Turquoise Hill Resources has lifted Mar 31, 2022, qtr (Q1 22) income to $US394.3M from Q1 21’s $332.1M, reflecting higher tax benefits, but with revenue from its Oyu Tolgoi mine in Mongolia falling to $402.7M from $526.5M due to the planned transition of mining to the next phase of operations.
Total operating cash costs rose to $228.9M from $201.2M, with net cash from operations jumping to $122.4M from a negative $133.2M.
The company posted broad project output falls for Q1 22, with copper-in-concentrates down to 30,300t from Q4 21’s 38,900t, gold plunging to 59,00oz from 79,000oz and silver was down to 211,000oz from 238,000oz on ore treatment of 9.58Mt, down from 10.57Mt. Copper production guidance for FY/CY 22 remains within 110,000t-150,000t, but with gold revised up from 115,000oz-165,000oz to 135,000oz-165,000oz.