Fiddich Review Centre

Torex Gold Sets Fresh Record for Annual Production — Commodity Comment

By Robb M. Stewart

Torex Gold Resources Inc. said Thursday gold production last year hit an annual record, topping its guidance.

On production:

The Canadian gold producer, which is developing the Morelos property in the prospective Guerrero Gold Belt southwest of Mexico City, produced 474,035 troy ounces in 2022, up from 468,203 ounces the year before and beating the upper end of its guidance for output of between 430,000 and 470,000 ounces.

The result marks the fourth year in a row original production guidance has been achieved, Torex said.

The performance for the year included record annual throughput at the company’s the mill of 12,600 metric tons a day and a record annual contribution from the El Limon Guajes underground operation, President and Chief Executive Jody Kuzenko said.

Gold sales for the year totaled 473,122 ounces, compared with 468,823 ounces in 2021.

For the final three months of the year, production reached 116,196 ounces, down from 122,208 ounces in the third quarter.

Torex’s main asset is the Morelos Complex, which includes the El Limon Guajes mine complex, the Media Luna project, a processing plant and related infrastructure.

On guidance:

Torex said it expects to release operational guidance, including forecasts for production, costs and sustaining capital expenditures, next week. It also plans to disclose its inaugural five-year production outlook for the Morelos Complex, the Media Luna project and surface stockpiles.

The company is scheduled to release its fourth-quarter financial results after the market closes Feb. 22.

Write to Robb M. Stewart at

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