TRQ - Turquoise Hill says COVID-19 restrictions slammed Q2 Mongolia operations

Turquoise Hill Resources (TRQ) -5.4% after saying its Q2 mining activities were hurt by personnel shortages due to COVID-19 restrictions, causing an increase of lower-grade stockpile material being processed during the quarter.The company says COVID-19 cases rose significantly in Mongolia during the quarter, causing a series of lockdowns which limited the ability of its Oyu Tolgoi mine to maintain normal roster changes for its workers, causing staff numbers to drop as much as 25% below planned requirements.Q2 production at Oyu Tolgoi saw copper production fall 19% Q/Q to 36,735 metric tons while gold output slid 22% Q/Q to 113,054 oz.Q2 mill throughput of 9.4M mt was 4% lower than Q1 and 2% below year-ago levels.Turquoise says COVID restrictions affected open pit operations and underground development progress, adding $100M to development costs YTD.Rio Tinto (RIO) owns 51% of Turquoise Hill, which in turn owns 66% of the Oyu mine, with the

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Turquoise Hill says COVID-19 restrictions slammed Q2 Mongolia operations