Turquoise Hill Resources Ltd (TRQ) Tops Q3 EPS by 2c, Beats on Revenues

Turquoise Hill Resources Ltd (NYSE: TRQ) reported Q3 EPS of $0.02, $0.02 better than the analyst estimate of $0.00. Revenue for the quarter came in at $246.9 million versus the consensus estimate of $240.81 million.

• Oyu Tolgoi achieved an All Injury Frequency Rate of 0.25 per 200,000 hours worked for the nine months ended September 30, 2017.
• During Q3'17, underground lateral development made good progress and since the re-start of development a total of 5.4 equivalent kilometres has been completed.
• Shaft 2 sinking was at 1,249 metres at the end of Q3'17 and sinking is expected to be complete by the end of 2017 with fit out occurring over 2018.
• During September 2017, the underground development team achieved the best sinking rate for Shaft 5 since project restart averaging 2.6 metres per day.
• At the end of Q3'17, total underground project spend since re-start and capital commitments totaled $1.9 billion.
• First draw bell is planned for mid-2020 and sustainable first production in 2021.
• Oyu Tolgoi set three operational records during Q3'17 for total material mined, ore treated and average daily concentrator throughput.
• Revenue of $246.9 million in Q3'17 increased 21.2% over Q2'17 reflecting higher copper and gold prices partly offset by lower concentrate sales.
• Cash generated from operating activities before interest and taxes in Q3'17 was $94.7 million and $234.7 million year-to-date at the end of Q3'17.
• In Q3'17, the Company recorded net income attributable to owners of Turquoise Hill of $65.3 million or $0.03 per share.
• Copper production in Q3'17 was essentially flat compared to Q2'17 while gold production increased 29.2% over Q2'17 due to higher head grades from the medium-grade stockpile and Phase 4A.
• For Q3'17, Oyu Tolgoi's cost of sales was $2.43 per pound of copper sold; C1 cash costs were $1.83 per pound of copper produced and all-in sustaining costs were $2.76 per pound of copper produced1 of $161.9 million for Q3'17 were relatively flat over Q2'17 while year-to-date operating cash costs of $494.0 million at the end of Q3'17 declined 17.7% over year-to-date Q3'16.
• Turquoise Hill's cash and cash equivalents at September 30, 2017 were approximately $1.5 billion.

For earnings history and earnings-related data on Turquoise Hill Resources Ltd (TRQ) click here.

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