Turquoise Hill Resources Ltd (TRQ) Reports Q4 Revenues Beat

Turquoise Hill Resources Ltd (NYSE: TRQ) reported Q4 revenue for the quarter came in at $405.1 million versus the consensus estimate of $253.77 million.

"2020 was an important year for Turquoise Hill. In the face of the COVID-19 pandemic that dominated 2020, the Oyu Tolgoi mine achieved another year of excellent operational results, with copper production in-line with original guidance, and gold production exceeding original forecasts," stated Peter Gillin, Chair of the Board of Directors of Turquoise Hill.

"In addition to our operational excellence, the Oyu Tolgoi team posted a new record safety performance while open-pit operations continued uninterrupted throughout the entire year. Focusing on the underground, milestones achieved during 2020 included updating the mine design and completing both the 2020 Oyu Tolgoi Technical Report and the Definitive Estimate. Overall, the underground lateral development has now reached 53,000 equivalent meters with development required before first drawbell substantially complete, and all surface infrastructure required to support first sustainable production of the Hugo North Lift 1 Panel 0 built. Although we continue to face many challenges, we remain on track in bringing Panel 0 to first sustainable production in October 2022."

Mr. Gillin noted that the Company, subsequent to its year end and as previously disclosed, had recently announced a change to its senior management team with the resignation of Ulf Quellmann as Chief Executive Officer and the appointment of Mr. Steve Thibeault as Interim CEO. "On behalf of the Board and management of Turquoise Hill and the Oyu Tolgoi team, I want to thank Ulf for his contributions to the Company during his tenure including the advancing of the financing plan for the project. I am also pleased to welcome Steve Thibeault as our interim CEO. Over the course of his career, Mr. Thibeault has held senior finance positions at a number of international mining companies and has worked on four different continents. This is a bit of a homecoming for Steve who served as CFO of Turquoise Hill between June 2014 and April 2017. Steve's familiarity with the Company, the Oyu Tolgoi project and Mongolia will help ensure a smooth transition and maintain our positive momentum on project development and financing."

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

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