Torex Gold hits record output at Mexico mine

Mexico-focused Canadian miner Torex Gold Resources reported record annual gold output of 474,035oz in 2022, exceeding guidance. 

Guidance was 430,000-470,000oz, while Q4 production was 116,196oz. Comparative figures were not provided.

“We delivered an outstanding year operationally in 2022… This consistent performance has enabled Torex to achieve annual production guidance for the fourth year in a row,” CEO Jody Kuzenko said in a statement. 

Torex owns 100% of the Morelos mine in Mexico’s Guerrero Gold Belt, which includes the El Limón Guajes (ELG) complex, the Media Luna project, the processing plant and related infrastructure. Morelos is the company’s only operating mine.

“Our excellent operational performance this year included record annual throughput in the mill of 12,600t/d and record annual contribution from the ELG underground,” Kuzenko added. 

Media Luna 

“In addition to excellent operational results, during the quarter, steady progress was made at the Media Luna project, with key engineering and procurement activities advancing," the chief executive said. 

According to Kuzenko, the Guajes tunnel achieved record development rates during December, with an average advance rate of 7.2m a day. "With total development at 3,250m in the Guajes tunnel at year-end, the tunneling team has now successfully crossed under the Balsas River and continues to be on pace for breakthrough in early 2024, if not before.”

During Q4, Torex acquired three permits after receiving the critical environmental permit for the US$848mn Media Luna project and authorization to increase the power draw at the site to 45MW in October. 

“We are well positioned to deliver another solid year operationally in 2023 as we look to maintain the steady performance in the mill, increase underground mining rates to 1,800t/d by year-end, and further bolster our culture of safety, as we continue to build our future through construction and development of the Media Luna project," the CEO said.

Toronto-based Torex plans to release its fourth quarter and year-end financial and operational results on February 22.