Turquoise Hill posts bigger Q2 loss than expected
The corporate logo for Turquoise Hill Resources Ltd. is shown. THE CANADIAN PRESS/HO
Published Tuesday, August 13, 2013 9:48AM EDT
VANCOUVER -- Turquoise Hill Resources Ltd. (TSX:TRQ) has reported a bigger second-quarter loss than analysts were expecting.
The Vancouver-based mining company, a subsidiary of Rio Tinto (NYSE:PLC) that's developing a major copper mine in Mongolia, had a US$105.3-million net loss, or 10 cents per share, in the second quarter.
That was an improvement from a year earlier when Turquoise Hill posted a loss of US$285.9 million, or 35 cents per share, but analysts had been looking for a loss of five cents per share in the second quarter, according to Thomson Reuters data.
The company has been ramping up production at its Oyu Tolgoi complex, which will include both open pit and underground mining as well as ore processing.
However, Turquoise Hill says funding and development of the underground mine will be delayed until it reaches an agreement with the Mongolian government.
Turquoise Hill said late Monday the Oyu Tolgoi mine will have its official "commencement of production" on Sept. 1 and produce between 75,000 and 85,000 tonnes of copper concentrates this year.