Torex says Q3 gold production was lower than planned, expects Q4 to be strongest in 2023

Thu Oct 12 2023

On Wednesday, Torex Gold (TSX: TXG) reported Q3 2023 gold production of 85,360 ounces, which is a decline of 30% compared to Q3 2022 (122,208 ounces).

Torex said that Q3 2023 gold production was lower than planned as the company’s team pushed through the final months of the high strip, low grade phase of the open pit mine plan, “which continued to require the processing of lower-grade and stockpiled material to top up the mill.”

However, according to Torex, with year-to-date gold production of 315,785 ounces and the fourth quarter expected to be the highest production quarter of the year, the company remains on track to achieve annual production guidance of 440,000 to 470,000 ounces.

President and CEO Jody Kuzenko stated, “Notwithstanding the short-term challenges associated with strip and grade, the operations continue to deliver with excellence. ELG Underground set another record with an average mining rate of 2,321 tonnes per day during the quarter. Plant performance was also solid, with throughput exceeding 13,000 tpd and recoveries steady despite the lower processed grades.

“With mining of the higher-grade benches started in late September, a period of heavy waste stripping behind us, and ELG Underground continuing to exceed expectations, we fully expect to achieve full year production guidance in 2023 as we continue to deliver the safe and reliable production our shareholders have come to expect from us.”

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 (ELG) Mine Complex, the Media Luna Project, a processing plant, and related infrastructure.

Source: https://www.kitco.com/