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    RIO   AU000000RIO1

RIO TINTO GROUP

(RIO)
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End-of-day quote. End-of-day quote Australian Stock Exchange - 07/30
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SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Miner Turquoise Hill profit beats as production, prices surge

05/12/2021 | 06:15pm EDT

(Reuters) - Canadian miner Turquoise Hill Resources Ltd on Wednesday beat estimates for first-quarter profit, helped by increased production of copper and gold at its Oyu Tolgoi mine in Mongolia and higher commodity prices.

However, the company cut its outlook for full-year gold and copper output to reflect modification of the mine design in Phase 4B and increased uncertainty resulting from COVID-19 related controls now in place at the site.

Oyu Tolgoi is one of the world's largest copper-gold-silver mines. Rio Tinto owns 51% of Turquoise Hill, which in turn owns 66% of the Oyu mine. The rest of the mine is owned by government of Mongolia.

Turquoise's first-quarter copper production rose 29% to 45,449 tonnes and gold output increased by 461.5% to 145,656 ounces at Oyu Tolgoi, from last year.

The company now sees full-year copper production between 150,000 tonnes and 180,000 tonnes, from its previous outlook of 160,000 tonnes to 180,000 tonnes.

It sees gold output for the full year between 400,000 ounces and 480,000 ounces, from previous outlook of 500,000 ounces to 550,000 ounces.

"The recent surge of COVID-19 cases in Mongolia has resulted in increased precautionary measures that we expect will continue to impact open pit operations and the underground development through the second quarter," interim Chief Executive Officer Steve Thibault said.

Oyu Tolgoi was already at the center of a protracted dispute between Turquoise and Rio Tinto, over funding for the underground expansion of the mine. Th
e companies last month reached a binding agreement over the funding spat. https://reut.rs/3mZZjXH

Turquoise's March-quarter income attributable to owners of the company rose to $236.7 million, or $1.18 per share, from $45.2 million, or 22 cents per share, a year earlier.

Analysts on an average were expecting a profit of 70 cents per share, according to Refinitiv IBES.

(Reporting by Arunima Kumar in Bengaluru; Editing by Shailesh Kuber)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
GOLD -0.88% 1814.15 Delayed Quote.-3.57%
RIO TINTO GROUP -0.56% 133.42 End-of-day quote.17.21%
RIO TINTO PLC -2.94% 6101 Delayed Quote.11.54%
S&P GSCI GOLD INDEX -0.88% 1057.988 Delayed Quote.-4.11%
SILVER -0.02% 25.45 Delayed Quote.-3.10%
SILVER MINES LIMITED -2.13% 0.23 End-of-day quote.0.00%
TURQUOISE HILL RESOURCES LTD. 8.32% 20.82 Delayed Quote.31.52%
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07/29RIO TINTO : Miner Turquoise Hill's profit beats on strong output, metal prices
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Financials (USD)
Sales 2021 67 104 M - -
Net income 2021 24 559 M - -
Net cash 2021 4 506 M - -
P/E ratio 2021 5,66x
Yield 2021 13,7%
Capitalization 142 B 142 B -
EV / Sales 2021 2,05x
EV / Sales 2022 2,50x
Nbr of Employees 47 500
Free-Float 65,3%
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Technical analysis trends RIO TINTO GROUP
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TrendsBullishBullishBullish
Income Statement Evolution
Consensus
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Mean consensus HOLD
Number of Analysts 24
Last Close Price 84,79 $
Average target price 90,14 $
Spread / Average Target 6,31%
EPS Revisions
Managers and Directors
Jakob Stausholm Chief Executive Officer & Executive Director
Peter Lloyd Cunningham Chief Financial Officer & Executive Director
Simon Robert Thompson Chairman
Arnaud Soirat Chief Operating Officer
Megan Clark Independent Non-Executive Director
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