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Turquoise Hill Resources Ltd. (TRQ) stock plunged in the current trading session; here’s why

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In the current trading session, we see a downward trend for Turquoise Hill Resources Ltd. (TRQ stock) shares which plunged -15.05% to $13.74 at last check. TRQ stock previously closed the session at $16.18. The TRQ stock volume traded 1.79 million shares. In the past year up to date, TRQ shares have jumped by 95.27% and in the past week, the shares moved down by -1.40%. Furthermore, Turquoise is currently valued in the market at $3.12 billion and has 201.23 million outstanding shares.

All you need to know about Turquoise Hill

Turquoise Hill Resources Ltd. works as a mining operations company. TRQ stock carries out its operations along with its subsidiaries. The mining work is segmented based on different deposits; copper, silver, and gold deposits. The company is focusing on the development and operations in the OyuTolgoi mine of gold and copper. This OyuTolgoi mine is located in Southern Mongolia and the company itself has been founded in 1994 by then it went by the name of Ivanhoe Mines Ltd. However, in 2012 August, the company decided to change its name to its existing one right now. The headquarter of the company is in Montreal, Canada. Mainly the company is a subsidiary itself of Rio Tinto plc.

Announcement of result for the 2nd quarter 2021 for OyuTolgoi Mining

On 15th July 2021, TRQ stock had announced the update on the financial result of their second quarter of 2021’s performance. These performances are specifically recorded for the mining operations of OyuTolgoi LLC.

The opening pit mining activities saw a decrease due to being impacted by the shortage of employees and personnel in during the pandemic. This reduction in the stockpile had caused a lot of downgrading of the quality of the stockpile being produced from OyuTolgi especially for this quarter. In the second quarter of 2021, the mill throughput had also under-performed because of the shortage of personnel which caused the throughput of the mill to be reduced by 4% compared to the throughput of the first quarter of 2021.

However, there is potentially positive news about these updates which is that there will be access to higher copper and gold grades. This access exists due to Phase 4B which is expected to be continued throughout the rest of the year.

Personnel shortage is being the major reason for the impacted operational and mining activities and Covid 19 is being the major reason for the shortage of personnel; cases expanded altogether in Mongolia during Q2 2021, causing a progression of lockdowns in the nation and South Gobi district which restricted the capacity of OyuTolgoi to keep up with typical program changes for its laborers. Because of COVID19, there is also development cost which is being additionally impacted with delays that took place up to 30th of June.

Nonetheless, the organization’s labor force is 93% completely inoculated and suitable controls keep on being followed at site. OyuTolgoi keeps on helping out the Mongolian specialists to carry out and keep up with control measures to ensure the wellbeing and prosperity of its laborers just as the nearby local community.

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