Business
Torex Gold Resources Enters Into a Sustainability-Linked Loan
TORONTO, May 04, 2023 (GLOBE NEWSWIRE) -- Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX: TXG) is pleased to announce that it has amended the terms o
About this update from Torex Gold Resources Inc.
[{"type":"text","content":" TORONTO, May 04, 2023 (GLOBE NEWSWIRE) -- Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX: TXG) is pleased to announce that it has amended the terms of its $150 million revolving credit facility and its $100 million term loan to include incentive pricing terms related to achieving various Sustainability Performance Targets (“SPTs”) including those in safety, climate change, and alignment with the World Gold Council’s Responsible Gold Mining Principles (“RGMPs”). Jody Kuzenko, President & CEO of Torex, stated: “We are pleased to be one of the first mid-tier gold producers to enter into a Sustainability-Linked Loan (“SLL”). We see this as an opportunity to lead and support the shift in the markets towards connecting the cost of capital with performance excellence on matters that are critical to the reputation and success of our company and our industry. This includes the safety of our workers, climate change, environmental stewardship, and social responsibility more broadly. Amending our credit facilities in this way is yet another example of Torex working in that “sweet spot” between continuously improving the commercial aspects of our business while even further bolstering our industry-leading position on matters of ESG.” The SPTs linked to the revised financing terms have been set for fiscal years 2023 and 2024, considering the current 2025 maturity of the credit facilities. The SPTs are aligned with Torex’s previously disclosed sustainability targets. The Bank of Montreal and ING Capital LLC acted as the Sustainability Structuring Agents for the SLL. ABOUT TOREX GOLD RESOURCES INC. 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. Commercial production from the Morelos Complex commenced on April 1, 2016 and an updated Technical Report for the Morelos Complex was released in March 2022. Torex’s key strategic objectives are to extend and optimize production from the ELG Mining Complex, de-risk and advance Media Luna...