CA - Turquoise Hill Resources GAAP EPS of $0.23 beats by $0.30 revenue of $391.08M beats by $91.2M

• Turquoise Hill Resources press release ( NYSE: TRQ ): Q3 GAAP EPS of $0.23 beats by $0.30 .
• Revenue of $391.08M (-41.0% Y/Y) beats by $91.2M .
• Oyu Tolgoi surface operations ¹ and underground workforce posted an AIFR of 0.19 per 200,000 hours worked for the nine months ended September 30, 2022.
• In Q3’22, Oyu Tolgoi produced 36.3 thousand tonnes of copper in concentrate and 42.7 thousand ounces of gold in concentrate.
• Mill throughput of 10.68 million tonnes in Q3’22 was 14% higher than Q3’21 and 10% higher than Q2’22, which is in line with expectations due to higher mill availability.
• Copper production guidance for 2022 remains within the range of 110,000 to 150,000 tonnes while 2022 gold production guidance has been revised from a range of 150,000 – 170,000 ounces to 165,000 – 185,000 ounces.

• Operational Outlook: Oyu Tolgoi is expected to produce 110 to 150 thousand tonnes of copper and 165 to 185 thousand ounces of gold in concentrates in 2022 from processing ore from the open pit, underground and stockpiles. Gold production guidance has been revised upward from a previous forecast range of 150 to 170 thousand ounces. The higher gold guidance reflects more reliable grade performance from mining of Phase 5 during Q3’22 with related higher recoveries. This builds on the higher gold production from completion of Phase 4B in H1’22.

  Total operating cash costs ⁸ for 2022 are now expected to be in the range of $855 million to $910 million compared to previous guidance of $850 million to $925 million, which is largely due to deferral of non-critical activities to contain inflationary pressures for key inputs, including fuel and ammonium nitrate.

• Shares +0.44% PM.

For further details see: