Turquoise Hill Resources Ltd (TRQ) Tops Q2 EPS by 4c, Revenues Beat

Turquoise Hill Resources Ltd (NYSE: TRQ) reported Q2 EPS of $0.04, $0.04 better than the analyst estimate of $0.00. Revenue for the quarter came in at $278 million versus the consensus estimate of $253.77 million.

"Faced with the challenges of operating within the constraints posed by the COVID-19 pandemic, the Oyu Tolgoi team posted outstanding safety and production performance in the second quarter of 2020. The open pit operations have continued uninterrupted, and the underground development, while experiencing restrictions on workforce numbers and the ability to repatriate specialists from around the world, has continued to progress. The team's focus on optimization initiatives has resulted in, among other things, an increase to our 2020 gold production guidance.

We look forward to completing the 2020 Technical Report in the third quarter. This report will provide shareholders with an updated ramp-up schedule, which will highlight once again the quality of the Oyu Tolgoi ore body and the value proposition for investors. In addition, the updated data will greatly assist in our on-going efforts to advance our long term funding strategy and address our incremental liquidity requirements.

I'd like to thank the entire Turquoise Hill and Oyu Tolgoi teams, who have come together in the face of the COVID-19 pandemic to deliver yet another quarter of strong safety, production and financial results," stated Ulf Quellmann, Chief Executive Officer of Turquoise Hill.

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

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