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Torex Gold Resources Provides Q2 2024 Update on Media Luna Project
Project on schedule and fully funded; stronger Mexican peso now incorporated into final capital expenditure budget (All amounts expressed in U.S. dollars unless
About this update from Torex Gold Resources Inc.
[{"type":"text","content":" Project on schedule and fully funded; stronger Mexican peso now incorporated into final capital expenditure budget (All amounts expressed in U.S. dollars unless otherwise stated) Toronto, Ontario--(Newsfile Corp. - July 29, 2024) - Torex Gold Resources Inc. (the \"Company\" or \"Torex\") (TSX: TXG) provides a Q2 2024 update on the development of its Media Luna Project (\"Media Luna\"). Unless otherwise stated, progress and milestones referenced in this press release are as of June 30, 2024. Jody Kuzenko, President & CEO of Torex, stated: \"Development of Media Luna continues to track to schedule, with first production of copper concentrate anticipated by year end and commercial production expected in Q1 2025. As at the end of June, Media Luna was 78% complete across engineering, procurement, underground development/construction, and surface construction, compared to 69% at the end of March. \"With engineering and procurement largely complete and project execution continuing to track to schedule, the team has undertaken a final, detailed review of the remaining expenditures and finalized the budgeted project expenditures for Media Luna at $950 million. The $75 million increase over the original budget of $875 million is predominantly driven by the stronger Mexican peso, which has consistently been flagged as a cost headwind. The stronger peso to date and anticipated strength over the remainder of the build represents $48 million of the increase in capital expenditures. The remaining $27 million reflects additional scope items and carryover costs expected to be incurred in early 2025 prior to declaration of commercial production. Given the project capital increase, our Media Luna capital expenditures guidance for 2024 will be adjusted and the range narrowed to $430 - $450 million, from $350 - $400 million. \"Notably, our balance sheet is well-positioned for the remaining project expenditures. Even more notable, Media Luna has been fully funded by our own cash flow and a small amount of debt, without diluting our shareholders or ceding future upside on our highly prospective Morelos Property through the sale of a royalty and/or stream. At quarter end, we had over $345 million of available liquidity, which is expected to more than cover both the remaining $224 million of expenditures on Media Luna and our strategic goal of...