the canadian miner Torex Gold Resources reported that it will invest 848 million US dollars to carry out the Media Luna mining projectlocated in Guerrero, Mexico, to commercial production, mainly of Prayedat the end of 2024.
The announcement was made by the vice president of Torex Gold in MexicoFaysal Rodríguez, within the framework of the 2022 Industrial Meeting, which takes place in Guerrero.
The initial capital investment in the Half Moon Project includes 85 million dollars of development of subterranean mine during the pre-commercial mining period, between Q4 2023 and Q4 2024.
Torex Gold is a producer of Prayed Canada-based intermediate, engaged in the exploration, development and operation of its 100%-owned Morelos Property, an area of 29,000 hectares in the highly prospective Guerrero Gold Belt, located 180 kilometers southwest of Mexico City.
The main asset of the company is the Morelos Complex, which includes the El Limón Guajes (ELG) mining complex, made up of the El Limón Guajes open mine (ELG OP); the underground mine El Limón Guajes (ELG UG); the processing plant, which began commercial production as of April 1, 2016; the Media Luna field, and related infrastructure.
The initial capital required to develop the Half Moon Project excludes $124 million of direct project expenses incurred prior to April 1, 2022, of which $37 million is related to the Guajes Tunnel and $28 million to the Upper and Lower South Portal development.
From the initial capital expenditure to develop the Half Moon Projectapproximately 60% is related to direct project expenses and the remainder is associated with indirect expenses, including $62 million related to freight and IMMEX.
Of the direct costs of the project, the largest capital expenditures are related to the development of the underground mine (173 million), access to the deposit through the Guajes Tunnel (76 million), as well as the Upper and Lower South Portal (40 million), improvements to the process plant (98 million) and tailings/paste plant (78 million).
Of indirect expenses, the largest components are contingency costs ($100 million).
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