- Turquoise Hill Resources (NYSE:TRQ) +9.4% pre-market after reporting better than expected Q1 earnings and a 43% Y/Y rise in revenues to $353M, primarily reflecting the significant increase in gold production as Oyu Tolgoi benefited from the processing of Phase 4 ore that contained higher gold content.
- TRQ says the Oyu Tolgoi mine in Mongolia produced 45.8K mt of copper and 120K oz. of gold during Q1, up a respective 18% and 188% Y/Y, and is on track to achieve full-year production guidance of 125K-155K mt of copper and 180K-220K oz. of gold in concentrates.
- "Oyu Tolgoi has made a strong start to 2019," CEO Ulf Quellmann says, as TRQ completed key surface and underground infrastructure, commenced sinking shafts 3 and 4 and progressed underground lateral development during Q1.