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Turquoise Hill Resources Ltd. (TRQ)

  • Tue, Apr. 21, 2:42 PM
    • Mongolia has extended its cooperation with a World Bank insurer, overcoming a major obstacle ahead of a $5.4B expansion project to the Oyu Tolgoi copper deposit.
    • Disputes between the government and Oyu Tolgoi lead developer Rio Tinto (RIO -2.5%) have prevented the construction of an underground mine Rio says will unlock 80% of the copper wealth; Rio owns 66% of the mine indirectly through its Turquoise Hill Resources (TRQ -2%) unit.
    • The announcement comes on the same day that a government-appointed Oyu Tolgoi board member unexpectedly announced his resignation, a step one analyst says could lead to "a united credible position of the Mongolian negotiations side."
  • Mon, Apr. 20, 5:40 PM
    • Turquoise Hill Resources (NYSE:TRQ) posted production results for its Oyu Tolgoi property in Mongolia showing concentrate production down while material mined rose.
    • In Q1, concentrate production slipped 30% Q/Q on lower mill head grades and a planned shutdown that was completed without incident.
    • Material mined rose 16% Q/Q primarily due to productivity increases. Head grades slipped as high-grade open pit material was "largely" processed in Q4. The company expects higher-grade material starting in Q2, and production levels overall to be significantly higher in the second half.
    • Turquoise Hill previously projected Oyu Tolgoi for 600K-700K ounces of gold in concentrates and 175K-195K metric tons of copper for 2015.
  • Thu, Apr. 16, 3:57 PM
    • Turquoise Hill Resources (TRQ -1.7%) is lower after TD Securities downgrades shares to Hold from Speculative Buy on valuation, even as the firm raises its stock price target to C$5 from C$4.50.
    • TD says it continues to expect TRQ to reach a resolution over Oyu Tolgoi with Mongolia's government sometime in H2 2015 and the resumption of underground development in 2016; in the meantime, it expects TRQ to generate solid free cash flow in 2015, supported by strong production and low cash costs at Oyu Tolgoi.
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  • Mon, Apr. 6, 8:58 AM
    • Mongolia's prime minister Saikhanbileg says an agreement “in principle” has been reached on building the next stage of Rio Tinto's (NYSE:RIO) $12.6B Oyu Tolgoi gold and copper mine, braking a deadlock in negotiations that had dragged on for two years.
    • The second phase of Oyu Tolgoi would result in a $4.2B investment in Mongolia, according to the PM.
    • For Mongolia, much rests on resolving the Oyu Tolgoi dispute: Foreign direct investment fell last year with the downturn in commodity prices, the currency is weakening steadily, and debt payments are looming.
    • Related ticker: TRQ
  • Mon, Mar. 30, 10:27 AM
    • Rio Tinto (RIO +0.4%) CEO Sam Walsh says the company's earlier proposal to Mongolia's government to restart the long-delayed Oyu Tolgoi copper mine was its "best and final offer."
    • Rio submitted the proposals to resolve outstanding issues such as a $127M tax claim that already has been cut to $30M as well as the approval of a $4B project financing package to pay for construction of phase two, which will extend the mine underground.
    • Walsh also says financing for the second phase of the project will have to be renegotiated, especially in light of volatile copper prices; he does not state a specific timeframe for when phase two could begin operations, saying Rio would first have to finalize negotiations with the government and also remobilize its workforce.
    • Rio's Turquoise Hill Resources (NYSE:TRQ) owns 66% of the $6.5B Oyu Tolgoi, with the Mongolian government holding the rest.
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  • Wed, Mar. 25, 8:58 AM
    • Turquoise Hill Resources (NYSE:TRQ) +5.5% premarket after reporting in-line Q4 earnings, a big revenue increase and a strong production outlook.
    • Mongolia's Oyu Tolgoi, TRQ's principal mineral resource property, produced 589K oz. of gold in concentrates and 148.4K metric tons of copper in 2014, compared to 157K oz. of gold in concentrates and 76.7K metric tons of copper in 2013.
    • Based on the current mine schedule, TRQ expects Oyu Tolgoi to produce 600K-700K oz. of gold in concentrates and 175K-195K metric tons of copper during 2015, and expects production from the high-grade core of the southwest zone to resume in mid-2015.
    • Rio Tinto (NYSE:RIO), which owns 51% of TRQ, +1.8% premarket.
  • Tue, Mar. 24, 4:36 PM
    • Turquiose Hill Resources (NYSE:TRQ): Q4 EPS of $0.06 in-line.
    • Revenue of $634.1M (+654.9% Y/Y) beats by $21.1M.
    • Shares +0.65% AH.
    • Press Release
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  • Mon, Mar. 23, 5:35 PM
  • Tue, Jan. 20, 3:49 PM
    • Turquoise Hill (TRQ +6%) shoots higher following yesterday's report that the concentrator at the Oyu Tolgoi copper and gold mine in Mongolia has resumed full production following a fire in December.
    • The owner of two-thirds of Oyu Tolgoi also said it had produced 148.4K metric tons of of copper and 589K oz. of gold in concentrates in 2014, in line with company forecasts.
    • TRQ expects the mine to produce 175K-195K metric tons of copper and 600K-700K oz. of gold in concentrates in 2015, repeating forecasts it gave last month.
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  • Nov. 24, 2014, 12:57 PM
    • Mongolia's parliament on Friday appointed a new prime minister, more than two weeks after the ouster of his predecessor amid an economic crisis prompted in part by the stalled Oyu Tolgoi mine expansion.
    • Given that the new PM had been a cabinet member for the past three years and would have been involved in discussions about Oyu Tolgoi, analysts say the change does not bode well for any real breakthrough.
    • Oyu Tolgoi, 66% owned by Rio Tinto (RIO -2.2%) subsidiary Turquoise Hill (TRQ -1.1%), has the potential of adding 30% to Mongolia's GDP, but the underground expansion has been held up for years due to disputes about funding.
  • Nov. 10, 2014, 10:20 AM
    • Rio Tinto (RIO -0.6%) CEO Sam Walsh says he is hopeful that a change of leadership in Mongolia could turn out to be a positive for the stalled $5.4B expansion of the Oyu Tolgoi project while leaving open the prospect for another writedown at the mine.
    • Last week's ouster of the prime minister comes as Rio, its Turquoise Hill (TRQ -0.2%) subsidiary and Mongolia’s government continue negotiations on disputes over taxes and costs that have held up progress for more than 18 months on an underground extension to the country’s single biggest foreign investment.
    • In its Q3 results, TRQ said it and RIO had made an offer to the Mongolian government to resolve shareholder matters in a manner the companies believe “is beneficial to all stakeholders.”
  • Nov. 10, 2014, 7:50 AM
    • Turquiose Hill Resources (NYSE:TRQ): Q3 EPS of $0.02 misses by $0.01.
    • Revenue of $466M
    • Press Release
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  • Nov. 9, 2014, 5:30 PM
  • Oct. 14, 2014, 6:27 PM
    • Turquoise Hill Resources (NYSE:TRQ) lowers its 2014 forecast for gold and copper production at the Oyu Tolgoi copper-gold mine in Mongolia due to delays in advancing mine development.
    • TRQ, which owns 66% of Oyu Tolgoi, now expects the mine to produce 550K-600K oz. of gold in concentrates this year, down from an earlier forecast of 600K-700K oz.; it also cuts FY 2014 expectations for copper concentrate output to 135K-150K metric tons from an earlier 135K-160K metric tons.
    • TRQ is majority owned by Rio Tinto (NYSE:RIO).
  • Oct. 2, 2014, 10:38 AM
    • Turquoise Hill Resources (TRQ -0.8%) says it is still in talks with Mongolia's government to resolve issues that have delayed the underground expansion of its Oyu Tolgoi gold and copper mine.
    • The miner, which owns ~66% of Oyu Tolgoi and is itself majority owned by Rio Tinto (RIO -0.2%), says that while progress has been made, a resolution of outstanding matters had not been reached as of Sept. 30, when lender commitments to finance the project lapsed.
    • Reuters reports that a source says that while the main tax-related dispute has been largely resolved, TRQ is still working with the government and tax authorities to clarify certain aspects of the ruling.
  • Sep. 22, 2014, 12:56 PM
    • Turquoise Hill Resources (TRQ -1.3%) says it completed a feasibility study of a $4.9B expansion of its Oyu Tolgoi mine in Mongolia after confirming the government reduced taxes on the project.
    • The latest study will need to be approved by all the mine’s stakeholders before the project can proceed; Oyu Tolgoi is operated by Rio Tinto (RIO -2.8%) and 66% owned by TRQ with the remaining 34% held by the Mongolian government.
    • TRQ says the Mongolian tax authority reduced the initial tax-related charges to ~$30M from $127M but will seek further clarity about the latest findings.
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Company Description
Turquoise Hill Resources Ltd is a mining company engaged in the operation and further development of the Oyu Tolgoi copper-gold mine in southern Mongolia, which is the Company's principal and only material mineral resource property.