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News Breaks | | | | February 14, 2013 | | 08:16 EDT |  | TRQ | Turquoise Hill provides update on Oyu Tolgoi Project
Turquoise Hill provided an update on key elements of Oyu Tolgoi's development. Construction of the Oyu Tolgoi mine's first phase of development reached 99% completion at the end of 2012. Total capital invested in the construction of the first phase of the mine through the end of 2012 was approximately $6B. The final cost of the phase-one capital project is expected to be approximately $6B, within 3% of the initial budget, excluding foreign-exchange exposures. First ore was processed through the concentrator on January 2 and the production of first copper-gold concentrate followed on January 31. A number of substantive issues have recently been raised by the Government of Mongolia relating to implementation of the Investment Agreement, the companion Shareholders' Agreement and project finance. Turquoise Hill continues to engage with the Government and other stakeholders to ensure the continued implementation of the Investment and Shareholders' agreements in their current form, and to support the on-going development of Oyu Tolgoi for the benefit of all parties. Subject to the resolution of these issues, first commercial production at Oyu Tolgoi is scheduled to commence by the end of June 2013. The feasibility study for the expansion of operations at Oyu Tolgoi is on-going. It is now expected to be completed in the first half of 2014 as the company continues to pursue value engineering and optimization. | |
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News For TRQ From The Last 14 Days Check below for free stories on TRQ the last two weeks. |
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| May 14, 2013 | | 05:35 EDT |  | TRQ | Turquoise Hill reports Q1 EPS (5c), consensus (2c)
Reports Q1 revenue $44M, consensus $63.11M. | |
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