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    RIO   GB0007188757

RIO TINTO PLC

(RIO)
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Delayed Quote. Delayed London Stock Exchange - 07/30 11:35:04 am
6101 GBX   -2.94%
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SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Turquoise Hill beats profit estimates on higher copper, gold production

03/08/2021 | 05:15pm EDT

March 8 (Reuters) - Canada's Turquoise Hill Resources Ltd posted a surprise rise in quarterly profit on Monday, helped by 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.

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.

Turquoise on Monday also cut its 2021 capital expenditure outlook for the open-pit mine to between $110 million and $140 million from a prior range of about $120 million to $160 million, to reflect the deferral of certain non-critical projects.

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

Copper prices rose 21.7% and gold prices rose 26.5% as parts of the world, particularly China, began to recover from the COVID-19 pandemic. Copper demand is closely linked to economic health.

All-in sustaining costs halved to $1.45 per pound of copper produced in the quarter, the company said.

Rio Tinto-controlled Turquoise 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.

Analysts on average were expecting profit to fall to 41 cents per share, according to Refinitiv IBES.

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


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
GOLD -0.13% 1811.73 Delayed Quote.-4.41%
RIO TINTO PLC -2.94% 6101 Delayed Quote.11.54%
S&P GSCI GOLD INDEX -0.14% 1056.5908 Delayed Quote.-4.11%
SILVER -0.35% 25.416 Delayed Quote.-3.36%
TURQUOISE HILL RESOURCES LTD. 8.32% 20.82 Delayed Quote.31.52%
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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 36 291 M 36 313 M -
EV / Sales 2021 0,47x
EV / Sales 2022 0,60x
Nbr of Employees 47 500
Free-Float 65,3%
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Technical analysis trends RIO TINTO PLC
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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%
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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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