (% Cu) |
21.6 |
21.8 |
21.7 |
22.0 |
21.9 |
21.8 |
|
Production of metals in concentrates: |
|
|
|
|
|
|
|
Copper (‘000 tonnes) |
38.1 |
37.2 |
36.9 |
45.3 |
38.8 |
157.4 |
|
Gold (‘000 ounces) |
25 |
24 |
31 |
35 |
42 |
114 |
|
Silver (‘000 ounces) |
215 |
236 |
239 |
285 |
221 |
974 |
|
Concentrate sold (‘000 tonnes) |
190.2 |
182.0 |
176.6 |
175.5 |
163.1 |
724.3 |
|
Sales of
metals in concentrates: |
|
|
|
|
|
|
|
Copper (‘000 tonnes) |
39.5 |
37.3 |
36.9 |
35.7 |
34.3 |
149.3 |
|
Gold (‘000 ounces) |
32 |
23 |
29 |
27 |
31 |
111 |
|
Silver (‘000 ounces) |
205 |
222 |
229 |
205 |
206 |
860 |
|
Metal
recovery (%) |
|
|
|
|
|
|
|
Copper |
74.9 |
74.6 |
73.5 |
78.0 |
79.5 |
75.4 |
|
Gold |
48.8 |
47.7 |
51.2 |
50.5 |
55.0 |
49.7 |
|
Silver |
51.8 |
53.9 |
52.8 |
53.0 |
54.6 |
52.9 |
|
ContactInvestors and Media
Tony Shaffer+ 1 604 648
3934tony.shaffer@turquoisehill.com
Follow us on Twitter @TurquoiseHillRe
Forward-looking statementsCertain statements
made herein, including statements relating to matters that are not
historical facts and statements of the Company’s beliefs,
intentions and expectations about developments, results and events
which will or may occur in the future, constitute “forward-looking
information” within the meaning of applicable Canadian securities
legislation and “forward-looking statements” within the meaning of
the “safe harbor” provisions of the United States Private
Securities Litigation Reform Act of 1995. Forward-looking
statements and information relate to future events or future
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expressions suggesting future outcomes or statements regarding an
outlook. These include, but are not limited to, statements about
anticipated business activities, planned expenditures, corporate
strategies, and other statements that are not historical facts.
Forward-looking statements and information are made based upon
certain assumptions and other important factors that, if untrue,
could cause the actual results, performance or achievements of the
Company to be materially different from future results, performance
or achievements expressed or implied by such statements or
information. There can be no assurance that such statements or
information will prove to be accurate. Such statements and
information are based on numerous assumptions regarding present and
future business strategies, local and global economic conditions,
and the environment in which the Company will operate in the
future, including the price of copper, gold and silver, anticipated
capital and operating costs, anticipated future production and cash
flows, and the status of the Company’s relationship and interaction
with the Government of Mongolia on the continued development of Oyu
Tolgoi and Oyu Tolgoi LLC internal governance. Certain important
factors that could cause actual results, performance or
achievements to differ materially from those in the forward-looking
statements and information include, among others, copper; gold and
silver price volatility; discrepancies between actual and estimated
production, mineral reserves and resources and metallurgical
recoveries; development plans for processing resources; matters
relating to proposed exploration or expansion; mining operational
and development risks; litigation risks; regulatory restrictions
(including environmental regulatory restrictions and liability);
Oyu Tolgoi LLC’s ability to deliver a domestic power source for the
Oyu Tolgoi project within the required contractual time frame;
communications with local stakeholders and community relations;
activities, actions or assessments, including tax assessments, by
governmental authorities; events or circumstances (including
strikes, blockages or similar events outside of the Company’s
control) that may affect the Company’s ability to deliver its
products in a timely manner; currency fluctuations; the speculative
nature of mineral exploration; the global economic climate;
dilution; share price volatility; competition; loss of key
employees; cyber security incidents; additional funding
requirements, including in respect of the development or
construction of a long-term domestic power supply for the Oyu
Tolgoi project; capital and operating costs, including with respect
to the development of additional deposits and processing
facilities; and defective title to mineral claims or property.
Although the Company has attempted to identify important factors
that could cause actual actions, events or results to differ
materially from those described in forward-looking statements and
information, there may be other factors that cause actions, events
or results not to be as anticipated, estimated or intended. All
such forward-looking statements and information are based on
certain assumptions and analyses made by the Company’s management
in light of their experience and perception of historical trends,
current conditions and expected future developments, as well as
other factors management believes are appropriate in the
circumstances. These statements, however, are subject to a variety
of risks and uncertainties and other factors that could cause
actual events or results to differ materially from those projected
in the forward-looking statements or information.
Readers are cautioned not to place undue reliance on
forward-looking information or statements. By their nature,
forward-looking statements involve numerous assumptions, inherent
risks and uncertainties, both general and specific, which
contribute to the possibility that the predicted outcomes will not
occur. Events or circumstances could cause the Company’s actual
results to differ materially from those estimated or projected and
expressed in, or implied by, these forward-looking statements.
Important factors that could cause actual results to differ from
these forward-looking statements are included in the “Risk Factors”
section in the Company’s Annual Information Form dated as of March
15, 2018 in respect of the year ended December 31, 2017 (the
“AIF”).
Readers are further cautioned that the list of factors
enumerated in the “Risk Factors” section of the AIF that may affect
future results is not exhaustive. When relying on the Company’s
forward-looking statements and information to make decisions with
respect to the Company, investors and others should carefully
consider the foregoing factors and other uncertainties and
potential events.
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