Torex Gold records second best quarterly output, stock surges

The El Limon-Guajes mine. Photo courtesy of Torex Gold Resources.

Torex Gold (TSX: TXG) recorded its second-highest quarterly production in Q3 2020 with 131,790 ounces of gold produced from its El Limón Guajes (ELG) operations in Mexico.

During the quarter, the company sold 133,030 ounces of gold at an average realized price of $1,880 per ounce.

Through the first nine months of 2020, Torex produced 299,830 ounces of gold and sold 304,240 ounces at an average realized gold price of $1,735 per ounce. The company is on track to meet its full-year production guidance of 390,000 to 420,000 ounces.

“The quarterly performance is even more impressive when viewed in the context of the challenges associated with covid-19, which our employees and contractors in Mexico have tackled head on,” says president and CEO Jody Kuzenko.

The ELG complex, which comprises a centralized processing facility, an open-pit mine and an underground mine, has been in operation since December 2015 and reached commercial production in April 2016.

Last year, the operation produced 454,810 ounces of gold, surpassing the prior record established in 2018 by 28%.

Shares of Torex Gold Resources soared 6.8% by 1 p.m. EDT Thursday on the strong production results. The Toronto-based miner has a market capitalization of C$1.72 billion.

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