Turquoise Hill cuts Oyu Tolgoi 2014 gold, copper output forecast

Tue Oct 14, 2014 6:05pm EDT
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Oct 14 (Reuters) - Turquoise Hill Resources Ltd on Tuesday reduced its 2014 forecasts for gold and copper production at the massive Oyu Tolgoi copper-gold mine in Mongolia due to delays in advancing mine development in the third quarter.

The miner, which owns some 66 percent of Oyu Tolgoi, said it expects the mine to produce between 550,000 and 600,000 ounces of gold in concentrates this year, down from the 600,000 to 700,000 ounces it had forecast in August.

It also reduced its expectation for copper concentrate output to between 135,000 tonnes and 150,000 tonnes this year, down from a range of 135,000 tonnes to 160,000 tonnes before.

Turquoise Hill is majority owned by global miner Rio Tinto Plc , which operates the Oyu Tolgoi mine. (Reporting by Nicole Mordant in Vancouver)