Precious Metals
Torex Gold receives key Media Luna permit
Torex Gold (TXG.TO) confirmed SEMARNAT, the Mexican Secretariat of Environmental and Natural Resources, has issued the MIA (environmental impact study)…
Torex Gold (TXG.TO) confirmed SEMARNAT, the Mexican Secretariat of Environmental and Natural Resources, has issued the MIA (environmental impact study) which allows the company to start mining activities at the Media Luna project. This is an important step after having completed the change of land use and MIA modification processes which were started years ago.
On top of that, Torex confirmed it has received approval to increase the power draw at the flagshop Morelos mine to 45 MW which will be helpful to cover the needs for the initial Media Luna activities. Discussions with the utility authorities to increase the allowed power draw by an additional 50% are ongoing and hopefully we will see the authorization being granted soon as Torex will need about 65MW of power draw to successfully operate Media Luna at full capacity while the Morelos project is still in production.
The company also disclosed its production and sales results for the third quarter. Torex produced just over 122,000 ounces of gold and sold just under 120,000 of those ounces. The financial results will be released after-hours on November 9 and it will be interesting to see the free cash flow generated during the quarter.
Disclosure: The author has no position in Torex Gold. Please read our disclaimer.
Canadian Silver Co. Will See Big Changes in 2024
Source: Michael Ballanger 12/22/2023
Michael Ballanger of GGM Advisory Inc. takes a look at the current state of the market and shares on stock…
EGR options out Urban Berry project in Quebec to Harvest Gold – Richard Mills
2023.12.23
EGR Exploration Ltd. (TSXV: EGR) has moved from owner to shareholder at its Urban Berry project in Quebec, this week announcing it is optioning…
Crypto, Crude, & Crap Stocks Rally As Yield Curve Steepens, Rate-Cut Hopes Soar
Crypto, Crude, & Crap Stocks Rally As Yield Curve Steepens, Rate-Cut Hopes Soar
A weird week of macro data – strong jobless claims but…