- Write by:
-
Tuesday, March 9, 2021 - 1:51:14 PM
-
854 Visit
-
Print
Mining News Pro - Canada`s Turquoise Hill Resources posted a surprise rise in quarterly profit on Monday, helped by increased production of copper and gold at its Oyu Tolgoi mine in Mongolia.
The results come a week after CEO Ulf Quellmann resigned amid a protracted dispute between the company and its top shareholder, Rio Tinto, over funding for the underground expansion of the Oyu Tolgoi copper-gold mine.
Oyu Tolgoi is one of the world`s largest copper-gold-silver mines. Rio owns 51% of Turquoise Hill, which in turn owns 66% of the mine. The rest of the mine is owned by government of Mongolia.
Turquoise on Monday also cut its 2021 capital expenditure outlook for the open-pit mine to between $110-million and $140-million from a prior range of about $120-million to $160-million, to reflect the deferral of certain non-critical projects.
Copper production rose 26.4% to 41 600 t in the fourth quarter, while gold production surged 266.7% to 88 000 oz, the company said.
Copper prices rose 21.7% and gold prices rose 26.5% as parts of the world, particularly China, began to recover from the Covid-19 pandemic. Copper demand is closely linked to economic health.
All-in sustaining costs halved to $1.45 per pound of copper produced in the quarter, the company said.
Rio Tinto-controlled Turquoise said income attributable to owners of the company was $159.9-million, or 79c a share, for the three months ended December 31, compared with $113.1-million, or 56c a share, a year earlier.
Analysts on average were expecting profit to fall to 41 cents per share, according to Refinitiv IBES.
Short Link:
https://www.miningnews.ir/En/News/611733
Oxford Economics Australia has released data showing mine maintenance spending may be hitting its peak. But what does it ...
South African diversified miner Sibanye Stillwater is discussing with lenders to temporarily lift limits on borrowings, ...
Copper climbed above $10,000 a ton as predictions for tighter global supplies and rising consumption in electric ...
Canada’s mining industry is pushing for an carveout to the federal government’s proposed increase to capital gains ...
Copper output in Chile, the world’s largest producer of the metal, edged down in March, data from copper commission ...
Panama’s president-elect has ruled out talks with Canadian miner First Quantum Minerals until it drops multiple ...
Africa-focused Montage Gold announced Thursday it has received a ministerial order granting all environmental approvals ...
Botswana President Mokgweetsi Masisi vowed to protect the country’s interests, including its 15% stake in diamond giant ...
Europe’s largest copper producer Aurubis AG reported first-half core profit above expectations on Wednesday, helped by ...
No comments have been posted yet ...