Mining News
Torex Reports Continuation Of Blockade, 3Q Net Loss
Torex Gold Resources Inc. (TSX: TXG) reports a third-quarter loss and continuation of a blockade at its El Limón Guajes Mine in Mexico. The company lists a net loss of $1.6 million, or 2 cents per share, compared to a profit of $23.6 million, or 30 cents, in the third quarter of a year ago. The adjusted loss, excluding special items, was $1 million, or a penny per share. Gold output during the quarter totaled 67,337 ounces, down from 77,915 in the year-ago period. The company reports that the blockage at the El Limón Guajes Mine is in its seventh day, with military personnel patrolling the area. The mine is back under care and maintenance. Fred Stanford, president and chief executive officer, says officials “expect the blockade to be resolved in the near term.” With the blockade, the company says it now expects to produce less than 300,000 ounces of gold for 2017, below its published guidance targets.
