Turquoise Hill Resources Ltd. (TSX: TRQ) (NYSE: TRQ) (“Turquoise
Hill” or the “Company”) today announced third quarter 2022
production and provided an Oyu Tolgoi mine and funding update.
Q3 2022 Highlights
- Q3’22 Copper production of 36.3 thousand tonnes of copper in
concentrate, a decrease of 13% vs Q3’21 and an increase of 19% vs
Q2’22
- Q3’22 Gold production of 42.7 thousand ounces of gold in
concentrate, a decrease of 67% vs Q3’21 and a decrease of 10% vs
Q2’22
- Copper production guidance for 2022 remains within the range of
110,000 to 150,000 tonnes
- Gold production guidance for 2022 has been revised from a range
of 150,000 – 170,000 ounces to 165,000 – 185,000 ounces. The higher
gold guidance reflects more reliable grade performance from mining
of Phase 5 during Q3’22 with correlating higher recoveries. This
builds on the higher gold production from completion of Phase 4B in
H1’22.
- Expenditures on property, plant and equipment for 2022 remains
within the guidance range of $140 million to $170 million for
surface operations.
- Capital expenditures on the underground project1 are now
expected to be $1.0 billion to $1.1 billion for 2022 compared to
previous guidance of $1.1 billion to $1.3 billion as a result of
improvements to construction productivity and the slower ramp-up of
on-site construction resources that continued during Q3’22.
- Total Operating Cash Costs2 for 2022 are now expected to be in
the range of $855 million to $910 million compared to previous
guidance of $850 million to $925 million, which is largely due to
deferral of non-critical activities to contain inflationary
pressures for key inputs, including fuel and ammonium nitrate.
- Mill throughput of 10.68 million tonnes in Q3’22 was 14% higher
than Q3’21 and 10% higher than Q2’22, which is in line with
expectations due to higher mill availability.
- Continued good progress in underground on-footprint
construction and blasting saw firing of the 7th drawbell during
Q3’23 and commencement of commissioning of the second truck
chute.
Open Pit Operations, Underground Project and
Operations
During Q3’22, the combined open pit and underground operations
produced 36.3 thousand tonnes of copper in concentrate and 42.7
thousand ounces of gold in concentrate. Consistent with
expectations, copper production was higher and gold production was
lower compared with Q2’22. Mill feed for Q3’22 included
approximately 543 thousand tonnes @ 0.82% Cu and 0.23g/t Au of
underground development material. The remaining 10.1 million tonnes
of mill feed was sourced from Phase 5, Phase 6 and open pit
stockpiles. Mill head grades will remain low through to the end of
the year as direct mill feed will continue to be supplemented by
low grade stockpiles.
Shaft 3 and Shaft 4 cumulative sinking level were at 2883 metres
and 4103 metres, respectively, below ground level. The rate of
progress in shafts improved during Q3’22 due to an optimisation
program, which commenced in Q1’22, and continued progress on these
initiatives is necessary to continue to be aligned with the 2022
schedule update. Shaft 3 and 4 commissioning is expected in
mid-2024, remaining aligned with the Company’s previous disclosure.
Construction of the final major stage of materials handling
infrastructure continues, including civil and underground works for
the conveyor to surface. Undercut blasting and on-footprint
construction work continued to progress. Commissioning of the
second truck chute has commenced, and the 8th drawbell was fired on
13 October 2022, both ahead of schedule. Sustainable production,
which is anticipated once between 16 to 21 drawbells have been
blasted, is now anticipated in Q1’23.
Study work for Panels 1 and 2, which are required to support the
ramp-up to 95,000 tonnes of ore per day, remains on track from
completion in H1’23.
____________________________
1
Capital expenditures on the underground
project is a supplementary financial measure. Refer to the section
“Non-GAAP Financial Measures and Other Financial Measures” of this
press release.
2
Total operating cash costs is a non-GAAP
financial measure and is not a standardized financial measure. It
is not intended to replace measures prepared in accordance with
IFRS and might not be comparable to similar financial measures
disclosed by other issuers. Refer to the section “Non-GAAP
Financial Measures and Other Financial Measures” of this press
release.
3
As at September 25, 2022
Milestone
2020 OTTR
Q1 2022 MD&A
Actual or Currently Projected
Dates(3)
Start Undercut blasting
July 2021
January 2022 (Actual)
January 2022 (Actual)
MHS 1 (including Crusher 1)
commissioning
Q4’21
February 2022 (Actual)
February 2022 (Actual)
First drawbell blasted (1)
May 2022
Q3’22
June 2022 (Actual)
Sustainable Production
(sustainable cave propagation)
February 2023
(~30 drawbells active(2))
H1’23
(~21 drawbells active(2) )
Q1’23
(~16-21 drawbells active(2))
Shaft 3 commissioned
H1’22
H1’24(3)
H1’24(3)
Shaft 4 commissioned
H1’22
H1’24(3)
H1’24(3)
First drawbell Panel 2
Q4’24
H1’26
H1’26(4)
First drawbell Panel 1
H2’26
H1’27
H1’27(4)
1.
Despite an approximate 6-month delay to
Undercut commencement, first drawbell timing remained broadly in
line with the 2020TR.
2.
Design refinements identified that a minor
modification to undercut sequence following additional geotechnical
assessment of cave initiation conditions, changed the estimated
number of drawbells to reach critical hydraulic radius, which is
the point at which sustainable production is anticipated to
commence. Critical hydraulic radius is an estimated factor, based
on the best available data but some variability in the exact number
of drawbells needed to reach critical hydraulic radius could occur,
with the potential for the requirement to be between 16 and 21
drawbells.
3.
Shaft 3 and 4 progress continues to be
closely monitored against the 2022 schedule update.
4.
A preliminary assessment of the impact of
the previously announced shaft delays on the commencement of Panel
1 and Panel 2 is included in these updated milestones.
COVID-19
Safety continues to be the Company’s top priority and COVID-19
controls remain in place at site to protect our people. During
Q3’22, COVID-19 cases identified at Oyu Tolgoi have continued at
low levels and the testing regime has been eased. Following the
recent relaxation of COVID-19 government-initiated restrictions in
Mongolia, Oyu Tolgoi (“OT LLC”) has progressively restarted work on
project facilities with workforce numbers now at full capacity.
Update of Funding Initiatives under 3rd A&R HOA
As provided for in the Third Amended and Restated Heads of
Agreement dated as of September 5, 2022 (the “3rd A&R HoA”)
between the Company and Rio Tinto International Holdings Limited
(“RTIHL” and, together with Rio Tinto plc, “Rio Tinto”) relating to
the funding of the Oyu Tolgoi project, the Company and Rio Tinto
have continued to advance discussions with the project finance
lenders under the Oyu Tolgoi project financing (the “OT Project
Financing”) with a view to rescheduling the principal repayments of
the existing Oyu Tolgoi project debt (the “Re-profiling”) so as to
potentially reduce the Company’s base case funding requirement
(estimated as at August 4, 2022 to be approximately US$3.6 billion)
by up to approximately US$1.7 billion and better align the
servicing of such debt with the updated Oyu Tolgoi project mine
plan and to raise up to $500 million of additional senior
supplemental debt (“SSD”). Rio Tinto, through its subsidiary that
acts as manager of the Oyu Tolgoi project, is responsible for
leading the process and negotiations for the Re-profiling and SSD
with support from and consultation with TRQ and OT LLC. To become
effective, the Re-profiling requires the unanimous consent of the
existing lenders under the OT Project Financing or the replacement
of any lenders that withhold their consent; it will also require
the approval of the board of directors of OT LLC (the “OT LLC
Board”). The Company and Rio Tinto have been working towards
completing the Re-profiling prior to the scheduled repayment of
US$362 million due on December 15, 2022 under the existing OT
Project Financing.
Substantial progress has been made on reaching agreement on the
commercial terms and conditions of the Re-profiling, with the
commercial terms and conditions now substantially agreed. Certain
existing commercial bank lenders under the OT Project Financing
have indicated that they are unable or unwilling to participate in
the Re-profiling. Consequently, Rio Tinto and the Company are
pursuing several potential solutions, including but not limited to:
engaging existing lenders that are currently participating in the
Re-profiling with a view to increasing their current participation
levels, and engaging with new potential commercial bank lenders who
could replace any banks that ultimately decide to exit.
If Rio Tinto and the Company are not successful in their efforts
to secure the Re-profiling on or before December 15, 2022, the
Company would, in order to address near-term liquidity needs, be
required to draw on the US$362 million bridge financing that RTIHL
has committed to provide under the 3rd A&R HoA in order to fund
the principal repayment of that same amount under the OT Project
Financing due on December 15, 2022. The 3rd A&R HoA
contemplates that the US$362 million bridge facility will be made
on the same terms as the US$650 million “Early Advance” commitment
thereunder and would be repaid through an equity raise.
If the Re-profiling and SSD funding contemplated by the 3rd
A&R HoA are not wholly successful, or the principal repayment
of US$362 million under the OT Project Financing is required to be
made on December 15, 2022 the Company would require additional
equity financing which would be incremental to estimated equity
raising of US$1.05 billion previously disclosed in Q2’22.
The Company’s incremental funding requirement, and quantum and
timing of any incremental equity raises, continue to be impacted by
various factors, many of which are outside of its control and, as a
result, their actual quantum and/or timing could be different from
the estimates provided and such variance may be significant. See
the sections “Funding of OT LLC by Turquoise Hill”, “Risks and
Uncertainties” and “Forward-Looking Statements and Forward-Looking
Information” in the Company's Management’s Discussion and Analysis
of Financial Condition and Results of Operations for the three and
six months ended June 30, 2022 (the “Q2 2022 MD&A”).
Oyu Tolgoi Production Data
All data represents full production and sales on a 100%
basis
3Q
4Q
1Q
2Q
3Q
9 months
9 months
Full Year
2021
2021
2022
2022
2022
2022
2021
2021
Open pit material mined (‘000 tonnes)
22,588
23,979
24,386
25,550
26,102
76,038
61,005
84,983
Ore treated (‘000 tonnes)
9,336
10,573
9,581
9,685
10,685
29,951
28,550
39,124
Average mill head grades: Copper (%)
0.53
0.46
0.40
0.40
0.42
0.41
0.52
0.50
Gold (g/t)
0.63
0.38
0.32
0.26
0.22
0.27
0.60
0.54
Silver (g/t)
1.29
1.27
1.25
1.15
1.32
1.24
1.26
1.26
Concentrates produced (‘000 tonnes)
191.9
182.7
144.3
146.0
173.6
463.9
567.0
749.6
Average concentrate grade (% Cu)
21.9
21.3
21.0
20.9
20.9
20.9
21.9
21.7
Production of metals in concentrates: Copper (‘000 tonnes)
41.9
38.9
30.3
30.6
36.3
97.1
124.1
163.0
Gold (‘000 ounces)
131
79
59
48
43
150
390
468
Silver (‘000 ounces)
249
238
211
201
256
668
739
977
Concentrate sold (‘000 tonnes)
224.4
165.9
148.3
175.3
211.1
534.7
503.3
669.2
Sales of metals in concentrates: Copper (‘000 tonnes)
46.4
34.4
29.9
35.3
41.8
107.0
105.0
139.4
Gold (‘000 ounces)
149
102
57
68
56
181
333
435
Silver (‘000 ounces)
278
192
179
224
282
684
591
783
Metal recovery* (%) Copper
83.9
80.1
78.1
81.4
80.9
80.2
83.6
82.8
Gold
68.7
59.3
59.0
59.1
56.6
58.6
70.3
68.4
Silver
64.1
55.1
54.3
57.8
57.0
56.4
64.0
61.6
*Metal recovery is a function of head
grade and reflects grades delivered in the quarter.
Non-GAAP Financial Measures and Other Financial
Measures
This press release contains certain non-GAAP (Generally Accepted
Accounting Principles) financial measures such as total operating
cash costs and supplementary financial measures such as capital
expenditures on the underground project. Non-GAAP financial
measures have non-standardized meaning under International
Financial Reporting Standards (“IFRS”). As such, these financial
measures may not be comparable to similar measures used by other
issuers. These financial measures are presented in order to provide
investors and other stakeholders with additional understanding of
performance and operations at the Oyu Tolgoi mine and are not
intended to be used in isolation from, or as a replacement for,
measures prepared in accordance with IFRS. Management believes
that, in addition to conventional measures prepared in accordance
with IFRS, these non-GAAP financial measures and supplementary
financial measures provide additional insight into the Company’s
operating performance and financial position and certain investors
may use this information to evaluate the Company’s performance from
period to period. However, these non-GAAP financial measures and
supplementary financial measures have limitations and should not be
considered in isolation or as a substitute for measures of
performance prepared in accordance with IFRS. Additional details
and information for this non-GAAP financial measure and these
financial measures can be found in the section titled “Non-GAAP and
Other Financial Measures” between pages 28 and 31 of Company’s Q2
2022 MD&A filed with the securities regulatory authorities in
Canada, which section and pages are incorporated by reference into
this press release. The Q2 2022 MD&A is available under the
Company’s profile on SEDAR at www.sedar.com.
Technical Information included in this Press Release
Disclosure of information of a scientific or technical nature in
this press release in respect of the Oyu Tolgoi mine was approved
by Jo-Anne Dudley (FAusIMM(CP)), Chief Operating Officer of the
Company. Ms. Dudley is a “qualified person” as that term is defined
in National Instrument 43-101—Standards of Disclosure for Mineral
Projects.
Forward-looking statements and forward-looking
information
Certain statements made herein, including statements relating to
matters that are not historical facts and statements of the
Company’s beliefs, intentions and expectations about developments,
results and events which will or may occur in the future,
constitute “forward-looking information” within the meaning of
applicable Canadian securities legislation and “forward-looking
statements” within the meaning of the “safe harbour” provisions of
the United States Private Securities Litigation Reform Act of 1995.
Forward-looking statements and information relate to future events
or future performance, reflect current expectations or beliefs
regarding future events and are typically identified by words such
as “anticipate”, “believe”, “could”, “estimate”, “expect”,
“intend”, “likely”, “may”, “plan”, “seek”, “should”, “will” and
similar expressions suggesting future outcomes or statements
regarding an outlook. These include, but are not limited to,
statements and information regarding: the nature of the Company’s
ongoing relationship and interaction with the Government of
Mongolia with respect to the continued operation and development of
Oyu Tolgoi as and when the key agreements entered into with the
Government of Mongolia announced on January 24, 2022 (the “GoM
Agreements”) are implemented along with the implementation of
Resolution 103, the resolution passed by the Parliament of Mongolia
in December 2021 to resolve the outstanding issues among the
Company, Rio Tinto and the Government of Mongolia in relation to
the implementation of Resolution 92, the resolution passed by the
Parliament of Mongolia in November 2019 mandating the Government of
Mongolia to take necessary measures to ensure the benefits to
Mongolia of Oyu Tolgoi; the continuation of undercutting in
accordance with the mine plan and design; the actual timing of
first sustainable production as well as the lifting of restrictions
by the Government of Mongolia on the ability of OT LLC to incur any
additional indebtedness; the implementation and successful
execution of the 3rd A&R HoA, as such agreement may be further
amended or restated, and the amount of any additional future
funding gap to complete the Oyu Tolgoi project and the availability
and amount of potential sources of additional funding required
therefor, all as contemplated by the 3rd A&R HoA, as well as
potential delays in the ability of the Company and OT LLC to
proceed with the funding elements contemplated by the 3rd A&R
HoA; liquidity, funding sources and funding requirements in
general, in particular until sustainable first production is
achieved, including the Company’s ability to reach agreement with
project finance lenders on the Re-profiling prior to the scheduled
repayment due under the existing OT Project Financing, as well as
the Company (or a wholly-owned subsidiary) and OT LLC entering into
a pre-paid copper concentrate sale arrangement; the availability
and amount of potential sources of additional funding, including
the short-term secured advance to be provided by RTIHL to the
Company under the 3rd A&R HoA; the amount by which a successful
Re-profiling of the Company’s existing debt would reduce the
Company’s currently projected funding requirements; the Company’s
ability to conduct one or more equity offerings as contemplated by
the 3rd A&R HoA in light of future and then prevailing market
conditions; the expectations set out in the 2020 Oyu Tolgoi
Technical Report (the “2020 OTTR”); the timing and amount of future
production and potential production delays; statements in respect
of the impacts of any delays on achieving first sustainable
production and on the Company’s cash flows; expected copper and
gold grades; the merits of the class action complaint filed against
the Company in January 2021, respectively; the merits of the
defence and counterclaim filed by the Government of Mongolia in the
international tax arbitration brought by OT LLC and the likelihood
of the parties being able to amicably resolve the ongoing tax
issues; the timing of studies, announcements and analyses; the
status of underground development, including any slowdown of work;
the causes of the increase in costs and schedule extension of the
underground development; the mine design for Panel 0 of Hugo North
Lift 1 and the related cost and production schedule implications;
the re-design studies for Panels 1 and 2 of Hugo North Lift 1 and
the possible outcomes, content and timing thereof; the timing and
progress of the sinking of Shafts 3 and 4 and any delays in that
regard in addition to previously announced delays; expectations
regarding the possible recovery of ore in the two structural
pillars, to the north and south of Panel 0; the possible
progression of a state-owned power plant (“SOPP”) and related
amendments to the Power Source Framework Agreement (“PSFA”), as
amended, as well as power purchase agreements and extensions
thereto; the finalisation of an agreement with Inner Mongolia Power
International Cooperation Co., Ltd (“IMPIC”) on extension of the
current power import arrangements; the timing of construction and
commissioning of the potential SOPP; sources of interim power; the
continuing impact of COVID-19, including any restrictions imposed
by health or governmental authorities relating thereto on the
Company’s business, operations and financial condition, as well as
delays and the development cost impacts of delays caused by the
COVID-19 pandemic; the Company’s ability to operate sustainably,
its community relations and its social licence to operate in
Mongolia; capital and operating cost estimates, including
inflationary pressures thereon resulting in cost escalation; mill
and concentrator throughput; anticipated business activities,
planned expenditures, corporate strategies; supply disruptions of
oil and gas to the Oyu Tolgoi project caused by the ongoing
Russia-Ukraine conflict, and other statements that are not
historical facts.
Forward-looking statements and information are made based upon
certain assumptions and other important factors that, if untrue,
could cause the actual results, performance or achievements of the
Company to be materially different from future results, performance
or achievements expressed or implied by such statements or
information. There can be no assurance that such statements or
information will prove to be accurate. Such statements and
information are based on numerous assumptions regarding present and
future business strategies, local and global economic conditions,
and the environment in which the Company will operate in the
future, including: the price of copper, gold and silver; projected
gold, copper and silver grades; anticipated capital and operating
costs; anticipated future production and cash flows; the
anticipated location of certain infrastructure in Hugo North Lift 1
and sequence of mining within and across panel boundaries; the
nature of the Company’s ongoing relationship and interaction with
the Government of Mongolia with respect to the continued operation
and development of Oyu Tolgoi as and when the GoM Agreements are
implemented along with the implementation of Resolution 103; the
continuation of undercutting in accordance with the mine plan and
design; the actual timing of first sustainable production as well
as the lifting of restrictions by the Government of Mongolia on the
ability of OT LLC to incur any additional indebtedness; the
availability and timing of required governmental and other
approvals for the construction of the SOPP; the ability of the
Government of Mongolia to finance and procure the SOPP within the
timeframes anticipated in the PSFA, as amended, subject to ongoing
discussions relating to a standstill period; finalisation of an
agreement with IMPIC on an extension of the current power import
arrangements; the eventual pre-payment arrangement between the
Company (or a wholly-owned subsidiary) and OT LLC; the
implementation and successful execution of the updated funding plan
that is the subject of the 3rd A&R HoA, as such agreement may
be further amended and restated; the Company’s ability to operate
sustainably, its community relations and its social licence to
operate in Mongolia; and the amount of any additional future
funding gap to complete the Oyu Tolgoi project and the availability
and amount of potential sources of additional funding required
therefor.
Certain important factors that could cause actual results,
performance or achievements to differ materially from those in the
forward-looking statements and information include, among others:
copper, gold and silver price volatility; discrepancies between
actual and estimated production; mineral reserves and resources and
metallurgical recoveries; development plans for processing
resources; public health crises such as COVID-19; matters relating
to proposed exploration or expansion; mining operational and
development risks, including geotechnical risks and ground
conditions; litigation risks, including the outcome of the class
action complaint filed against the Company; the outcome of the
international arbitration proceedings, including the likelihood of
the parties being able to amicably resolve the ongoing tax issues;
regulatory restrictions (including environmental regulatory
restrictions and liability); OT LLC or the Government of Mongolia’s
ability to deliver a domestic power source for the Oyu Tolgoi
project within the required contractual time frame; the Company’s
ability to operate sustainably, its community relations, and its
social licence to operate in Mongolia; activities, actions or
assessments, including tax assessments, by governmental
authorities; events or circumstances (including public health
crises strikes, blockades or similar events outside of the
Company’s control) that may affect the Company’s ability to deliver
its products in a timely manner; currency fluctuations; the
speculative nature of mineral exploration; the global economic
climate; global climate change; dilution; share price volatility;
competition; loss of key employees; cyber security incidents;
additional funding requirements, including in respect of the
development or construction of a long-term domestic power supply
for the Oyu Tolgoi project; capital and operating costs, including
with respect to the development of additional deposits and
processing facilities; inflationary pressures on prices for
critical supplies for Oyu Tolgoi including fuel, power, explosives
and grinding media resulting in cost escalation; defective title to
mineral claims or property; human rights requirements;
international conflicts such as the ongoing Russia-Ukraine
conflict; and new tax measures, such as a minimum corporate tax
rate, that might be implemented as a result of evolving global
initiatives. Although the Company has attempted to identify
important factors that could cause actual actions, events or
results to differ materially from those described in
forward-looking statements and information, there may be other
factors that cause actions, events or results not to be as
anticipated, estimated or intended. All such forward-looking
statements and information are based on certain assumptions and
analyses made by the Company’s management in light of their
experience and perception of historical trends, current conditions
and expected future developments, as well as other factors
management believes are reasonable and appropriate in the
circumstances. These statements, however, are subject to a variety
of risks and uncertainties and other factors that could cause
actual events or results to differ materially from those projected
in the forward-looking statements or information.
With respect to specific forward-looking information concerning
the continued operation and development of the Oyu Tolgoi project,
the Company has based its assumptions and analyses on certain
factors which are inherently uncertain. Uncertainties and
assumptions include, among others: the nature of the Company’s
ongoing relationship and interaction with the Government of
Mongolia with respect to the continued operation and development of
Oyu Tolgoi as and when the GoM Agreements are implemented along
with the implementation of Resolution 103; the continuation of
undercutting in accordance with the mine plan and design; the
approval or non-approval by the OT LLC Board of any future
necessary additional investment, and the likely consequences on the
timing and overall economic value of the Oyu Tolgoi project,
including slowdown on the underground development and significant
delays to first sustainable production; the timing and cost of the
construction and expansion of mining and processing facilities; the
timing and availability of a long-term domestic power source (or
the availability of financing for the Company or the Government of
Mongolia to construct such a source) for Oyu Tolgoi; the
implementation and successful execution of the updated funding plan
that is the subject of the 3rd A&R HoA, as such agreement may
be further amended or restated, and the amount of any additional
future funding gap to complete the Oyu Tolgoi project and the
availability and amount of potential sources of additional funding
required therefor the eventual pre-payment arrangement between the
Company (or a wholly-owned subsidiary) and OT LLC; the potential
impact of COVID-19, including any restrictions imposed by health
and governmental authorities relating thereto, as well as the
development cost impacts of delays caused by the COVID-19 pandemic;
the Company’s ability to operate sustainably, its community
relations and its social licence to operate in Mongolia; the impact
of changes in, changes in interpretation to or changes in
enforcement of, laws, regulations and government practices in
Mongolia; the availability and cost of skilled labour and
transportation; the obtaining of (and the terms and timing of
obtaining) necessary environmental and other government approvals,
consents and permits; delays and the costs which would result from
delays, including delays caused by COVID-19 restrictions and
impacts and related factors, in the development of the underground
mine (which could significantly exceed the costs projected in the
2020 OTTR); projected copper, gold and silver prices and their
market demand; production estimates and the anticipated yearly
production of copper, gold and silver at Oyu Tolgoi; inflationary
pressures on prices for critical supplies for Oyu Tolgoi, including
fuel, power, explosives and grinding media resulting in cost
escalation; and the potential impact of the ongoing Russia-Ukraine
conflict, including supply disruptions of oil and gas to the Oyu
Tolgoi project caused thereby.
The cost, timing and complexities of mine construction and
development are increased by the remote location of a property such
as Oyu Tolgoi. It is common in mining operations and in the
development or expansion of existing facilities to experience
unexpected problems and delays during development, construction and
mine start-up. Additionally, although Oyu Tolgoi has achieved
commercial production, there is no assurance that future
development activities will result in profitable mining
operations.
Readers are cautioned not to place undue reliance on
forward-looking information or statements. By their nature,
forward-looking statements involve numerous assumptions, inherent
risks and uncertainties, both general and specific, which
contribute to the possibility that the predicted outcomes will not
occur. Events or circumstances could cause the Company’s actual
results to differ materially from those estimated or projected and
expressed in, or implied by, these forward-looking statements.
Important factors that could cause actual results to differ from
these forward-looking statements are included in the “Risk Factors”
section in the Company’s annual information form for the year ended
December 31, 2021 (the “AIF”), as supplemented by the “Risks and
Uncertainties” section of the Company’s Q2 2022 MD&A.
Readers are further cautioned that the lists of factors
enumerated in the “Risk Factors” section of the AIF and in the
“Risks and Uncertainties” section of the Q2 2022 MD&A that may
affect future results are not exhaustive. Investors and others
should carefully consider the foregoing factors and other
uncertainties and potential events and should not rely on the
Company’s forward-looking statements and information to make
decisions with respect to the Company. Furthermore, the
forward-looking statements and information contained herein are
made as of the date of this document and the Company does not
undertake any obligation to update or to revise any of the included
forward-looking statements or information, whether as a result of
new information, future events or otherwise, except as required by
applicable law. The forward-looking statements and information
contained herein are expressly qualified by this cautionary
statement.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221017005963/en/
Vice President Investors Relations and Communications Roy
McDowall roy.mcdowall@turquoisehill.com Follow us on
Twitter@TurquoiseHillRe
Turquoise Hill Resources (NYSE:TRQ)
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Turquoise Hill Resources (NYSE:TRQ)
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De Juin 2023 à Juin 2024