THR expects signing of financing within 2015
Economy | MiningUlaanbaatar /MONTSAME/ Turquoise Hill Resources announced on July 15 the 2015 second quarter's production for Oyu Tolgoi. Concentrate production for Q2’15 increased 64.6% over Q1’15 due to a 20.1% increase in throughput and higher head grades. Throughput for Q2’15 was the best Oyu Tolgoi has experienced since operations began.
Jeff Tygesen, Turquoise Hill Chief Executive Officer, said, “Second quarter production at Oyu Tolgoi was strong due to increased throughput and high grades as the mine accessed the high-grade zone. Concentrate production was the highest Oyu Tolgoi has seen since operations began.”
Copper and gold in concentrates increased 64.5% and 178.1% respectively over Q1’15. Oyu Tolgoi began accessing higher-grade material in Q2’15. Production of higher-grade ore is expected to continue in the second half of 2015.
Turquoise Hill continues to expect Oyu Tolgoi to produce 75,000 to 195,000 tonnes of copper and 600,000 to 700,000 ounces of gold in concentrates in 2015. A planned two-week concentrator shutdown is currently underway at OyuTolgoi.
Following the signing of the Underground Mine Development and Financing Plan in May, Turquoise Hill and Rio Tinto are advancing project financing and updating the underground feasibility study. The Company continues to expect signing of project financing by the end of 2015.
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