Canada’s Torex Gold will invest $848 million in a mining project in Mexico – El Financiero

The amendments to the mining law did not dampen the spirit of foreign investment, so the Canadian-origin mining company, Gold Supplier Torexyes, 848 million dollars (17 billion pesos) in Media Luna project located in the city of Guerrero.

In an interview with FinanceFaisal Rodriguez ValenzuelaMexico’s vice president of Torex Gold Resources pointed this out Investment amount Its purpose is to integrate operations subordinate Underground Limon, Guajis and Media Luna Mines.

“This is amazing The investment we will make between 2022 and 2024 “He has no precedent in the country or in Guerrero, we are not aware of another project of this caliber,” said the director.

half moon project

to me Data from the Ministry of EconomyThe The mining sector in Guerrero He received $388 million in foreign investment during 2021, so only The investment of the Media Luna project will double this amount.

at the moment, The Canadian Mining Company is designing the engineering project Of the infrastructure to be built with these investments, business is expected to start in the first half of 2023, and commercial operations are expected to start in the last quarter of 2024.

The manager explained it You are going to build a tunnel under the Balsas Riverwhere a conveyor belt will be installed to convey the metal.

will also evolve Underground infrastructuresuch as galleries, against wells for transporting minerals, aeration infrastructure, pumping, slurry mills, and the flotation circuit.


The half moon project he is It is located between the municipalities of Eduardo Neri and KokkolaAt Guerrero, “We believe that with this investment decision we will help other companies build trust in other companies so that they can access Guerrero, we feel certain we have developed a healthy and institutional relationship with the state’s governor,” he said. .

The main activity of this mining company is gold, which currently produces between 430 and 470 thousand ounces of gold annually.

Thanks to these investments, the company intends to create 600 direct jobs and “sign up” an additional 1,200 contractors. Currently the company already has a thousand workers.

The Canadian company’s operating costs amount to about $32 million per month, in addition to having invested about $35 million to finance exploration projects.

Faisal Rodriguez pointed out that “the capabilities that we see in the state and our privileges indicate that there is a need to continue investing as well as continue to increase our resources and reserves.”

Funds invested in this project will be able to extend the useful life of the mine until 2033.

Nationally, the country accounted for $4.8 billion in foreign mining investment during 2021, which represents 15 percent of all foreign investment entering Mexico.

Canada is the third country that invests the most in Mexico, after only the United States and Spain.

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