UPDATE 2-Miner Turquoise Hill's profit beats on strong output, metal prices

Reuters
·1 min read

(Compares estimates, adds all-in sustaining costs, background)

July 29 (Reuters) - Canadian miner Turquoise Hill Resources Ltd on Thursday beat estimates for second-quarter profit, bolstered by a strong output from the Oyu Tolgoi mine in Mongolia and higher prices of copper and gold.

Prices of the red metal hit a record high in May, boosted by demand from electric-vehicle makers and other clean-energy investments. Bullion prices also rose in the second quarter as a weak dollar and pandemic-related uncertainties lifted its safe-haven appeal.

Turquoise Hill's copper production from Oyu Tolgoi stood at 36,735 tonnes in the quarter, compared with 36,495 ounces last year. Its gold output more than tripled to 113,054 ounces.

Oyu Tolgoi, one of the world's largest copper-gold-silver mines, was at the center of a long-running funding spat between Rio Tinto and Turquoise, before the dispute was put to bed in April.

The Mongolian government holds a 34% stake in the Oyu Tolgoi project with Rio's majority-owned Turquoise owning the rest.

Turquoise Hill's all-in sustaining costs fell 32% to $1.48 per pound of copper produced in the quarter.

Its income attributable to the owners of the company was $96.9 million, or 48 cents per share, for the three months ended June 30, compared with $72.6 million, or 36 cents per share, a year earlier.

Analysts on average were expecting a profit of 34 cents per share, according to Refinitiv IBES.

(Reporting by Rithika Krishna in Bengaluru; Editing by Devika Syamnath)

  • Up next
  • Up next
  • Up next
  • Up next

Latest Stories

  • Q1 2024 Masco Corp Earnings Call

    Q1 2024 Masco Corp Earnings Call

  • Montreal cruises past New York 5-2 to clinch PWHL post-season berth

    MONTREAL — Kristin O'Neill had a goal and an assist in helping lead Montreal to a 5-2 win over New York and clinch a playoff berth in the Professional Women's Hockey League on Wednesday. The victory moved Montreal (9-3-5-5) into a tie for first place with Toronto. Each team has 38 points, with Montreal having a game in hand. Catherine Daoust, Catherine Dubois, Laura Stacey and Mélodie Daoust, with an empty-netter, also scored for Montreal. Ann-Renée Desbiens made 31 saves. Marie-Philip Poulin pi

  • Ohio lawmakers negotiate to assure Biden makes the state’s fall ballot

    Ohio lawmakers negotiate to assure Biden makes the state’s fall ballot

  • Driver dead after pick-up truck crashes into tree, catches fire on Mammoth Road in Pelham, police say

    Driver dead after pick-up truck crashes into tree, catches fire on Mammoth Road in Pelham, police say

  • Winston-Salem woman shot and killed, 1 arrested and charged

    Winston-Salem woman shot and killed, 1 arrested and charged

  • I Learned the Hard Way What Not to Gift Your Wife on Mother’s Day, so You Don’t Have To

    Scouted/The Daily Beast/Retailers.Scouted selects products independently. If you purchase something from our posts, we may earn a small commission.I have a reputation as a thoughtful gift-giver. Of course, as any great athlete will tell you, playing your best means being unafraid to take a big shot, and those shots don’t always make it in. As my wife and I approach our 9th wedding anniversary, I can assure you I’ve swung and missed quite a few times. However, the best athletes also never hang th

  • Mark Wahlberg Posts Shirtless Video Promoting his Company amid David Beckham Lawsuit

    Beckham's $18.8 million lawsuit against Wahlberg's gym F45 is set to go to trial in January 2025

  • Billie Eilish on Coming to Terms with Her Sexuality Last Year — and Why She Never Planned to Talk About It

    "I've been in love with girls for my whole life, but I just didn’t understand — until, last year, I realized I wanted my face in a vagina," she said

  • Pro-Palestinian rally in LA sparks clashes with police

    STORY: Demonstrators chanted, "Free, free Palestine" as they marched and carried tents on campus.As tensions flared, police were seen pushing back protesters, some of whom fell to the ground.“We want the university to disclose its financial holdings and divest from its relationships with financial institutions. And we want the university to recognize and acknowledge to its student body that there is a genocide happening to our families in Gaza,” a protest organizer who wanted to remain anonymous told Reuters.Protesters surrounded a vehicle where at least one protester had been detained by police and chanted, "Let him go, let him go."Police officials called on the Los Angeles Police Department to try and tame the situation. The detained protester was later released to the delight of the Pro-Palestinian protesters.The war in Gaza continues to reverberate through U.S. university campuses where students have camped out in tents as they protested Israel's actions in Gaza.“We don't intend to back down unless we are faced [with] incredibly great risk to our occupiers. As you can see, the community is rallying behind us. And as we've seen, like students at other schools have shown incredible bravery and incredible strength and continuing their occupations in the face of incredible repression from the universities,” said another lead organizer who also wanted to remain anonymous.Pro-Palestinian groups have called on universities to end investments in companies that support or profit from Israel's military actions in the occupied Palestinian territories.

  • Greensboro police say one person dead after car crash, investigation ongoing

    Greensboro police say one person dead after car crash, investigation ongoing

  • ‘Jordans’ Off Broadway Review: If This Wild Comedy Isn’t an Homage to Jordan Peele, It Should Be

    In a dazzling stage debut, Ife Olujobi delivers a play that's as funny as it is shocking The post ‘Jordans’ Off Broadway Review: If This Wild Comedy Isn’t an Homage to Jordan Peele, It Should Be appeared first on TheWrap.

  • Caitlin Clark Marks 1-Year Anniversary with Boyfriend Connor McCaffery: ‘You Make Every Day Better’

    "I can’t wait for many more adventures together… love you," Clark wrote to McCaffrey

  • Brad Marchand scores winner, Bruins down Maple Leafs to take 2-1 series lead

    TORONTO — Brad Marchand scored twice, including the winner in the third period, and added an assist as the Boston Bruins downed the Toronto Maple Leafs 4-2 to take a 2-1 lead in their first-round playoff series Wednesday. Jake DeBrusk and Trent Frederic had the other goals for Boston. The Bruins got 28 stops from Jeremy Swayman, who made 35 saves in his team's 5-1 victory in Game 1 before giving way to crease counterpart Linus Ullmark in the Leafs' 3-2 triumph two nights later. Tyler Bertuzzi an

  • UPDATE 1-Microsoft-backed Rubrik prices US IPO above range at $32/shr

    Rubrik, the cybersecurity software startup that counts Microsoft among its investors, on Wednesday priced its initial public offering at $32 per share, above its indicated price range. Rubrik upsized its IPO to raise $752 million after selling 23.5 million shares, the company said in a statement. This confirmed an earlier Reuters report about the offering details.

  • 'Meet People Where They Are' to Improve U.S. Healthcare

    At the Time100 Summit, three healthcare officials discussed how the concept of meeting people where they are could help improve the whole industry.

  • Santiago Espinal has 3 RBIs, Fernando Cruz pitches out of another jam and Reds beat Phillies 7-4

    CINCINNATI (AP) — Santiago Espinal had three RBIs, reliever Fernando Cruz pitched out a jam in the seventh inning and the Cincinnati Reds held on for a 7-4 win over the Philadelphia Phillies on Wednesday night. Will Benson had a solo homer in the third inning. Espinal singled home two as part of a four-run sixth and drove in another with a sacrifice fly in the seventh. Reds starter Nick Lodolo went five innings, allowing three runs and six hits while striking out four and walking three. For the

  • Rebel Wilson’s Memoir to Be Published in U.K. With Sacha Baron Cohen Allegations Redacted

    Rebel Wilson’s memoir “Rebel Rising” will be published in the U.K. with redacted passages about her experience working with Sacha Baron Cohen. “We are publishing every page, but for legal reasons, in the U.K. edition, we are redacting most of one page with some other small redactions and an explanatory note,” publisher HarperCollins told The Guardian in …

  • Haiti's government scrambles to impose tight security measures as council inauguration imminent

    A council tasked with choosing a new prime minister and cabinet for Haiti is scheduled to be sworn in on Thursday as the government scrambles to impose tight security measures to prevent any injuries or deaths amid relentless gang violence. (AP Video by Nikenson Duverge and Pierre Luxama)

  • 11 fake electors, 7 Donald Trump allies charged in Arizona: Read the indictment

    The indictment, issued by an Arizona grand jury on April 24, 2024, alleges a conspiracy aimed at "preventing the lawful transfer of the presidency."

  • Macron to outline vision for independent, 'stronger Europe' in keynote speech

    French President Emmanuel Macron will outline Thursday his vision for a stronger Europe, pushing EU members to be less dependent on the United States but also hoping to boost his party's flagging campaign in EU elections. Macron is returning to the same themes of a speech he gave in September 2017 months after taking office at the same location -- the Sorbonne University in Paris -- but in a context that seven years on has been turned upside down by Brexit, Covid, and Russia's invasion of Ukrain