Latest news with #Kuzenko
The Market Online
02-05-2025
- Business
- The Market Online
Torex Gold reaches production at second mine in Mexico
Torex Gold Resources (TSX:TXG) achieved commercial production at the Media Luna mine in Mexico Production from the broader Morelos property, including the ELG and EPO mines, is estimated to surpass 450,000 gold equivalent ounces per year beyond 2030 Torex is an intermediate gold producer based in Canada exploring, developing and producing from its 29,000-hectare Morelos property 180 kilometres southwest of Mexico City Torex Gold stock has added 123.57 per cent year-over-year and 110.12 per cent since 2020 Torex Gold Resources (TSX:TXG) achieved commercial production at the Media Luna mine in Mexico. According to Friday's news release, the company defines commercial production as 'when construction is substantially complete, mine and mill throughput have averaged over 40 and 60 per cent of design rates for 30 days, respectively, product is saleable, and metallurgical recoveries have averaged at least 60 per cent of design recovery levels.' Media Luna yielded its first precious-metals-rich copper concentrate on March 24, with shipments to port beginning in the first week of April and positive free cash flow expected sometime in mid 2025. The company is focused on ramping up the underground mining to 7,500 tons per day by mid 2026, six months ahead of the deadline delineated in Media Luna's feasibility study. The Guajes Tunnel conveyor. (Source: Torex Gold Resources) A feasibility study for EPO, the Morelos property's next mine, is in progress, with first production slated for late 2026. Once EPO is operational, Morelos' annual production is forecasted to remain at more than 450,000 gold equivalent ounces beyond 2030 with a mine life extending through 2035. Torex Gold has been net income profitable over the past five fiscal years, while growing revenue from US$789 million in 2020 to over US$1.1 billion in 2024. Leadership insights 'I'm proud to announce that we have accomplished one of the last key milestones associated with the Media Luna project by achieving commercial production,' Jody Kuzenko, Torex Gold's president and chief executive officer, said in a statement. 'The delivery of Media Luna and our transition to become both a gold and copper producer, substantially within budget and schedule, demonstrates Torex as not only a consistent and reliable operator, but also a company capable of achieving excellence in the execution of major and complex projects.' 'Notably, our strong operational performance through the build period, supported by a backdrop of record gold prices, allowed us to accomplish what is largely unheard of in the industry – funding the project almost entirely through the generation of cash from our existing operations at ELG,' Kuzenko added. 'The modest level of net debt accumulated through the build period will be repaid quickly as the company pivots to positive free cash flow generation in the middle of 2025.' About Torex Gold Resources Torex Gold Resources is an intermediate gold producer based in Canada exploring, developing and producing from its 29,000-hectare Morelos property on the highly prospective Guerrero Gold belt about 180 kilometres southwest of Mexico City. Commercial production at Morelos began at the ELG mine in April 2016. Torex Gold stock (TSX:TXG) last traded at C$42.97. The stock has added 123.57 per cent year-over-year and 110.12 per cent since 2020. Join the discussion: Find out what everybody's saying about this gold producer on the Torex Gold Resources Inc. Bullboard and check out Stockhouse's stock forums and message boards. The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.
Yahoo
25-03-2025
- Business
- Yahoo
Torex Gold begins copper concentrate production at Media Luna in Mexico
Canadian intermediate gold producer Torex Gold Resources has completed the four-week tie-in period for the Media Luna project in Mexico, marking the first production of metal-rich copper concentrate. Media Luna is an underground deposit rich in gold, copper and silver mineralisation. It is located 7km from the El Limón Guajes Mine Complex on the south side of the Balsas River. In March 2022, the board of directors gave the green light to the Media Luna project, which is set to extend the life of the mine through at least 2033. The tie-in process was a complex operation involving 83 tie-ins and the commissioning of 136 separate systems. Trucking of the copper concentrate will begin shortly, with contracts already in place to manage sales and logistics. Commercial production at the project is expected to commence in the coming weeks. Torex president and CEO Jody Kuzenko said: "Following almost three years to the day of the release of our feasibility study for the Media Luna project, we have completed the tie-in period at our processing plant and achieved first production of copper concentrate. 'This milestone represents substantial completion of the project and the beginning of the next chapter in the evolution and growth of Torex as we become a gold and copper producer.' Mining at Media Luna has continued uninterrupted during the period, with production rates increasing. Ore is now being transported through the Guajes Tunnel conveyor, with monthly development rates exceeding the budgeted 1,200m. The company has completed drilling on 88 stopes, including 46 of the 60 planned for mining in 2025, 35 for 2026 and seven for 2027. With the paste plant scheduled for commissioning in the second quarter, throughput levels are expected to increase further. The company aims to achieve steady-state mining rates of 7,500 tonnes per day by mid-2026, which is six months ahead of the schedule outlined in the feasibility study. Kuzenko added: 'As we pivot to strong free cash flow generation mid-year, we are confident that we will significantly enhance shareholder value by reinvesting in drilling to further grow reserves and resources, developing our next mine at EPO, returning capital through dividends and share buybacks, and strengthening the balance sheet to support accretive growth opportunities." In November 2024, the Mexican Government announced plans to increase mining royalties, a move that could hinder more than $6.9bn (138.05bn pesos) in investments over the next two years. "Torex Gold begins copper concentrate production at Media Luna in Mexico" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
