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Torex sets quarterly gold production record

Torex Gold Resources has produced a record 138,100 ounces of gold in the third quarter to September 30, beating its previous best by 21%. The company remains on track to achieve its full year guidance of 430,000oz.
Torex sets quarterly gold production record Torex sets quarterly gold production record Torex sets quarterly gold production record Torex sets quarterly gold production record Torex sets quarterly gold production record

El Limon-Guajes in Guerrero, Mexico

Staff Reporter

Torex has sold 322,400oz at an average realised price of US$1,376/oz for the first nine months of 2019 helping the company to increase its cash balance by $52 million in the quarter and reduce its debt by more than $36 million.

"Safety performance matched the record setting production results. The team and asset are well positioned to continue delivering exemplary results in the future," said president and CEO Fred Stanford.

The company increased the daily plant throughput to 12,370 tonnes per day driven by improvements in both tonnes processed per hour and an increase in equipment availability to 89% in the quarter compared to 84% in the second quarter.

"We are demonstrating that with the right people working with the right systems in a disciplined way, that our asset is stable and capable and performance excellence can be routine," said COO Jody Kuzenko.

Shares in Torex Gold Resources are trading at C$17.38, valuing the company at $1.4 billion.