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  • Turquoise Hill Gives Oyu Tolgoi Operational Update 0 comments
    Oct 15, 2013 10:49 AM | about stocks: TRQ

    Mineweb:

    (skip)

    The Oyu Tolgoi concentrator continued to ramp up production in the third quarter and is now operating at maximum processing capacity of 100,000 tonnes of ore per day, said Toronto-listed Turquoise Hill Resources, which runs Oyu Tolgoi and is 66-percent owned by Rio Tinto.

    However Chinese customs is holding up releases of concentrate from bonded warehouses.

    Oyu Tolgoi was supposed to start shipping copper concentrate to China shortly after the mine opened in July. But instead has been forced to stockpile the material while buyers negotiate with Chinese customs officials over import approvals.

    "Oyu Tolgoi's customers are making good progress with Chinese customs officials to resolve matters with purchased concentrate at the border," Turquoise Hill Chief Executive Kay Priestly said in a statement.

    Nevertheless this is good news as it demonstrates that Rio Tinto knows what they are doing. Now if only the GOM and Rio can come to an agreement on Phase 2 disagreements the stock of TRQ would probably soar. I remain a TRQ shareholder as I am convinced all of these issues get resolved at some point in the near future.

    Disclosure: I am long TRQ.

    Stocks: TRQ
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