Turquoise Hill announces Retirement of CFO

Turquoise Hill Resources announced the retirement of the Company’s Chief Financial Officer Steeve Thibeault effective May 23, 2017. Turquoise Hill is in the process of initiating a search for Mr. Thibeault’s successor. An announcement will be made in due course.


Turquoise Hill Resources: 4-Q-2015 Production for Oyu Tolgoi - continued to operate at Record Levels

Jeff Tygesen, Turquoise Hill Chief Executive Officer, said, “Oyu Tolgoi continued to operate at record levels for the fourth quarter. Productivity improvements in the concentrator implemented throughout the year led to throughput for the quarter exceeding nameplate capacity. Thanks to the focus and dedication of Oyu Tolgoi’s workforce, we beat our 2015 copper production guidance and met our gold target.”


Turquoise Hill: Management Changes

Turquoise Hill Resources announced the resignation of Stewart Beckman, Senior Vice President, Operations and Technical Development, effective October 1, 2015. Mr. Beckman has accepted a new position within Rio Tinto.


Turquoise Hills 2ndQ 2015: record-setting Gold Concentrate Production

Turquoise Hill Resources announced its financial results for the quarter ended June 30, 2015.

  • On May 18, 2015, the Oyu Tolgoi Underground Mine Development and Financing Plan was signed addressing key outstanding shareholder matters and setting out long-term funding of the project.
  • Following signing of the Underground Mine Development and Financing Plan, Turquoise Hill and Rio Tinto are advancing project financing and updating the underground feasibility study.
  • Oyu Tolgoi achieved a solid safety performance with an All Injury Frequency Rate of 0.22 per 200,000 hours worked for the first half of 2015.
  • Oyu Tolgoi recorded revenue of $421.3 million in Q2’15 on sales of 189,800 tonnes of concentrate, a 1.2% reduction over Q1’15 reflecting lower gold prices partially offset by higher concentrate sales.
  • Turquoise Hill reported income from continuing operations attributable to shareholders of $49.9 million.
  • Turquoise Hill generated operating cash flow of $239.2 million during Q2’15, an increase of 127.2% over Q1’15.
  • Concentrate production for Q2’15 increased 64.6% over Q1’15 due to a 20.1% increase in concentrator throughput and higher head grades.
  • In Q2’15, Oyu Tolgoi delivered record-setting concentrate production and throughput.
  • Copper and gold in concentrates for Q2’15 increased 64.6% and 176.7% respectively over Q1’15.
  • Oyu Tolgoi began accessing higher-grade material in Q2’15 and mining and processing of higher-grade ore is expected to continue into the second half of 2015.
  • Turquoise Hill continues to expect Oyu Tolgoi to produce 175,000 to 195,000 tonnes of copper and 600,000 to 700,000 ounces of gold in concentrates in 2015.
  • On July 9, 2015, Oyu Tolgoi marked the second anniversary of its first shipment of concentrate.
  • Turquoise Hill’s cash and cash equivalents at June 30, 2015 were $1.2 billion.

Turquoise Hill announces financial Results and Review of Operations for 2014


  • Oyu Tolgoi achieved a good safety performance for 2014 with no fatalities and an All Injury Frequency Rate of 0.47 per 200,000 hours worked.
  • Oyu Tolgoi recorded net revenue of approximately $1.6 billion in 2014 on sales of approximately 733,700 tonnes of concentrate.
  • Oyu Tolgoi recorded net revenue of $634.1 million in Q4’14 on sales of approximately 262,700 tonnes of concentrate; a 19.2% increase over Q3’14.
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