Canadian miner Turquoise Hill has reduced its copper production guidance to 150,000-180,000mt from the previous 160,000-180,000mt range due to uncertainty regarding COVID-19 related restrictions at Oyu Tolgoi. The company is targeting an ore throughput of 110,000mt per day and about 40mn mt per year.
The miner produced 45,450mt of copper concentrate from its mine in South Gobi, Mongolia, up by 30pc from 35,200mt in Q1 2020. During this period, sales increased by 51pc to 39,000mt (valued at $236.8mn) over 25,800mt.
In Q1 2021, the miner’s revenue jumped by 303pc to $526.5mn against $130.7mn in the prior-year period. Turquoise Hill’s income for the quarter amounted to $332mn, compared with $19mn a year ago.