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RIO TINTO GROUP

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Turquoise Hill profit jumps 41% on higher copper, gold production

03/08/2021 | 06:07pm EDT

(Reuters) - Canada's Turquoise Hill Resources Ltd posted a 41.4% rise in quarterly profit on Monday, helped by higher copper prices and increased production of copper and gold at its Oyu Tolgoi mine in Mongolia.

The results come a week after Chief Executive Officer Ulf Quellmann resigned amid a protracted dispute between the company and its top shareholder, Rio Tinto, over funding for the underground expansion of the Oyu Tolgoi copper-gold mine.

Mongolia had sought an agreement with Rio to cancel the deal underpinning the mine's underground expansion, saying rising costs and project delays had eroded the expected benefits.

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

Copper production rose 26.4% to 41.6 thousand tonnes in the fourth quarter, while gold production surged 266.7% to 88 thousand ounces.

Rio Tinto-controlled Turquoise Hill said income attributable to owners of the company was $159.9 million, or 79 cents per share, for the three months ended Dec. 31, compared with $113.1 million, or 56 cents per share, a year earlier.

(Reporting by Arunima Kumar and Praveen Paramasivam in Bengaluru; Editing by Amy Caren Daniel)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
GOLD -0.07% 1798.93 Delayed Quote.-5.09%
RIO TINTO GROUP 2.37% 130.11 End-of-day quote.14.30%
S&P GSCI GOLD INDEX -0.17% 1049.6043 Delayed Quote.-4.71%
SILVER 0.32% 25.2365 Delayed Quote.-4.46%
SILVER MINES LIMITED 0.00% 0.225 End-of-day quote.-2.17%
TURQUOISE HILL RESOURCES LTD. 3.56% 18.82 Delayed Quote.15.41%
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Financials (USD)
Sales 2021 66 352 M - -
Net income 2021 24 294 M - -
Net cash 2021 3 653 M - -
P/E ratio 2021 5,32x
Yield 2021 14,7%
Capitalization 137 B 138 B -
EV / Sales 2021 2,01x
EV / Sales 2022 2,44x
Nbr of Employees 47 500
Free-Float 65,3%
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Technical analysis trends RIO TINTO GROUP
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TrendsNeutralNeutralBullish
Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 24
Last Close Price 81,46 $
Average target price 89,97 $
Spread / Average Target 10,4%
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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