TRQ - Turquoise Hill cuts Oyu Tolgoi production guidance on surging COVID cases

Turquoise Hill Resources ([[TRQ]] -16.8%) tumbles after easily beating Q1 earnings estimates but lowering guidance for full-year gold and copper production.Turquoise now sees full-year copper output of 150K-180K metric tons vs. its previous outlook of 160K-180K mt, and gold production of 400K-480K oz. compared with prior guidance of 500K-550K oz.The company says its new outlook reflects modification of the mine design in Phase 4B and increased uncertainty from COVID-19 related controls now in place at the site.Turquoise says Q1 copper production at the Oyu Tolgoi mine in Mongolia rose 29% Y/Y to 45,449 mt and gold output gained 461% to 145,656 oz.Rio Tinto ([[RIO]] -3.4%) owns 51% of Turquoise Hill, which in turn owns 66% of Oyu Tolgoi."The recent surge of COVID-19 cases in Mongolia has resulted in increased precautionary measures that we expect will continue to impact open pit operations and the underground development" through Q2, interim CEO Steve

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Turquoise Hill cuts Oyu Tolgoi production guidance on surging COVID cases