Oyu Tolgoi announces fourth quarter 2014 production

Ulaanbaatar, Mongolia – Oyu Tolgoi today announced its production report for the fourth quarter of 2014.

Oyu Tolgoi produced 50,300 tonnes of copper and 278,000 ounces of gold in concentrates for the quarter.

Higher ore grades during the quarter led to increased metal production over previous quarters. This was, however, partially offset by reduced processing rates as a result of the concentrator fire in December 2014. Repairs from the fire were completed on 2 January 2015, and the concentrator has returned to full production.

Full year production for 2014 was in line with guidance, at 148,400 tonnes of copper and 589,000 ounces of gold in concentrates. Marketing and logistics improvements throughout 2014, alongside sales momentum in Q4, led to drawdown of inventory to optimised levels.

Andrew Woodley, President and CEO of Oyu Tolgoi, said: “While we are still a young business, completing our first full year of production, we made real progress over the course of 2014. Despite challenges, the team at Oyu Tolgoi delivered a strong performance – meeting our production guidance and achieving strong sales.

“This puts us in a strong position to continue to drive growth and profitability in 2015, and I firmly believe we are on the path to delivering a safe and globally competitive copper business which creates enduring value for all our stakeholders.”

Looking ahead, Oyu Tolgoi is expected to produce 175,000 to 195,000 tonnes of copper, and 600,000 to 700,000 ounces of gold in concentrates in 2015.

Oyu Tolgoi Production Data

All data represents full production and sales on a 100% basis