Image credits: Dominik Vanyi
News Article

Minister of Economy Acknowledges Torex Gold’s Social Efforts

By Fernando Mares | Tue, 08/16/2022 - 17:02

Minister of Economy Tatiana Clouthier acknowledged the benefits that Torex Gold has brought to Guerrero through its Mexican subsidiary, Minera Media Luna. Clouthier said that the added value goes beyond the jobs the mining activity created and includes housing for workers, as well as a low environmental impact. 

During the Media Luna project’s opening ceremony, Faysal Rodríguez, Vice President, Torex Gold, told Clouthier and the governor of Guerrero, Evelyn Salgado, that the company’s investment is the fruit of its confidence in both the local and federal governments. 

Rodríguez announced an additional investment of another US$848 million during the next three years, aiming to extend Media Luna’s operations through underground infrastructure, which includes a conveyor band to move minerals from the deposit to the processing plant at El Limon-Guajes. The Media Luna project started its development 2016 with an investment of US$800 million.

“The funding encouraged employment, investment and the inclusion of local companies into the mining supply chain thanks to this large-scale project that will definitely consolidate the mining sector as the second backbone of the state’s economy,” said Rodríguez.

Rodríguez highlighted that 60 percent of the project’s employees are from Guerrero and 99 percent are Mexicans, working under contracts backed by social benefits. In addition, he said that workers will enjoy other benefits like affordable housing, now that company representatives signed a collaboration agreement with Plan Vivienda to create a trust aiming to develop Vivienda Media Luna. This is a housing project that would allow workers to acquire a house at a price 20 percent below the local housing market’s standard. The project consists of 400 houses of with an investment of over US$10 million in the municipality of Cocula. 

Clouthier acknowledged the importance of bringing social benefits while generating profits and congratulated Torex Gold for exemplifying how to makes this happen. The minister recognized that the company is one of the most responsible in the sector regarding industrial security. “Transforming money into results is senseless if those results do not improve people’s living conditions. I am very happy that a company of this size has the responsibility of doing this,” Clouthier added.

Salgado highlighted three key factors toward developing Guerrero’s communities: unity, conciliation and social justice. She also stressed that it is important to coordinate efforts between both state and federal governments and the private sector. “In Guerrero, we prioritize wellbeing, sustainable development and transformation through coordinated work between the government, companies and communities,” Saldago added. 

The data used in this article was sourced from:  
La Jornada, Minería en Linea
Photo by:   Dominik Vanyi
Fernando Mares Fernando Mares Junior Journalist and Industry Analyst