Oyu Tolgoi releases 2018 performance scorecardEconomy
/MONTSAME/ Oyu Tolgoi LLC today released the latest edition of
its scorecard updating on its performance for 2018.
Q4’18 Production report
• Exceeded full-year production guidance for both copper and gold by 2.6 per cent and 1.8 per cent respectively
• Full year copper production of 159,100 tonnes, up 1.1 per cent on 2017
• Full year gold production of 285,000 ounces, up 150.0 per cent on 2017
Gold production in Q4’18 increased 234.3 per cent over Q4’17 due to significant increases in both grades and recovery. Copper production in Q4’18 declined 8.4 per cent 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 per cent 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.
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. Underground lateral development is expected to advance 15 to 16 kilometers during 2019.
Oyu Tolgoi paid USD 2.3 billion in taxes, fees and other payments to the Government of Mongolia between 2010 and 2018, including, USD 322 million in 2018.
As of the fourth quarter of 2018, 92.6 per cent of Oyu Tolgoi’s over 17,000 employees were Mongolian, 20.4 per cent of which were from the Umnugovi province.