Torex Gold Resources, a Canadian mining company that focuses its operations in Mexico, reported record annual gold production of 474,035 ounces in 2022, a figure that beat forecasts.

The forecast was 430,000 to 470,000 ounces, while fourth quarter volume was 116,196 ounces. Comparative figures were not provided.

“We had an outstanding 2022 from an operational perspective,” CEO Jody Kuzenko said in a statement. “This sustained performance enabled Torex to meet its production target for the fourth consecutive year.”

Torex owns 100% of the Morelos mine in Mexico’s Guerrero gold belt, which includes the El Limón Guajes (ELG) complex, the Media Luna project, a processing plant and related infrastructure. Morelos is the company’s only operating mine.

“Excellent results from our operation include record annual mill production of 12,600 tpd and record annual contribution from the ELG underground mine,” Kuzenko said.

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“Consistent progress was made on the Media Luna project during the quarter, with key engineering and procurement activities advancing,” Kuzenko added.

The tunnel reached a record in December, with an average progression of 7.2 m per day. “With a total lead of 3,250m in the Guajes Tunnel at the end of the year, the TBM team successfully traversed under the Balsas River and continues to make good progress to open the tunnel in early 2024, if not. before,” said.

During the fourth quarter, Torex received three approvals after securing the critical environmental permit for the US$848 million Media Luna project and the green light to increase the site’s power consumption to 45 MW in October.

“We are well positioned to deliver another strong operational year in 2024 as we seek to maintain strong mill performance, increase underground mining to 1,800 tpd by year end and to further strengthen our safety culture as we continue to shape the future through the construction and development of the Media Luna project,” Kuzenko said.

Toronto-based Torex expects to release its fourth quarter and full year 2022 financial and operating results on February 22.