Oyu Tolgoi invests over USD 10 billion - News.MN

Oyu Tolgoi invests over USD 10 billion

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2020/02/24

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Oyu Tolgoi invests over USD 10 billion

Senior managers led by Oyu Tolgoi CEO Armando Torres held a press briefing on Wednesday (12 February)  to introduce the performance results for the fourth quarter of 2019.

In 2019, Oyu Tolgoi 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 percent of total operations procurement spend.

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.

Some highlights of the Oyu Tolgoi mining project’s performance in 2019 were:

  • 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 tons 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
  • Full-year copper production in concentrate of 146,346 tons vs original guidance range of 125,000 – 155,000 tons in concentrate
  • Full-year mill throughput of 40,777,225 tons, 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)
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