Turquoise Hill announces fourth quarter 2018 production

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Algemeen advies 18/01/2019 08:28
Turquoise Hill Resources today announced fourth quarter 2018 production for Oyu Tolgoi as well as operational guidance for 2019.

- Oyu Tolgoi exceeds annual copper and gold production guidance
Highlights
- Exceeded full-year production guidance for both copper and gold by 2.6% and 1.8% respectively
- Full year copper production of 159,100 tonnes, up 1.1% on 2017
- Full year gold production of 285,000 ounces, up 150.0% on 2017
Ulf Quellmann, Chief Executive Officer of Turquoise Hill, said, “Oyu Tolgoi delivered a strong operational performance in
2018 exceeding both copper and gold production guidance. During the fourth quarter, we continued to deliver higher gold
production due to the optimization of Phase 4 ore processing. Quarterly copper production was consistent across the year.
I want to acknowledge the commitment and dedication of our Oyu Tolgoi colleagues who continue to do an outstanding
job.”
Gold production in Q4’18 increased 234.3% over Q4’17 due to significant increases in both grades and recovery. Copper
production in Q4’18 declined 8.4% over Q4’17 due to lower throughput, which was partially offset by higher grades and
recovery. As planned, mill throughput in Q4’18 decreased 13.6% over Q4’17 due to the concentrator processing harder
Phase 4 ore compared to the processing of predominately softer Phase 6 ore in Q4’17.

Operational guidance
Oyu Tolgoi is expected to produce 125,000 to 155,000 tonnes of copper and 180,000 to 220,000 ounces of gold in concentrates for 2019. Open-pit operations are expected to mine Phase 4 throughout the year. Mill throughput for 2019 is
expected to be approximately 40 million tonnes.
Underground lateral development is expected to advance 15 to 16 kilometres during 2019.

Turquoise Hill is updating the latest developments on power study costs following the signing of the Power Source
Framework Agreement in late December. The Company will provide 2019 financial guidance in due course.
News Release
January 17, 2019

Good results for Turquois Hill
and Watch Entrée Resources to.



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