Torex Gold Resources (TSX: TXG) can resume work at its Morelos mine after Mexico’s Director General of Mines lifted its temporary suspension on Wednesday.
The company was ordered to suspend activities on Dec. 9 after a carbon monoxide leak at the El Limón Guajes (ELG) underground mine, killing three workers and hospitalizing another. The gold miner had announced a resumption of operations after a 24-hour standdown, before the suspension notice was issued.
Investigations into the incident, both internally and by Mexican authorities, remain ongoing.
In a press release Wednesday, Torex CEO Jody Kuzenko confirmed that all production and development activities at the Morelos complex are to resume. This includes open pit and underground mining at ELG, processing operations and all activities associated with the nearby Media Luna project.
She added that Torex’s 2024 production forecast remains intact, with the company tracking towards the lower end of the guided range of 450,000-470,000 oz. of gold.
The project schedule for Media Luna is unchanged. The four-week tie-in of the processing plant is on track to start in February 2025.
Torex shares rebounded by 7.3% to $29.10 apiece as of 11:50 a.m. in Toronto, within the high end of its 52-week range ($12.79-$32.75). The company has a market capitalization of about $2.5 billion.
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