- Turquoise Hill (NYSE:TRQ +9.7%) shoots higher a day after reporting its Oyu Tolgoi copper and gold mine in Mongolia produced 76.7K metric tons of copper in concentrates during 2013, and inventories are expected to rise during Q1 2014.
- Copper and gold in concentrates during Q4 rose 8% and 18%, respectively, Q/Q.
- TRQ, which owns a 66% interest in Oyu Tolgoi and is in turn 51% owned by Rio Tinto (RIO +3.5%), says the mine is still producing more concentrate than it is shipping.
- Some sales have been deferred to Q2 and Q3, and inventory levels should return to normal by the end of this year, TRQ says.