Turquoise Hill posts $600mln Oyu Tolgoi impairment amid $736mln company loss

Canadian mineral exploration and development company Turquoise Hill Resources (THR) has announced its 2019 second-quarter financial results, reporting a $600 million impairment at its Oyu Tolgoi copper-gold-silver project in Southern Mongolia amid company losses amounting to $736.7 million.

Oyu Tolgoi, the company’s principal mining project located in the Gobi Desert, is 66% owned by THR and 34% by the Mongolian government. Rio Tinto holds a majority stake in THR. The project produced 39,156 tonnes of copper in the second quarter of 2019, with its copper guidance remaining unchanged. An impairment charge of $600 million has been accrued over the second quarter, primarily due to production setbacks at the Mongolian mine. Earlier this month, THR announced that planned construction of its underground project at Oyu Tolgoi had...

Published

Hassan Butt

August 01, 2019

15:05 GMT

London