Crosses 2 Million Tonnes In Concentrate Shipments
Oyu Tolgoi today announced an update on its production for the first quarter of 2016.
Andrew Woodley, Chief Executive Officer of Oyu Tolgoi, said, “Our exceptional performance over the quarter – setting new records in production, while improving our safety performance – speaks to the commitment and skill of the Oyu Tolgoi workforce. Shipping two million tonnes of concentrate, just three years after the start of production, is a reminder of how far we have come for such a young business. While significant market challenges remain, the Oyu Tolgoi team is on the way to delivering a sustainable, world class copper business. In these challenging times I am pleased with the teams focus and achievements on safely reducing costs and improving productivities. This is building a very solid foundation for the future of our business.”
In Q1’16, concentrator throughput increased 3.1 per cent over Q4’15 resulting in average throughput of approximately 106,000 tonnes per day for the quarter. Concentrate production in Q1’16 remained high resulting from increased throughput and strong copper grades. Copper production in Q1’16 reached a quarterly high increasing 0.5 per cent over Q4’15. As expected, gold production in Q1’16 declined approximately 30 per cent over Q4’15 due to lower grades and the near-completion of mining in phase 2 of the open pit.Given stronger-than-expected Q1’16 gold production, Turquoise Hill is increasing 2016 gold in concentrates guidance to 255,000 to 285,000 ounces from 210,000 to 260,000 ounces. Mining of the phase 2 gold core is expected to be complete in Q2’16. Turquoise Hill continues to expect Oyu Tolgoi to produce 175,000 to 195,000 tonnes of copper in concentrates for 2016.
About Oyu Tolgoi LLC (www.ot.mn)
Oyu Tolgoi LLC, Mongolia's largest copper and gold mining company, is a strategic partnership between the Government of Mongolia, Turquoise Hill Resources and Rio Tinto. Located in the South Gobi, Oyu Tolgoi commenced shipment of product to customers in July 2013. Oyu Tolgoi is managed by Rio Tinto, which is investing global expertise and cutting-edge technology to help develop Mongolia’s mining industry and ensure Oyu Tolgoi is one of the world’s most advanced mines. For Oyu Tolgoi, nothing matters more than safety. The business operates under the principle that if a job cannot be done safely, it will not be done at all.