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February 13, 2014
05:36 EDTTRQTurquoise Hill updates on Oyu Tolgoi
Oyu Tolgoi's gross revenues were $55M on sales of 26,400 tonnes of concentrate. Year to date sales volumes have fallen short of expectations and some sales have been deferred into the Q2 and Q3. 60% of Oyu Tolgoi's 2014 production is under contract, with additional volumes confirmed and subject to contract finalization. Discussions are advancing well to place the balance of material. Production rates have recently been impacted by various post-commissioning issues including the failure of the rake blades in the tailings thickeners. This is expected to result in the shutdown of one line for a period of six to eight weeks. The operations team is taking the opportunity to pull forward plant maintenance and modification work, that would have required plant slow down later in the year. For 2014, Oyu Tolgoi continues to target production of 150,000-175,000 tonnes of copper in concentrates and 700,000-750,000 ounces of gold in concentrates. However, Oyu Tolgoi will monitor production levels and if necessary, match them to meet customer requirements, with the goal of returning to more normal levels of inventory by the end of 2014.
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January 19, 2015
12:37 EDTTRQTurquoise Hill sees FY15 Oyu Tolgoi copper production 175K-195K tonnes
Turquoise Hill Resources announced the Q414 Production for Oyu Tolgoi.Production for Q4'14 was 50,300 tonnes of copper and 278,000 ounces of gold in concentrates. Higher ore grades during the quarter led to increased metal production over prior quarters, which was partially offset by reduced processing rates as a result of the December concentrator fire. Repairs from the fire were completed on January 2, 2015 and the concentrator has returned to full production. Full year 2014 production was 148,400 tonnes of copper and 589,000 ounces of gold in concentrates; in-line with the Company's guidance. Strong concentrate sales continued during Q4'14 with sales exceeding production resulting in an inventory drawdown for the quarter. By year end, marketing and logistics improvements throughout 2014 resulted in concentrate inventories being drawn down to expected levels. Jeff Tygesen, Turquoise Hill CEO, said, "Despite some operational interruptions during the year, Oyu Tolgoi continued to improve through 2014. We look forward to building on 2014 achievements throughout 2015." In 2015, Oyu Tolgoi is expected to produce 175,000 to 195,000 tonnes of copper and 600,000 to 700,000 ounces of gold in concentrates. Based on the 2015 mine schedule, production from the high-grade zone is expected to resume in mid-2015.

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