Business
Torex Gold Provides Q3 2024 Update on Media Luna Project and Increases 2024 Production Guidance
Project 87% complete; plant tie-in schedule moves to February; first copper concentrate expected ...
About this update from Torex Gold Resources Inc.
[{"type":"text","content":"Torex Gold Provides Q3 2024 Update on Media Luna Project and Increases 2024 Production GuidanceProject 87% complete; plant tie-in schedule moves to February; first copper concentrate expected in Q1(All amounts expressed in U.S. dollars unless otherwise stated)Toronto, Ontario--(Newsfile Corp. - October 30, 2024) - Torex Gold Resources Inc. (the \"Company\" or \"Torex\") (TSX: TXG) provides a Q3 2024 update on the development of its Media Luna Project (\"Media Luna\") and increases 2024 production guidance with a decision to undertake the tie-ins and upgrades to the processing plant in February 2025. Unless otherwise stated, progress and milestones referenced in this press release are as of September 30, 2024.Jody Kuzenko, President & CEO of Torex, stated:\"Development and construction of Media Luna now stands at 87% complete and continues to progress well - with engineering concluded, procurement down to final deliveries, underground development ahead of schedule, and underground and surface construction advancing. Notably, installation of the Guajes conveyor is almost complete, with commissioning expected imminently. \"With the overall project construction period nearing completion, our focus has shifted to refining the plan and schedule for the plant tie-in period. As a result of modestly longer delivery windows for critical electrical equipment (primarily switchgear) due in part to recent hurricane activity in the Gulf region, we have rescheduled the start of the plant tie-in period from November 2024 to February 2025, with first copper concentrate production expected in Q1 and commercial production shortly thereafter. With the additional production associated with the pushback in the open pit, a clear contingency plan has long been established for the possibility of a Q1 2025 tie-in period. The overriding business priority has always been centered around readiness to execute the tie-in period and containing this period to no longer than four weeks. \"The refined schedule comes with several benefits - most notably increased gold production in 2024 with another four weeks of production. Importantly, the project team will have the opportunity to conduct advance testing on key processing plant systems, thereby potentially reducing the time required to complete the tie-ins and upgrades to less than four weeks as originally sc...