Business
Torex Gold Resources Reports Second Quarter Results
On track to meet full year production and cost guidance (All amounts expressed in U.S. Dollars unless otherwise stated) TORONTO, Aug. 02, 2023 (GLOBE NEWSWIRE)
About this update from Torex Gold Resources Inc.
[{"type":"text","content":" On track to meet full year production and cost guidance (All amounts expressed in U.S. Dollars unless otherwise stated) TORONTO, Aug. 02, 2023 (GLOBE NEWSWIRE) -- Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX: TXG) reports the Company’s financial and operational results for the three- and six-month periods ended June 30, 2023. Senior management of Torex will host a conference call tomorrow morning at 9:00 AM (ET) to discuss the quarterly results. Jody Kuzenko, President & CEO of Torex, stated: “2023 is proving to be another excellent year for Torex. We continued to successfully execute on our strategic priorities through the first half of 2023, with production tracking toward the midpoint of annual guidance, development of the Media Luna Project on budget and on schedule, and positive drill results recently released for our ELG Underground. “The second quarter was delivered to plan, with new quarterly throughput records set at both the mill and ELG Underground. As previously disclosed and as we planned, production was lower and costs were higher relative to the first quarter. This was due to an increased proportion of stockpiled material processed during Q2 as a result of the depletion of reserves at the Guajes pit and the ongoing focus on waste stripping at the El Limón pit with a view to extending pit life through to mid-2025. Given the continued focus on waste stripping through Q3 and ongoing strength of the Mexican peso, we are currently tracking toward the upper end of annual total cash costs and all-in sustaining costs guidance. “We are also in the final stages of amending our credit agreement, which will extend the term of both the revolving and term loan facilities by one year to 2026 and increase the capacity of the revolving facility by $50 million, bringing the total capacity of the revolving and term loan facilities to $300 million from $250 million. The additional credit capacity reflects the strength of the underlying business and provides additional financial flexibility to support our strategic priorities. The increased credit capacity, combined with available liquidity of more than $527 million at quarter-end and ongoing strong cash flow from ELG, puts us on solid footing to fund the $606 million of remaining project expenditures for Media Luna, while continuing to invest in value-enhancing...