- Turquoise Hill ( NYSE: TRQ ) reported Q3 production of 36.3K metric tons of copper in concentrate, down 13% Y/Y and up 19% Q/Q, while gold production of 42.7K oz fell 67% Y/Y and 10% Q/Q.
- Turquoise Hill maintains full-year copper production guidance of 110K-150K metric tons while raising 2022 gold output guidance to 165K-185K oz from 150K-170K oz.
- Capital expenditures on the underground project are now expected to be $1.0B to $1.1B for 2022 compared to previous guidance of $1.1B to $1.3B.
- Total operating cash costs for 2022 are now expected to be in the range of $855M to $910M compared to previous guidance of $850M to $925M.
- Mill throughput of 10.68M 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.
- During Q3’22, the combined open pit and underground operations produced 36.3K tonnes of copper in concentrate and 42.7K ounces of gold in concentrate, in-line with expectations.
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Study work for Panels 1 and 2, which are required to support the ramp-up to 95,000 tonnes of ore per day, remains on track from completion in H1’23.
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Turquoise Hill reports Q3 copper production of 36.3K tons, down 13% Y/Y; reaffirms FY22 copper production guidance