Torex reports lower gold production in second quarter
Torex Gold has reported Q2 2023 gold production of 107,507 ounces, down 13% compared to Q2 2022 (123,180 ounces).
The company said that the reduction in gold production was as expected, grade driven, and reflects the sequencing of open pits.
“A greater proportion of stockpiled material was processed during the quarter, which is a result of lower ore production from the open pits and, notably, the exhaustion of reserves in the Guajes pit, which we plan to use for future in-pit tailings deposition as part of the Media Luna Project,” it added.
Importantly, Torex noted that with production of 230,425 ounces through the first half of 2023, the company is on pace to achieve full year production guidance of 440,000 to 470,000 oz, for the fifth consecutive year.
President and CEO Jody Kuzenko said, “With production on track to achieve full year guidance, development of Media Luna tracking to schedule and budget, a strong balance sheet with robust liquidity, and ongoing exploration success, we continue to make significant progress on the execution of our strategic plan, which we fully expect will translate into long-term value creation for our shareholders.”
Torex is an intermediate gold producer based in Canada, engaged in the exploration, development, and operation of its 100% owned Morelos Property, an area of 29,000 hectares in the highly prospective Guerrero Gold Belt located 180 kilometres southwest of Mexico City.
The company’s principal asset is the Morelos Complex, which includes the El Limón Guajes Mine Complex, the Media Luna Project, a processing plant, and related infrastructure.
