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Torex Gold reports net income of $75.3 million in Q2, reiterates 2023 production guidance

Kitco Media
By Vladimir Basov
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(Kitco News) - Torex Gold (TSX: TXG) announced Wednesday that the company delivered gold production of 107,507 ounces in Q2 2023, down 13% from Q2 2022 (123,185 ounces).

In the first half of 2023, the company produced 230,425 ounces of gold, down 2% compared to the first half of 2022 (235,631 ounces).

Torex said that with quarterly production in the second half of 2023 expected to mirror the first half of 2023, the company remains on track to meet annual production guidance of 440,000 to 470,000 ounces.

The company reported cost of sales of $1,306 per oz sold in the quarter (Q2 2022: $1,132 per oz), which it said was impacted by the appreciation of the Mexican peso and the lower average gold grade of ore processed due to an increase in the processing of stockpile ore, partially offset by the record milling throughput.

Torex also reported Q2 2023 net income of $75.3 million or earnings of $0.88 per share on a basic basis and $0.85 per share on a diluted basis (Q2 2022: $70.3 million, or $0.82 per share on a basic basis and $0.80 per share on a diluted basis).

Importantly, the company noted that its Media Luna project continues to track to overall schedule and budget, adding that the project’s expenditures are trending towards the lower end of the full year guided range of $390 million to $440 million. Production at Media Luna is expected to begin in late-2024.

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 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 mine complex, the Media Luna project, a processing plant, and related infrastructure.

Equinox increases gold production in Q2; reports net income of $5.4 million
Kitco Media

Vladimir Basov

Vladimir (PhD, MEng in Mining) is a professional mining engineer, scientist and analyst that has more than 20 years of practical in-field and research experience. He is particularly interested in collecting, processing baseline data and writing insightful data-driven mining industry analytics, articles, statistical and research reports.

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