Mining News
Torex increases gold production in third quarter, generates net income of $43.9 million
(Kitco News) - On Wednesday, Torex Gold (TSX: TXG) reported that in Q3 2022, the company produced 122,208 ounces of gold from its El Limón Guajes mining complex in Mexico, up 10% over Q3 2021 (111,229 ounces).
The company said that with 357,839 ounces produced through the end of the third quarter, it is tracking towards the upper end of 2022 production guidance of 430,000 to 470,000 ounces.
Torex added that Q3 2022 total cash costs were $760 per ounce sold and all-in sustaining costs were $1,059 per ounce sold. The company anticipates exiting the year at the high end of the guided range for total cash costs ($695 to $735 per ounce) and towards the mid-point of the guided range for all-in sustaining costs ($980 to $1,030 per ounce).
Torex also reported Q3 2022 net income of $43.9 million or earnings of $0.51 per share on a basic and diluted basis, and adjusted net earnings of $34.6 million or $0.40 per share on a basic and diluted basis.
Jody Kuzenko, President and CEO of Torex, commented, "Our well-established track record of delivering safe and reliable production at El Limón Guajes continues, with 122,208 ounces produced this quarter. With a sharp focus on cost management, we also generated healthy margins this quarter, resulting in adjusted EBITDA of $107.8 million and free cash flow of $33.5 million, including $68.6 million of capital expenditures. Given the year-to-date production and cost performance, we are well positioned to deliver on operational guidance for the fourth straight year."
Torex is an intermediate gold producer based in Canada, engaged in the exploration, development, and operation of its 100% owned Morelos property, an area of 29,000 hectares in the highly prospective Guerrero Gold Belt located 180 kilometres southwest of Mexico City.
The company's principal asset is the Morelos complex, which includes the El Limón Guajes mining complex, Media Luna project, processing plant and related infrastructure.
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