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Turquoise Hill Resources Ltd. (TRQ)

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  • 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.
    | 1 Comment
  • 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.
    | 5 Comments
  • 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.”
    | 2 Comments
  • 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).
    | 6 Comments
  • 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.
    | 2 Comments
  • 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.
    | 1 Comment
  • Sep. 16, 2014, 12:14 PM
    • Rio Tinto (NYSE:RIO) and its Turquoise Hill (NYSE:TRQ) subsidiary move closer to getting the Oyu Tolgoi copper project back on track, after Mongolia's vice minister of mining confirms a tax dispute has been resolved for a $30M payment, far less than the $130M the government originally said was owed.
    • Resolution of the tax issue solves the major dispute between Mongolia and Rio, and provides hope that other disputes over the cost of building the $6B second stage of the Oyu Tolgoi mine can be solved quickly.
    • In maintaining its Outperform rating, Cowen says the resolution removes a major hurdle towards eventual development of Oyu Tolgoi underground; following an official resolution, development should proceed once a feasibility study has been completed, which could be as soon as this year (Briefing.com).
    | 1 Comment
  • Aug. 12, 2014, 8:04 AM
    • Turquiose Hill Resources (NYSE:TRQ): Q2 EPS of $0 may not be comparable to consensus of $0.01.
    • Revenue of $442.7M (+7157.4% Y/Y) misses by $114.3M.
    • Press Release
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  • Aug. 8, 2014, 5:40 PM
    • Top gainers, as of 5:15 p.m.: BZH +11.7%. MED +10.9%. ELX +9.8%. MM +9.6%. SHOR +5.7%.
    • Top losers, as of 5:15 p.m.: EBIX -7.7%. VLCCF -7.4%. WGL -6.6%. POWR -5.4%. TRQ -5.0%.
    | 3 Comments
  • Jul. 15, 2014, 5:25 PM
    • Turquoise Hill (NYSE:TRQ) says Q2 concentrate production at the Oyu Tolgoi mine in Mongolia returned to normal rates after recovering from Q1 repairs, while metal production was impacted by lower-grade ore due to delayed mine advancement.
    • TRQ continues to expect Oyu Tolgoi to produce 135K-160K metric tons of copper and 600K-700K oz. of gold in concentrates for 2014.
    • Q2 concentrate sales rose significantly due to ongoing improvements in customer logistics and marketing, prompting sales to exceed production and resulting in an inventory drawdown for the quarter.
    | 4 Comments
  • Jul. 1, 2014, 5:36 PM
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  • Jun. 26, 2014, 8:45 AM
    • Turquoise Hill (TRQ) says it has filed a notice of dispute with Mongolia's government following a recent audit report which claimed unpaid taxes, penalties and disallowed entitlements connected with the initial development of the Oyu Tolgoi copper mine.
    • TRQ says it has paid all taxes and charges required, and that it "strongly disagrees" with the audit report.
    • Next comes a 60-day period during which a settlement could be negotiated; if that fails, the dispute could be referred to international arbitration , a process that could add to the often delayed Oyu Tolgoi project.
    • Rio Tinto (RIO) owns 50.8% of TRQ.
    | 2 Comments
  • Jun. 23, 2014, 12:27 PM
    • Rio Tinto's (RIO +1.8%) $6.2B Oyu Tolgoi copper and gold project in Mongolia hits another snag, as Turquoise Hill Resources (TRQ -4.1%), the Rio-owned mining company that owns the rights to the mine, is handed a new audit claiming unpaid taxes and penalties.
    • TRQ says it disputes the government's claims and that a failure to resolve the issue before the end of the month could jeopardize the mine's next phase of development.
    • RIO and TRQ say they may consider taking Mongolia to international arbitration if they decide the new tax claim amounts to a breach of their investment agreement.
    | 5 Comments
  • May. 28, 2014, 10:59 AM
    • Rio Tinto (RIO -2.5%) plans to cut up to 300 jobs at its Oyu Tolgoi copper and gold mine in Mongolia, Reuters report.
    • The cuts amount to just under 5% of the ~7,500 workers at the mine, which started producing last year, and include full-time employees and contractors.
    • The latest layoffs follow the loss of ~1,700 jobs last year, when Rio stopped work on a $5B-plus expansion of the mine due to a long-running dispute with the Mongolian government.
    • Oyu Tolgoi is 66% owned by Rio's Turquoise Hill Resources (TRQ +0.2%) unit and 34% by the Mongolian government.
    | Comment!
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Company Description
Turquoise Hill Resources Ltd is an international mining company focused on copper, gold and coal mines in the Asia Pacific region.