TRQ - Turquoise Hill pops as higher copper gold production lifts Q4 results

Turquoise Hill Resources (TRQ) +5.7% post-market after easily beating expectations for Q4 earnings and revenues, with a boost from higher prices and production of copper and gold at its Oyu Tolgoi mine in Mongolia.Q4 copper production climbed 26% Y/Y to 41.6K metric tons, while gold production more than tripled from a year earlier to 88K oz.Full-year copper output of 149.6K mt was within company guidance, and gold production of 181.8K oz. topped expectations.For FY 2021, Turquoise Hill expects Oyu Tolgoi will produce 160K-180K metric tons of copper and 500K-550K oz. of gold in concentrates.The company forecasts full-year capex of $110M-$140M for the Oyu Tolgoi open pit and $1.1B-$1.2B for the underground, higher than 2020 partly due to the impact of deferrals in spending from 2020 to 2021.The results come a week after CEO Ulf Quellmann departed in the dispute between the company and top shareholder Rio Tinto over funding for Oyu Tolgoi's underground expansion.

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Turquoise Hill pops as higher copper, gold production lifts Q4 results