Oyu Tolgoi drives strong start to the year for Turquoise Hill Resources

By Daniel Brightmore
The Oyu Tolgoi mine, in Mongolia, has seencopper and gold production on track to meet Turquoise Hill’s guidance. “Oyu Tolgoi has made a strong star...

The Oyu Tolgoi mine, in Mongolia, has seen copper and gold production on track to meet Turquoise Hill’s guidance.

“Oyu Tolgoi has made a strong start to 2019,” said Ulf Quellmann, Turquoise Hill’s Chief Executive Officer. “Copper and gold production at our open pit operations are up 18% and 188% over the first quarter of 2018 respectively, and we remain on track to achieve our full-year 2019 production guidance. Over the last three months, Oyu Tolgoi has completed key surface and underground infrastructure, commenced sinking shafts 3 and 4 and also progressed underground lateral development. 

“We remain engaged with our mine manager, Rio Tinto, to incorporate new geotechnical data into the mine design, and we expect to provide an update along with our mid-year results. 

“Oyu Tolgoi is truly a world-class deposit, with the potential to produce low-cost copper over a multi-decade life. Turquoise Hill provides a unique opportunity for shareholders to directly participate in the world’s next Tier-1 copper mine.” 


Rio Tinto inks power deal with Mongolia for Oyu Tolgoi copper mine

Global copper demand to rise in 2019

Rio Tinto secures $4 billion financing deal for Oyu Tolgoi copper mine

Read the latest issue of Mining Global here

During the first quarter of this year, Oyu Tolgoi produced 45,800 tonnes of copper and 120,000 ounces of gold and is on track to achieve 2019 copper and gold production guidance.

Revenue of $352.7mn in the first quarter increased 43.6% over the first quarter of 2018, primarily reflecting the significant increase in gold production as Oyu Tolgoi benefitted from the processing of Phase 4 ore that contained higher gold content.

The Government of Mongolia owns a 34% stake in Oyu Tolgoi, while Turquoise Hill Resources, 51% owned by Rio Tinto, holds the remaining shares.



Featured Articles

China increases copper import pace, following price plummet

In August, China reached a 26% rise - representing a 100,000+ tonne increase - in copper imports year-on-year, largely driven by product price drops

Ford criticises “inefficient” government mining permissions

In a letter to the US Department of the Interior, the car giant Ford has asked the American government to speed up its current mining permission process

Aggreko and Labyrinth Resources’ sustainable power project

Labyrinth Resources has been working with Aggreko to complete a virtual pipeline power project, which is designed to aid the sustainable energy transition

Despite regional ban, crypto miner Canaan doubles profits

Digital Mining

The future of all-electric sustainable mining technologies


Anglo American first half earnings decline 28 percent

Supply Chain & Operations