Oyu Tolgoi announces Q4’19 Performance results

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14/02/2020 15:52
Ulaanbaatar, Mongolia,12 February 2020
Oyu Tolgoi continued its globally competitive safety performance
Total in-country spend has passed US$10 billion
US$321 million taxes paid and US$431 million on national procurement in 2019
Maintains the guidance for copper production – 146,346 tonnes of copper in concentrate
Exceeds 2019 full-year production guidance for gold – 241,840 ounces of gold in concentrate
Completed the construction of primary production shaft (Shaft 2) of the underground mine
Reached highest performance record for the underground lateral development
In 2019, Oyu Tolgoi continued to progress and deliver important milestones for the underground mine development and make a significant contribution to the Mongolian economy, passing U$10 billion of in-country spend.

Prioritising and maintaining our excellence in safety, Oyu Tolgoi’s All Injury Frequency Rate (AIFR) was 0.16 per 200,000 hours worked in 2019.

As of 31st of December 2019, over 93 per cent of Oyu Tolgoi’s workforce of 13,800 were Mongolian with more than half working on the development of the underground mine. Fulfilling our vision to create enduring value, knowledge and skill, Oyu Tolgoi provided 680,354 people-hours of training in 2019. Within this scope, we provided the internationally recognised and accredited training to our 348 employees in the last year in cooperation with Holmesglen, the registered training organisation in Australia.

In 2019, we paid US$321 million in taxes, fees and other payments and collaborated with 838 suppliers, 564 of which were Mongolian businesses which accounted for 76 per cent of total operations procurement spend.

Partnership was a key priority in 2019, with Oyu Tolgoi contributing to public health, primary education, infrastructure and many other areas. In terms of major infrastructure projects, the highlights were the opening of the Oyu Tolgoi-Khanbogd 35.1-km paved road, the opening of a new hospital in Mandal-Ovoo soum, and the completion of the fifth kindergarten in Umnugovi province, sponsored by the Oyu Tolgoi funded Gobi Oyu Development Support Fund.


Underground Development Update


Construction of the primary production shaft (Shaft 2) was completed in October 2019, which allows the movement of 300 people per cage cycle versus a maximum of 60 people per cage cycle through Shaft 1. Underground development materials will be lifted to surface via the Shaft 2 production hoist.

Productivity improvement measures resulted in increased underground lateral development rates during the fourth quarter, with an average rate of 1,607 equivalent meters (eqm) compared to 1,214 eqm in the third quarter, with December seeing a record of 1,809 eqm.

Construction is progressing on Shafts 3 and 4 with both collars now installed. Final preparations are now underway to enable commencement of main sinking operations for both shafts during the second quarter of 2020.

We continue to expect to complete the mine design in the first half of 2020 and the Definitive Estimate of cost and schedule in the second half of 2020.

Q4’19 Production

As anticipated, mined copper production from the open pit was eight per cent lower than 2018 as mining activity moved to lower grade areas. Grades were 11 per cent lower for the year reflected in the 21 per cent decline in fourth-quarter production, partly offset by productivity improvements.

Highlights:

Full-year copper production in concentrate of 146,346 tonnes vs original guidance range of 125,000 – 155,000 tonnes in concentrate
Full-year mill throughput of 40,777,225 tonnes, an increase of 5 per cent over 2018
Full-year gold production in concentrate of 241,840 ounces vs original guidance range of 180,000 – 220,000 ounces in concentrate

Oyu Tolgoi Production Data

All data represents full production and sales on a 100% basis
3Q 2018 4Q 2018 1Q 2019 2Q 2019 3Q 2019 4Q 2019 1H 2019 1H 2018 Full year 2018 Full year 2019

Open pit material mined (‘000 tonnes) 22,523 22,863 23,943 24,408 24,844 28,122 48,351 45,923 91,310 101,316
Ore treated (‘000 tonnes) 9652 9361 9255 10394 10040 11088 19649 19725 38738 40,777
Average mill head grades:
Copper (%) 0.51 0.55 0.57 0.46 0.37 0.42 0.51 0.5 0.51 0.45
Gold (g/t) 0.38 0.56 0.58 0.31 0.14 0.15 0.44 0.25 0.36 0.29
Silver (g/t) 1.19 1.22 1.25 1.2 1.03 1.06 1.23 1.24 1.22 1.13
Concentrates produced (‘000 tonnes) 179.8 189 210.1 180.6 131.3 152.6 390.7 356.1 724.9 674.6
Average concentrate grade (% Cu) 21.9 21.9 21.8 21.7 21.7 21.6 21.8 22 21.9 21.7
Production of metals in concentrates:
Copper (‘000 tonnes) 39.4 41.5 45.8 39.2 28.4 32.9 85 78.2 159.1 146.3
Gold (‘000 ounces) 77 117 120 72 25.6 24.3 192 92 285 241.8
Silver (‘000 ounces) 230 238 247 238 191 190 486 446 914 866.6
Concentrate sold (‘000 tonnes) 171.9 191.4 184.9 225.3 157 157.5 410.3 383.1 746.4 724.7
Sales of metals in concentrates:
Copper (‘000 tonnes) 36 40.2 38.5 46.6 32.4 32.3 85.1 80.4 156.7 149.9
Gold (‘000 ounces) 55 111 98 116 35.4 24.7 213 82 248 273.6
Silver (‘000 ounces) 201 216 200 245 207 243.6 445 456 873 895.9
Metal recovery (%)
Copper 80.9 84.8 83.8 80.2 75.1 74.2 82.2 79.6 81.4 78.7
Gold 64.7 71.7 70.1 63.6 54.7 48.2 68.2 57.6 65.2 63.6
Silver 62.8 67.1 63.2 59.2 56 53.5 61.2 56.4 60.9 58.1



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