Oyu Tolgoi – 2014 Third Quarter Results

Oyu Tolgoi LLC, through its parent company Turquoise Hill Resources, announced today financial results for the third quarter, ending 30 September, 2014.

Oyu Tolgoi LLC Chief Financial Officer Steve Duggan said, “The third quarter’s results show once again the steady progress we are making in safely optimizing production and ramping up sales from the open-pit mine.”.

Highlights include:

• An All Injury Frequency Rate of 0.50 per 200,000 hours worked and no fatalities for the nine months ended 30 September, 2014.
• Net revenue of US$466.1 million on sales of approximately 220,300 tonnes of copper-gold concentrate. By metals in concentrates: approximately 53,600 tonnes of copper for US$302.6 million, approximately 144,000 ounces of gold for US$158.5 million and approximately 323,000 ounces of silver for US$5.0 million.
• Recognised cost of sales of US$380.0 million.
• Royalties of US$25.4 million to the Government of Mongolia on concentrate sales.
• Concentrate sales increased approximately nine per cent over Q2’14 with sales exceeding production resulting in a planned inventory drawdown for the quarter.
• Production of 134,100 tonnes of copper-gold concentrate, containing 36,600 tonnes of copper.
• As Oyu Tolgoi’s open pit deepens into the high-grade zone in Q4’14 and Q1’15, copper and gold head grades are expected to increase.
• Oyu Tolgoi is expected to produce between 135,000 – 150,000 tonnes of copper and 550,000 – 600,000 ounces of gold in concentrates for 2014.

Further details are available in the Turquoise Hill Resources financial results here: http://www.turquoisehill.com/i/pdf/Turquoise-Hill-announces-financial-results-and-review.pdf