Turquoise Hill Resources Ltd (NYSE:TRQ) announced production results for the recently concluded 4Q2015. As per the reports, the throughput for the quarter increased 8.5% compared to the previous quarter. It’s the fourth occasion in 2015 when Turquoise managed to outperform the market by operating at a record level.
Insights of Matter
Consistent improvement in the concentrator implementation over the past many months helped the company to report higher throughput than nameplate capacity. In a recent public statement, Turquoise said that it was the dedication and focus of the production team of Oyu Tolgoi that the company met its gold target after beating 2015 copper production guidance.
In the recently concluded 4Q2015, the throughput rose 8.5%; whereas the copper production increased 2.3% as compared to Q32015. Both of them contributed towards gold production in Q4, which increased 68.3% and touched all new heights in the fourth quarter. Turquoise Hill gave a quarterly guidance of 175,000 to 195,000 tonnes copper production in the starting of the year; however, it ended the quarter with 202,200 tonnes. In terms of annual production, it had given the guidance of 600,000-700,000 ounces, but the end figure was 653,000; well in line with the annual guidance.
The year 2015 proved to be one of the best 12-month periods for Oyu Tolgoi production as all the mines operated at record levels and outperformed the market without any hassle. Overall the mine operations in 2015 were 19.3% more, concentrate production was 39.9% more, concentrator throughput was 23.9% more, gold production was 10.9% more and copper production was 36.3% more than 2014.
The Oyu Tolgoi team expects to produce 210,000 to 260,000 ounce of gold and 175,000 to 195,000 tonnes of copper in 2016. It will keep all the shareholders updated about the future growth of the company, production data and sales numbers via timely reports and announcements.