Turquoise Hill’s profit surges over 33% on strong output

Mining camp at Oyu Tolgoi. (Image courtesy of Fluor.)

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)

Comments

Your email address will not be published. Required fields are marked *

More News