Torex Gold achieves full-year production guidance for sixth year
Canadian miner Torex Gold Resources has met its full-year gold guidance, producing 452 523 oz in 2024.
Fourth-quarter production was 103 795 oz and came against the backdrop of a temporary production suspension following the death of three people in December.
"December was a difficult month for Torex with the loss of three colleagues at ELG underground. In the wake of the tragedy, operations were suspended for just over a week to allow for inspections by the relevant government agencies. While operations have since resumed, our own internal investigation is ongoing," said Torex president and CEO Jody Kuzenko.
Solid operational performance through the first three quarters of the year enabled Torex to meet its production guidance range of 400 000 oz to 450 000 oz for the sixth consecutive year.
Excluding the downtime in December, the operations performed well, with consistent performance at the mill matched by continued strong mining rates at ELG underground, where Torex expected further upside in 2025 as it adds some long-hole stopes into the mine plan.
"The decline in mining rates in the ELG openpits was anticipated as we took the last blast in the main El Limón pit during the quarter, with the smaller El Limón Sur pit expected to be exhausted during the first half of 2025," she added.
"As we work to reset the bar on safety at Torex, the year ahead is set to be transformational as we complete the Media Luna project, start development of EPO, further increase investment in drilling and exploration, pivot back to positive free cash flow mid-year, and refine our return of capital strategy, all with the goal of unlocking value and further enhancing returns for our shareholders," said Kuzenko.
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