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RIO - Rio Tinto News Story

6000p 74.0  1.2%

Last Trade - 4:45pm

Sector
Basic Materials
Size
Large Cap
Market Cap £95.94bn
Enterprise Value £99.84bn
Revenue £31.96bn
Position in Universe 14th / 1810

UPDATE 1-Canada's Turquoise Hill posts five-fold rise in quarterly profit

Wed 12th May, 2021 10:28pm
(Adds background and production numbers)
    May 12 (Reuters) - Canadian miner Turquoise Hill Resources
Ltd  TRQ.TO  said on Wednesday its first-quarter profit more
than quintupled, helped by increased production of copper and
gold at its Oyu Tolgoi mine in Mongolia and higher commodity
prices.
    Oyu Tolgoi is one of the world's largest copper-gold-silver
mines. Rio Tinto  RIO.AX   RIO.L  owns 51% of Turquoise Hill,
which in turn owns 66% of the Oyu mine. The rest of the mine is
owned by government of Mongolia.
    Turquoise Hill said first-quarter copper production rose 29%
to 45,449 tonnes and gold output increased 461.5% to 145,656
ounces at Oyu Tolgoi, from last year. 
    Rio Tinto-controlled Turquoise Hill said income attributable
to owners of the company rose to $236.7 million, or $1.18 per
share, for the three months ended March 31, from $45.2 million,
or 22 cents per share, a year earlier.  urn:newsml:reuters.com:*:nPn1bKqHBa

 (Reporting by Arunima Kumar in Bengaluru; Editing by Shailesh
Kuber)
 ((Arunima.Kumar@thomsonreuters.com;))
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