Oyu Tolgoi had spent $105.8 million on underground expansion capital and had commitments of more than $750 million.
Oyu Tolgoi LLC today announced its financial results for the quarter ended September 30, 2016, and released its latest Performance Scorecard.
Oyu Tolgoi's Managing Director, Armando Torres, said, "The business continued to deliver strong safety performance over the past quarter, and at the same time achieving record material mined and continuing underground development."
Q3'16 Performance Scorecard
Oyu Tolgoi's total in-country spend has reached US$5.9 billion at the end of Q3 – demonstrating a very strong commitment to local content in both operations and underground development.
The company's environment performance continues to be significantly better than the global average, rating 0.477 cubic metres of water per tonne of ore processed and 84.9 per cent recycling rate on average during the quarter.
Please click here to see the Scorecard.
Good progress continued during Q3'16 on underground development, including ongoing contractor mobilization. At the end of Q3'16, Oyu Tolgoi had spent $105.8 million on underground expansion capital and had commitments of more than $750 million. During Q3'16, work began for Shaft 5 sinking and the convey-to-surface box cut excavation while construction of critical on-site facilities continued. Oyu Tolgoi recently signed an additional underground mining and support services contract with Dayan Contract Mining, a joint venture between Hasu Megawatt and Redpath, for the sinking of Shafts 2 and 5. At the end of Q3'16, the underground workforce was approximately 1,600 people and is expected to reach 2,400 people by the end of 2016.
Sales contracts have been agreed for 100 per cent of Oyu Tolgoi's expected 2016 and 2017 concentrate production.