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UPDATE: Turquoise Hill Resources Down Another 2%, Hits Fresh Yr Lows As Reports 2012 Results

Turquoise Hill Resources (TRQ.TO) has added to the 2.5% it fell on Monday, down another 2% after saying in 2012 it recorded a net loss of US$434.6 million ($0.51 per share), compared to a net loss of $570.4 million ($0.76 per share) in 2011.

Results for 2012 included $133.8 million in revenue; $19.5 million in interest income; $7.2 million in foreign exchange gains; $194.7 million change in the fair value of the derivative on the 2012 rights offering; a $39.5 million change in the fair value of SouthGobi's embedded derivatives and $146.9 million of net loss attributable to non-controlling interests. These amounts were offset by $208.1 million in cost of sales; $169.0 million in exploration and evaluation expenses; $159.9 million in other operating expenses; $154.5 million in general and administrative expenses; $16.2 million write-down of current assets; $11.9 million in interest expense; $164.4 million in financing costs; and a $32.9 million share of loss of significantly influenced investees.

Turquoise Hill's cash position, on a consolidated basis at December 31, 2012, was approximately $1.2 billion. as at March 25, 2013, Turquoise Hill's consolidated cash position was approximately $710 million.

Turquoise Hill Resources, formerly Ivanhoe Mines, is an international mining company focused on copper, gold and coal mines in the Asia Pacific region. the company's primary operation is its 66% interest in the Oyu Tolgoi copper-gold-silver mine in southern Mongolia.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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