Turquoise Hil reports Q3 throughput down 5% y/y
Turquoise Hill Resources announced third quarter 2018 production for Oyu Tolgoi and provided an update on underground development. Third quarter mill throughput decreased 5.0% over Q2'18 due to increased processing of harder Phase 4 ore as well as a planned maintenance shutdown during the quarter. Copper production was flat over Q2'18 as higher grades and recoveries were partially offset by lower throughput. Gold production increased 54.0% over Q2'18 due to higher grades and recoveries. Third quarter sales volumes were impacted by torrential rain in July and August, which consequently affected Chinese road and rail availability. Additionally, Q3'18 sales volumes were generally lower than Q2'18, which benefited from the sales of deferred volumes related to the Q1'18 force majeure. Turquoise Hill has updated Oyu Tolgoi's expected copper production for 2018 from between 125,000 and 155,000 tonnes of copper to between 140,000 and 155,000 tonnes of copper in concentrates. The Company continues to expect production of gold in concentrates from between 240,000 and 280,000 ounces for 2018.