Business
Torex Gold Resources Declares Commercial Production at Media Luna
Milestone marks the Company's official transition to become both a gold and copper producer (All amounts expressed in U.S. dollars unless otherwise stated) Toro
About this update from Torex Gold Resources Inc.
[{"type":"text","content":" Milestone marks the Company's official transition to become both a gold and copper producer (All amounts expressed in U.S. dollars unless otherwise stated) Toronto, Ontario--(Newsfile Corp. - May 1, 2025) - Torex Gold Resources Inc. (the \"Company\" or \"Torex\") (TSX: TXG) is pleased to announce it has achieved commercial production at the Media Luna mine, concluding the development phase of the Media Luna Project. Amongst other criteria, commercial production is declared when construction is substantially complete, mine and mill throughput have averaged over 40% and 60% of design rates for 30 days, respectively, product is saleable, and metallurgical recoveries have averaged at least 60% of the design recovery levels. Unless otherwise stated, progress and milestones referenced in this press release are as of March 31, 2025. Jody Kuzenko, President & CEO of Torex, stated: \"I'm proud to announce that we have accomplished one of the last key milestones associated with the Media Luna Project by achieving commercial production. The delivery of Media Luna and our transition to become both a gold and copper producer, substantially within budget and schedule, demonstrates Torex as not only a consistent and reliable operator, but also a company capable of achieving excellence in the execution of major and complex projects. \"Notably, our strong operational performance through the build period, supported by a backdrop of record gold prices, allowed us to accomplish what is largely unheard of in the industry - funding the project almost entirely through the generation of cash from our existing operations at ELG. The modest level of net debt accumulated through the build period will be repaid quickly as the Company pivots to positive free cash flow generation in the middle of 2025. \"Following the safe, successful tie-in of the flotation circuits to the processing plant, the project team is now focused on ramping up the underground mine to the design level of 7,500 tonnes per day (\"tpd\") by mid-2026, six months ahead of the schedule set out in the Feasibility Study. With underground development ahead of schedule and close to a year of stopes now drilled off, mining rates will steadily increase upon successful completion and commissioning of the paste plant and paste distribution system later this quarter. \"With the Media Lun...