Turquoise Hill's profit beats on strong output, metal prices
Canadian miner Turquoise Hill Resources on Thursday beat estimates for second-quarter profit, bolstered by a strong output from the Oyu Tolgoi mine in Mongolia and higher prices of copper and gold.
Prices of the red metal hit a record high in May, boosted by demand from electric-vehicle makers and other clean-energy investments. Bullion prices also rose in the second quarter as a weak dollar and pandemic-related uncertainties lifted its safe-haven appeal.
Turquoise Hill's copper production from Oyu Tolgoi stood at 36 735 t in the quarter, compared with 36 495 oz last year. Its gold output more than tripled to 113 054 oz.
Oyu Tolgoi, one of the world's largest copper-gold-silver mines, was at the center of a long-running funding spat between Rio Tinto and Turquoise, before the dispute was put to bed in April.
The Mongolian government holds a 34% stake in the Oyu Tolgoi project with Rio's majority-owned Turquoise owning the rest.
Turquoise Hill's all-in sustaining costs fell 32% to $1.48/lb of copper produced in the quarter.
Its income attributable to the owners of the company was $96.9-million, or 48c a share, for the three months ended June 30, compared with $72.6-million, or 36c a share, a year earlier.
Analysts on average were expecting a profit of 34c a share, according to Refinitiv IBES.
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