Turquoise Hill Resources Ltd (TRQ) Reports Q4 Revenues Above Estimates

Turquoise Hill Resources Ltd (NYSE: TRQ) reported Q4 Eevenue for the quarter came in at $346.2 million versus the consensus estimate of $253.77 million.

“Oyu Tolgoi delivered strong operational results in 2018,” said Ulf Quellmann, Turquoise Hill’s Chief Executive Officer. “For the year, Oyu Tolgoi achieved an industry-leading safety performance and benefitted from processing higher-gold grade ore, which resulted in us exceeding copper and gold production guidance. Increased gold production, along with higher average copper prices for the year, led to a more than 25% increase in revenue and more than 11% increase in operating cash flow over 2017.

“Underground development continued to progress during 2018 with more than 10 equivalent kilometres completed by year end. As can occur in a project of this size and complexity, mine manager Rio Tinto has identified challenges with the location of some ore passes on the footprint. We acknowledge Rio Tinto’s proactive approach to maintaining the highest level of infrastructure stability by reviewing the location of these ore passes. The impact of these changes will be reflected in the definitive estimate review, which is expected to be complete towards the end of the year.

“Oyu Tolgoi is a world-class asset with a best-in-class workforce. Turquoise Hill is a tremendous opportunity to invest in a copper and gold producer with a direct participation in the world’s next Tier 1 copper asset.”

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

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