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Turquoise Hill Resources Ltd. (TSX: TRQ) will release its second quarter financial results on August 4, 2022, after market close. A conference call to discuss the results is scheduled for August 5, 2022, at 8:00 am EST. Investors can participate via a dial-in number or watch the live webcast on the company’s website. Archived playback will also be available post-call.
Turquoise Hill Resources Ltd. (TSX: TRQ) (NYSE: TRQ) announced its Q2 2022 production results, highlighting revised gold production guidance and challenges in copper output. Copper production decreased by 17% year-over-year to 30.6 thousand tonnes, while gold production fell by 58% to 47.6 thousand ounces. Expenditure estimates for open-pit operations were adjusted to $140-$170 million. The total capital for the underground project is now projected at $1.1 to $1.3 billion. Despite these challenges, mill throughput improved to 9.69 million tonnes, reflecting minor operational advancements.
Turquoise Hill Resources Ltd. (TSX: TRQ) announced that the first drawbell of the Hugo North underground mine at Oyu Tolgoi is set to be fired on June 17, 2022, surpassing previous expectations. This progress is part of the ongoing development and aims to improve the timeline for sustainable production of Panel 0, projected for the first half of 2023. The Company is evaluating potential net positive impacts from this milestone, which may affect its production timelines and operational strategies.
Turquoise Hill Resources Ltd. (TSX: TRQ) has received a notice of arbitration from Entrée Resources Ltd. regarding the Earn-in Agreement. The Company disputes Entrée's characterizations announced on May 26, 2022, and aims to resolve commercial disagreements amicably. Turquoise Hill asserts its rights and plans to vigorously defend its position. The Company primarily focuses on the Oyu Tolgoi copper-gold mine in Mongolia, maintaining a 66% interest in Oyu Tolgoi LLC, while a state entity holds the remaining 34%. Updates will be provided as necessary.
Turquoise Hill Resources (TSX: TRQ) announced an amendment to its funding arrangement with Rio Tinto, which includes interim debt funding to meet near-term requirements and an extended deadline for raising equity capital. The new timeline for raising at least US$650 million has been pushed to December 31, 2022. Rio Tinto will provide up to US$400 million in short-term financing. Additionally, if the equity offering is conducted, Rio Tinto plans to withdraw its non-binding acquisition proposal for the outstanding shares of Turquoise Hill valued at C$34.00 each.
Turquoise Hill Resources Ltd. (TSX: TRQ, NYSE: TRQ) has confirmed the election of eight management nominees as directors during its annual shareholder meeting on May 11, 2022. The voting results revealed significant support, with percentages of votes in favor ranging from 83.93% to 89.30% for individual nominees. The company continues to focus on developing the Oyu Tolgoi copper-gold mine in Mongolia, which is its primary asset. Further details on the meeting outcomes will be filed on SEDAR.
Turquoise Hill Resources Ltd. (TSX: TRQ, NYSE: TRQ) reported Q1 2022 results with revenue of $402.7 million, a 23.5% decline from Q1 2021 due to lower copper and gold production volumes. Copper production reached 30.3K tonnes, while gold was 59K ounces. The company maintained its 2022 copper guidance of 110K-150K tonnes and revised gold guidance upward to 135K-165K ounces. Operating cash costs increased to $228.9 million, influenced by inflation. Notably, the company has $0.6 billion in available liquidity to meet upcoming funding needs.
Turquoise Hill Resources Ltd. (TSX: TRQ) will release its first quarter financial results on May 10, 2022 after market closure. A conference call and webcast to discuss these results is scheduled for May 11, 2022 at 7:00 am EST. Investors can join the call using specific dial-in numbers for North America, the UK, and Australia, or via the company’s website. An archived playback of the call will also be available online.
Turquoise Hill Resources Ltd. announced Q1 2022 production results for its Oyu Tolgoi mine. Copper production was 30.3 thousand tonnes, a 33% drop year-over-year, while gold output fell 60% to 59 thousand ounces. For 2022, copper guidance remains at 110,000 to 150,000 tonnes, while gold guidance has been revised to 135,000 to 165,000 ounces. Capital expenditures are adjusted to $155 million to $185 million. Despite COVID-19 challenges, on-site workforce levels reached approximately 90% by Q1's end. A force majeure related to border restrictions remains in effect, impacting concentrate shipments.
Turquoise Hill Resources announced a review of an unsolicited proposal from majority shareholder Rio Tinto to acquire approximately 49% of Turquoise Hill's shares at C$34.00 per share. A Special Committee of independent directors has been formed to evaluate the proposal and consider liquidity and financing options. BMO Capital Markets and TD Securities are retained as financial and independent valuators, respectively. The proposal is non-binding, and there is no assurance of completion or terms. Shareholders are advised to take no action for now.
