Oyu Tolgoi (OT) presented a production report for the first quarter of 2016, and highlighted that the company has crossed the two million ton mark in concentrate shipments since the beginning of the year.
OT’s Chief Executive Officer Andrew Woodley said, “Our exceptional performance over the quarter – setting new records in production, while improving our safety performance – speaks to the commitment and skill of the Oyu Tolgoi workforce. Shipping two million tons of concentrate, just three years after the start of production, is a reminder of how far we have come for such a young business. While significant market challenges remain, the Oyu Tolgoi team is on the way to delivering a sustainable, world class copper business. In these challenging times I am pleased with the team’s focus and achievements on safely reducing costs and improving productivity. This is building a very solid foundation for the future of our business.”
The company reported that in the first quarter of this year, concentrator throughput increased by 3.1 percent over the last quarter in 2015, resulting in average throughput of approximately 106,000 tons per day for the quarter. OT underlined that concentrate production in the first quarter remained high resulting from increased throughput and strong copper grades.
The company said that copper production in the first quarter reached a quarterly high, increasing 0.5 percent over the last quarter in 2015. However, OT reported that gold production in the first quarter of 2016 declined by approximately 30 percent over the fourth quarter of 2015 due to lower grades and the near-completion of mining in phase 2 of the open pit.