Torex Gold reports solid production results in Q2, reiterates annual guidance
(Kitco News) - Torex Gold Resources (TSX: TXG) today announced Q2 2021 gold production of 118,050 ounces from its El Limón Guajes mine in Mexico, a 98% increase compared to 59,508 ounces produced in Q2 2020, which was impacted by temporary suspension of operations due to COVID-19.
Gold sold during the quarter was 111,420 ounces at an average realized gold price of $1,815 per ounce. With 247,550 ounces of gold produced through the second quarter, the company said it reiterates full year gold production guidance of 430,000 to 470,000 ounces.
Torex added that with the solid production result came some operational challenges the company's team is currently addressing, including increased cyanide consumption and wear to the RopeCon belt.
President and CEO Jody Kuzenko said, "We had another solid quarter of production in Q2, continuing to deliver the consistent and reliable performance that our shareholders have come to expect. Notably, our underground mining team exceeded expectations, with the average daily mining rate surpassing 1,400 tpd for the first time."
"The solid production result we delivered again this quarter despite some operational issues speaks to the effectiveness of our systems-based approach to operations, and the capability and resilience of our team to tackle multiple challenges to deliver production consistent with plan," added Kuzenko.
Torex is an intermediate gold producer based in Canada, engaged in the exploration, development, and operation of its 100% owned Morelos gold property, an area of 29,000 hectares in the highly prospective Guerrero Gold Belt located 180 kilometers southwest of Mexico City. The company's principal assets are the El Limón Guajes mining complex and the Media Luna deposit, which is an advanced stage development project.