Why Turquoise Hill Resources Stock Is Tumbling Today
Shares of Turquoise Hill Resources (NYSE: TRQ) slumped 13.5% by 10:30 a.m. EDT on Friday. Weighing on the mining stock was a disappointing production report and an analyst downgrade.
Turquoise Hill Resources reported that personnel shortages due to COVID-19 restrictions affected its mining operations during the second quarter. Surging cases in Mongolia forced the country to enact a series of lockdowns, which limited the mining company's ability to maintain the employee levels needed to meet its production goal. Because of that, copper output fell 19% from the first quarter, while gold production declined by 22%.
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Source Fool.com
