- Turquoise Hill Resources (TRQ -1.4%) is lower after reporting better than expected Q4 earnings but a 47% Y/Y drop in revenues, and plans for ~$300M in FY 2016 capex.
- TRQ says it expects the notice-to-proceed decision for underground construction of its Oyu Tolgoi mine in Mongolia during Q2; the long-stalled underground mine was expected to boost Mongolia's economy by a third when it reaches full capacity in 2021.
- TRQ expects Oyu Tolgoi to produce 175K-195K metric tons of copper and 210K-260K oz. of gold in concentrates for 2016, with open-pit operations expected to mine in phases two, three and six during the year, as well as begin stripping for phase four.
- The company notes that ~90% of Oyu Tolgoi's expected 2016 concentrate output already has been sold.