Dallas, Texas 03/17/2014 (FINANCIALSTRENDS) – Canada based international mineral exploration and Development Company with a market cap of 3.44B has reported $2.4 billion rights issue. Robert Friedland founder of Turquoise Hill Resources has reportedly ensured utmost compliance with the regulations and will downsize his stake in the company. As of December, his stake was reported to be around 10% and during February this year his position witnessed some changes and his current stock in the company is 3.6%.
Turquoise Hill Resources Ltd (NYSE:TRQ) Reports Mongolios Revenues at $55million
According to the company’s report, it announced gross revenue of $55million from its Oyu Tolgoi’s operation in Mongolia on sales of 26k ton concentrates. For the current year 2014 in Oyu Tolgoi, the company is targeting to produce around 150k to 175k tons of copper in concentrates and 700k to 750k ounces in gold concentrates. The company has reported 60% of its Oyu Tolgoi production is under contract with talks on additional volumes in place for contract finalization. Due to various post-commissioning issues, the production rates have been impacted and this will potentially impact in shut down of one line for six to eight weeks. The company is in with discussion with the Mongolian government to settle some of the issues pertaining to project finance and shareholders. The underground work which is delayed will re-start with some propositions from the company.
Turquoise Hill Resources Ltd Average Rating Recommended as Hold
Analysts at TD Securities have rated the company’s shares as hold and downed the price target to $4.25 from $4.50. BMO Capital Markets analysts have rated it as outperform with price target of $4.50 down from $5.50. Analysts at CIBC have reduced the company’s price target to $4.85 from $5.50. Other analysts too have weighed the shares and recommended their ratings. The company’s stock current has an average rating of hold with average target price as $5.12.