Acapulco, Gro. Despite the changes made to the mining law, the Canadian company Torex Gold announced the investment of 848 million US dollars to carry out the Media Luna mining project, located in this entity.
As part of the 2022 industrial meeting, the vice president of the mining company, Faysal Rodríguez, said that the board of directors had approved the construction and commissioning of the underground complex.
The project covers an area of 29,000 hectares, located in the so-called Guerrero gold belt. The transnational company estimates that it extracts between 43,000 and 47,000 ounces of gold per year.
He explained that the amount of the investment will be exercised from this month, until the last quarter of 2024. He pointed out that the initial amount envisages 85 million dollars for the development of the underground mine, during the pre-commercial phase.
“At the moment, I don’t know of any investment of this caliber in the country, although there are many projects under development, but there is no formal investment declared like ours and a unprecedented investment in Guerrero,” Rodríguez said.
The director of the Canadian mining company pointed out that the main challenge in operating this project “is to continue to be certain that our investment lands correctly in Guerrero”.
“We have built a very healthy institutional relationship with Governor Evelyn Salgado,” he said.
“From the federal government, we have received nothing but support, it must be said clearly. This has generated confidence in our Board of Directors to approve this investment,” he added.
He pointed out that another factor that poses a challenge for the Media Luna project is inflation plaguing the world, so they expect related pressures to continue.