Torex Gold (TSX: TXG) has reported a down quarter for production following a four week tie-in period related to the addition of flotation circuits at its processing plant. Following the tie-in however, the company managed to produce its first precious metal rich copper concentrate, following the launch of operations at the Media Luna underground mine.
Production in the first quarter totaled 59,630 ounces of gold equivalent across the entire Morelos Complex, with production coming from the ELG open pit, ELG underground, and the Media Luna underground mines. Broken out, production consisted of 58,420 ounces of gold, 41,500 ounces of silver, and 600,000 pounds of copper.
While the quarter marks the first quarter of production for Media Luna, production was down at the complex by 48% on a year over year basis, dropping from 115,494 ounces in Q1 of last year. Production for the year is said to remain on track to meet guidance of 400,000 to 450,000 ounces.
“”At Media Luna Underground, development and stope delineation are both tracking ahead of plan. Mining rates are just now being tracked daily following the commissioning of the Guajes Tunnel conveyor, with rates averaging 4,096 tpd month-to-date in April. With completion/commissioning of the paste plant and paste distribution system planned in Q2, we expect consistently increasing mining rates at Media Luna and remain on plan to achieve 7,500 tpd by mid-2026,” commented Jody Kuzenko, CEO of Torex.
Overall sales for the quarter meanwhile totaled 60,568 ounces of gold equivalent.
Full financial results for the first quarter are scheduled to be released on May 7, after the close of markets.
Torex Gold last traded at $39.60 on the TSX.
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