- Shares in Torex Gold (TXG) have risen sharply today after the company posted its second-highest quarter of production on record
- Total gold production for the third quarter of 2020 came to 131,790 ounces, compared to just 59,500 in the second quarter
- The company also sold 133,030 ounces of gold at an average price of approximately C$2,485 per ounce
- With a similar performance expected in the coming quarter, the company said it is well placed to achieve its full-year production guidance of between 390,000 and 420,000 ounces
- Torex Gold (TXG) is currently up 7.75 per cent and is trading at $20.29 per share at 11:35am EDT
Shares in Torex Gold (TXG) have risen sharply today after the company posted its second-highest quarter of production on record.
Total gold production for the third quarter of 2020 at its El Limón Guajes operation came to 131,790 ounces, compared to just 59,500 in the second quarter, driven by an average plant throughput rate of 12,870 tonnes per day.
During the quarter, Torex sold 133,030 ounces of gold at an average price of approximately C$2,485 (US$1,880) per ounce, compared to 63,140 ounces at $2,260 (US$1,710) per ounce last quarter.
In total, the company has produced 299,830 ounces of gold so far this year, with 304,240 ounces sold at an average price of roughly $2,294 (US$1,735).
Jody Kuzenko, President and CEO of Torex Gold, said the quarter was outstanding from both an operational and health and safety perspective.
“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.
“The enhanced protocols we have implemented and multi- layered approach to screening has helped mitigate the impact of COVID-19 on our operations, our workforce, and the surrounding communities,” she added.
Jody also noted that the improved production, in combination with an increase in gold prices, has left the company with a very strong balance sheet. As such, Torex was able to repay $95.2 million in debt and closed the quarter with a net cash position.
With the strong performance expected to continue into the fourth quarter of 2020, the company said it is well positioned to achieve its full-year production guidance of between 390,000 and 420,000 ounces of gold.
Torex Gold (TXG) is currently up 7.75 per cent and is trading at $20.29 per share at 11:35am EDT.