Canadian miner Turquoise Hill Resources Ltd reported a 33.5% jump in second-quarter profit on Thursday, buoyed by a higher copper and gold output from the Oyu Tolgoi mine in Mongolia.
Prices of the red metal hit a record high in May, boosted by demand from electric-vehicle makers and other clean-energy investments. Bullion prices also rose in the second quarter as a weak dollar lifted its safe-haven appeal amid pandemic-related uncertainty.
Turquoise’s second-quarter copper production from Oyu Tolgoi stood at 36,735 tonnes, compared with 36,495 ounces last year. Its gold output more than tripled to 113,054 ounces.
Rio Tinto-controlled Turquoise Hill said income attributable to the owners of the company was $96.9 million, or 48 cents per share, for the three months ended June 30, compared with $72.6 million, or 36 cents per share, a year earlier.
Oyu Tolgoi is one of the world’s largest copper-gold-silver mines. Rio owns 51% of Turquoise Hill, which in turn owns 66% of the mine. The rest of the mine is owned by the government of Mongolia.
(By Rithika Krishna; Editing by Devika Syamnath)