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Turquoise Hill lifts 2020 gold production guidance (NYSE:TRQ)

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Turquoise Hill Resources (TRQ -0.5%) raises guidance for full-year gold production to 155K-180K oz. from its previous view of 120K-150K oz., while maintaining copper production guidance of 140K-170K metric tons.

The company says Q2 preliminary mill throughput from the Oyu Tolgoi mine fell 7% Y/Y due mostly to higher scheduled maintenance hours; preliminary copper production slid 7% to ~36.5K mt and gold output sank 57% to 31.15K oz.

FY 2020 operating cash cost range is lowered to $780M-$830M from $800M-$850M previously, due to cash cost reduction initiatives.

Turquoise Hill says it had $1.5B of available liquidity as of June 30, which it expects will meet the operations and underground development requirements into early 2022.

Turquoise also reaffirms its rejection of Matthew Halbower’s candidacy for the board, saying Pentwater Capital, the company’s largest minority shareholder, made “several misleading statements” about the company’s disclosures on funding requirements for development of Oyu Tolgoi.

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