(Compares estimates, provides all-in sustaining prices, background)
July 29 (Reuters) – Canadian miner Turquoise Hill Sources Ltd on Thursday beat estimates for second-quarter revenue, bolstered by a robust output from the Oyu Tolgoi mine in Mongolia and better costs of copper and gold.
Costs of the pink metallic hit a report excessive in Could, boosted by demand from electric-vehicle makers and different clean-energy investments. Bullion costs additionally rose within the second quarter as a weak greenback and pandemic-related uncertainties lifted its safe-haven attraction.
Turquoise Hill’s copper manufacturing from Oyu Tolgoi stood at 36,735 tonnes within the quarter, in contrast with 36,495 ounces final 12 months. Its gold output greater than tripled to 113,054 ounces.
Oyu Tolgoi, one of many world’s largest copper-gold-silver mines, was on the middle of a long-running funding spat between Rio Tinto and Turquoise, earlier than the dispute was put to mattress in April.
The Mongolian authorities holds a 34% stake within the Oyu Tolgoi undertaking with Rio’s majority-owned Turquoise proudly owning the remainder.
Turquoise Hill’s all-in sustaining prices fell 32% to $1.48 per pound of copper produced within the quarter.
Its revenue attributable to the house owners of the corporate was $96.9 million, or 48 cents per share, for the three months ended June 30, in contrast with $72.6 million, or 36 cents per share, a 12 months earlier.
Analysts on common have been anticipating a revenue of 34 cents per share, in line with Refinitiv IBES.
Reporting by Rithika Krishna in Bengaluru; Enhancing by Devika Syamnath