(Compares estimates, adds all-in sustaining costs, background)
July 29 (Reuters) - Canadian miner Turquoise Hill Resources Ltd on Thursday beat estimates for second-quarter profit, bolstered by a strong output from the Oyu Tolgoi mine in Mongolia and higher prices of copper and gold.
Prices of the red metal hit a record high in May, boosted by demand from electric-vehicle makers and other clean-energy investments. Bullion prices also rose in the second quarter as a weak dollar and pandemic-related uncertainties lifted its safe-haven appeal.
Turquoise Hill’s copper production from Oyu Tolgoi stood at 36,735 tonnes in the quarter, compared with 36,495 ounces last year. Its gold output more than tripled to 113,054 ounces.
Oyu Tolgoi, one of the world’s largest copper-gold-silver mines, was at the center of a long-running funding spat between Rio Tinto and Turquoise, before the dispute was put to bed in April.
The Mongolian government holds a 34% stake in the Oyu Tolgoi project with Rio’s majority-owned Turquoise owning the rest.
Turquoise Hill’s all-in sustaining costs fell 32% to $1.48 per pound of copper produced in the quarter.
Its income attributable to the owners of the company was $96.9 million, or 48 cents per share, for the three months ended June 30, compared with $72.6 million, or 36 cents per share, a year earlier.
Analysts on average were expecting a profit of 34 cents per share, according to Refinitiv IBES.
Reporting by Rithika Krishna in Bengaluru; Editing by Devika Syamnath
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