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Pentwater Capital Management, the largest minority shareholder of Turquoise Hill Resources (TRQ), has accused TRQ's Board, particularly George Burns, of breaching fiduciary duties. They highlight ongoing mismanagement by Rio Tinto, resulting in a $1.5 billion cost overrun and a two-year delay in the Oyu Tolgoi underground mine project. A recent independent report affirms this mismanagement. Pentwater warns against a proposed $1.6 billion debt forgiveness deal where TRQ would absorb costs for Rio's mismanagement, further impacting minority shareholders negatively.
Turquoise Hill Resources announced Q3 2021 financial results, showcasing a remarkable revenue increase of 135.6% to $622.8 million, driven by significant production growth in both copper and gold. Copper output rose 16% year-over-year to 41,935 tonnes, while gold surged 256% to 130,799 ounces. However, net income declined to $22.9 million from $161.7 million in Q3 2020 due to a $299.9 million deferred tax asset de-recognition and higher operating cash costs. Despite COVID-19 challenges, production guidance for 2021 remains intact, targeting 150,000 to 180,000 tonnes of copper and 400,000 to 480,000 ounces of gold.
Pentwater Capital Management, the largest minority shareholder of Turquoise Hill Resources Ltd. (TRQ), has criticized the TRQ Board for failing to disclose significant findings from an Independent Consulting Group (ICG) report. The ICG report highlights serious project management failures by Rio Tinto leading to significant delays and cost overruns in TRQ's underground mining project. Pentwater demands transparency from TRQ regarding the report's conclusions and accountability from Rio Tinto for mismanagement. They call for immediate actions to address these issues and fair treatment of minority shareholders.
Turquoise Hill Resources will release its Third Quarter Financial Results on November 2, 2021, after market close in North America. A conference call is scheduled for November 3, 2021, at 8:00 am EST, where management will discuss the results. Interested parties can join via dial-in numbers for North America, the UK, and Australia, or listen to the live webcast on their website. An archived playback will also be available.
Turquoise Hill Resources announced its Q3 2021 production results for Oyu Tolgoi, highlighting a 16% increase in copper production (41,935 tonnes) and a 256% increase in gold production (130,799 ounces) compared to Q3 2020. Mill throughput remained stable at 9.34 million tonnes, though 7% lower than Q3 2020, impacted by maintenance and harder ore processing. Delays are expected in underground development due to COVID-19 restrictions and geotechnical issues, pushing sustainable production to January 2023. Estimated funding requirement has increased to $3.6 billion.
Turquoise Hill Resources has addressed recent media reports concerning cost increases and schedule extensions for the Oyu Tolgoi underground development. Following the establishment of a special board committee, an independent consulting group submitted a report indicating that project management issues were primarily responsible, while changes in geotechnical parameters had minimal impact. The Company and the OT Board are engaging in a detailed review of the findings to clarify certain broad conclusions. Further market updates will be provided as necessary.
Turquoise Hill Resources reported strong Q2 2021 financial results, achieving revenue of $317.8 million, a 14.3% increase year-over-year. The company produced 36,735 tonnes of copper and 113,054 ounces of gold, although copper production declined due to COVID-19 related challenges, impacting workforce levels. The company maintains its full-year guidance for copper production of 150,000 – 180,000 tonnes and gold production of 400,000 – 480,000 ounces. Operating cash costs are projected between $800 million and $850 million for 2021. Turquoise Hill's incremental funding requirement is estimated at $2.4 billion, reflecting ongoing project development costs.
Turquoise Hill Resources is set to announce its second quarter financial results on July 29, 2021, after market closure in North America. A conference call will follow on July 30, 2021, at 8:00 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 version of the call will also be available online.
Turquoise Hill Resources announced its Q2 2021 production results for the Oyu Tolgoi mine, revealing a copper production of 36,735 tonnes, consistent with Q2 2020 but 19% lower than Q1 2021. Gold production surged 263% year-over-year to 113,054 ounces, though it decreased 22% from the prior quarter. COVID-19 restrictions severely limited personnel availability, resulting in an estimated additional cost impact of $100 million. Oyu Tolgoi's workforce is now 93% vaccinated.
On May 12, 2021, Turquoise Hill Resources Ltd. (TSX:TRQ, NYSE:TRQ) announced the election results of its management proxy circular dated March 26, 2021. All seven management nominees were elected as directors during the annual shareholders meeting. Notable voting results included George Burns with 88.96% votes for and R. Peter Gillin with 80.71%. The full voting results will be filed on SEDAR. Turquoise Hill is primarily engaged in the operation and development of the Oyu Tolgoi copper-gold mine in Mongolia, where it holds a 66% interest.
