More gold from Oyu Tolgoi expected in 2021

Turquoise Hill Resources has announced increased 2021 gold production outlook, and filed an updated technical report for the Oyu Tolgoi Project (OTTR). Gold production outlook for 2021 has increased to a range of 500,000 ounces– 550,000 ounces from 450,000 ounces – 500,000 ounces, the result of initiatives that have brought the higher grade gold bearing ore from the South West pit forward into 2020 and 2021.

Highlights of the 2020 OTTR as the underground mine ramps up include:
•    Lowest quartile C1 cash costs estimated between 2021 - 20301
•    Expected copper production growth of 315% from 2022 – 2028
•    Expected gold production growth of 140% from 2022 – 2028
•    Net cash flow after tax of $12.7 billion between 2024 – 2030.

The OTTR does not reflect the impact of the COVID-19 pandemic. Detailed study, design, engineering and optimisation work is ongoing to support the definitive estimate, which remains due in the fourth quarter of 2020.