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December 16, 2013
07:43 EDTTRQTurquoise Hill provides update on Oyu Tolgoi, provides FY14 production guidance
Turquoise Hill provided an update on Oyu Tolgoi, project financing and financial and production guidance for 2014. On December 12, the Oyu Tolgoi LLC Board unanimously approved the 2014 operating budget. This is an important step in preparation for the mine's first full year of operations. In 2014 production from Oyu Tolgoi is expected to be 150,000-175,000 tonnes of copper in concentrates and 700,000-750,000 ounces of gold in concentrates. Operating cash costs are expected to be approximately $1B and capital expenditure is expected to be $160M of which approximately $80M relates to sustaining capital. During 2014, Oyu Tolgoi intends to draw down inventory and return to more normal levels of approximately four to six weeks of production. Turquoise Hill announced that on April 17, Rio Tinto signed commitment letters with 15 commercial banks that locked in pricing and terms for the Oyu Tolgoi project financing. Rio Tinto has received extensions to the commitment letters from the 15 commercial banks that now expire on March 31, 2014. Turquoise Hill and Rio Tinto remain focussed on securing project finance to fund the Oyu Tolgoi Project with the full support of the Government of Mongolia. The feasibility study remains on track for completion in the first half of 2014.
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