October 16, 2018 / 3:08 PM / a month ago

BUZZ-Turquoise Hill Resources: Plumbs near 10-year low on Q3 production report

** Shares of Turquoise Hill Resources Ltd down as much as 10.6 pct at C$2.28 in early trade, lowest since December 5, 2008

** Updates on Mongolian mine Oyu Tolgoi, where Q3 mill throughput fell 5 pct from Q2’18 on planned maintenance shutdown and increased processing of harder Phase 4 ore from mine

** Q3 copper production was flat over preceding qtr as higher grades and recoveries were partially offset by lower throughput

** Says Q3 sales volumes hit by torrential rain in July and August that consequently affected Chinese road and rail connectivity

** Eight Capital cuts PT to C$5.50 from C$6.00 “on delay of sustainable underground production”; retains “buy” rating

** 5 of 8 brokerages rate the stock “buy” or higher, and 3 “hold”; their median PT is C$5.33 - data from Refinitiv Eikon

** Rio Tinto PLC is the largest shareholder in co, with about 50 pct stake, as per Refinitiv Eikon data

** Including Tuesday’s slide, stock has fallen about 43.8 pct this year (Reporting by Aaron Saldanha in Bengaluru)

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