Welcome to our dedicated page for TRQ news (Ticker: TRQ), a resource for investors and traders seeking the latest updates and insights on TRQ stock.
Our selection of high-quality news articles is accompanied by an expert summary from Rhea-AI, detailing the impact and sentiment surrounding the news at the time of release, providing a deeper understanding of how each news could potentially affect TRQ's stock performance. The page also features a concise end-of-day stock performance summary, highlighting the actual market reaction to each news event. The list of tags makes it easy to classify and navigate through different types of news, whether you're interested in earnings reports, stock offerings, stock splits, clinical trials, fda approvals, dividends or buybacks.
Designed with both novice traders and seasoned investors in mind, our page aims to simplify the complex world of stock market news. By combining real-time updates, Rhea-AI's analytical insights, and historical stock performance data, we provide a holistic view of TRQ's position in the market.
Turquoise Hill Resources announced strong Q1 2021 results, reporting revenue of $526.5 million, a 303% rise from Q1 2020, driven by increased copper and gold production. Copper production reached 45,449 tonnes and gold production hit 145,656 ounces, reflecting a significant increase in both metal prices and production volumes. However, the company revised its 2021 gold production guidance downward to 400,000-480,000 ounces due to a pit wall failure and COVID-19 impacts. Total operating cash costs rose to $201.2 million, and a net income of $332.1 million was reported.
Turquoise Hill Resources plans to announce its first quarter financial results on May 12, 2021, after market close in North America. A conference call will follow on May 13, 2021 at 8:00 am EST to discuss the results. Investors can access the call via dial-in numbers for North America, the UK, and Australia, or join the webcast on Turquoise Hill's website. An archived playback will also be available.
Turquoise Hill Resources announced that the Government of Mongolia filed a statement of defense and counterclaim in a tax arbitration involving Oyu Tolgoi LLC. The counterclaim seeks to dismiss OT's tax claims and includes unquantified damages over allegations of improper payments to officials. Turquoise Hill denies these allegations and intends to oppose the request to be added to the arbitration. The company holds a 66% stake in Oyu Tolgoi, Mongolia's major copper-gold mine, alongside the state-owned Erdenes Oyu Tolgoi LLC, which owns 34%.
Turquoise Hill Resources announced its Q1 2021 production results for the Oyu Tolgoi mine, showcasing a significant rise in copper and gold output. Copper production reached 45,449 tonnes, marking a 29% increase year-over-year, while gold surged to 145,656 ounces, up 457% compared to Q1 2020. Mill throughput was 9.81 million tonnes, a 10% decline from the previous year. The company declared force majeure on concentrate shipments due to COVID-19 but has begun partial shipments as of April 15, 2021. Ongoing negotiations with the Government of Mongolia focus on the underground development project.
Turquoise Hill Resources has announced a binding Heads of Agreement with Rio Tinto to finalize an updated funding plan for the Oyu Tolgoi underground project in Mongolia. This plan addresses a funding requirement of approximately US$2.3 billion, with efforts to reduce this by US$1.4 billion through debt re-profiling. Turquoise Hill will also seek to raise US$500 million via equity offerings, while Rio Tinto commits up to US$750 million through a senior co-lending facility. This agreement is pivotal for advancing the project and resolving ongoing arbitration issues.
On March 30, 2021, Turquoise Hill Resources announced that Oyu Tolgoi LLC declared force majeure regarding contracts for copper concentrate shipments to Chinese customers. This suspension is due to health precautions related to COVID-19 impacting border crossings. Although the open pit mine and related operations remain active, underground work has been paused. Oyu Tolgoi confirmed two COVID-19 cases at its site and is taking steps to manage risks associated with ongoing travel restrictions. The company continuously assesses the situation and plans to update the market accordingly.
Turquoise Hill Resources reported its 2020 financial results, with revenue of $1.08 billion, down 7.5% from 2019. The company showed strong copper production of 149,631 tonnes, meeting its guidance, and exceptional gold production of 181,858 ounces, exceeding forecasts. Net income reached $494.6 million, a significant recovery from a $476.9 million loss in 2019. Operationally, Oyu Tolgoi mine remained efficient with a record safety performance and successful underground development, setting the stage for sustainable production in October 2022.
Pentwater Capital Management, the largest minority shareholder of Turquoise Hill Resources (TSX:TRQ, NYSE:TRQ), accuses Rio Tinto and Turquoise Hill's Boards of breaching fiduciary duties. Following the termination of CEO Ulf Quellmann for defending minority shareholders, Pentwater criticizes the Boards for lacking corporate governance and accountability. The CEO’s dismissal demonstrates Rio Tinto's disregard for minority interests. Turquoise Hill has taken steps to challenge Rio Tinto, including arbitration and government investigations, but the Boards' actions have raised serious governance concerns.
Turquoise Hill Resources Ltd. announced the resignation of CEO Ulf Quellmann, effective March 3, 2021, after discussions with the Board and Rio Tinto highlighted a need for new leadership. Rio Tinto, the majority shareholder, indicated it would not support his election as a director at the upcoming May 2021 meeting. The Board has appointed Steeve Thibeault as Interim CEO, who previously served as CFO and has experience negotiating funding agreements.
Turquoise Hill Resources is set to release its fourth quarter and full year 2020 financial results on March 8, 2021, after market close in North America. A conference call will be held on March 9, 2021, at 8:00 a.m. EST to discuss the results, accessible via a North America dial-in at +1 888 390 0546. The call will also be webcast and archived on the company’s website.
