Study Shows Torex Gold’s Commitment to Mexico Wealth Generation

Torex Gold has reported significant contributions from its 2022 mining operations and investments in Mexico and in the state of Guerrero, according to its Economic Impact Study, conducted by Deloitte LLP. The company said it remains committed to generating wealth in the country, focusing on the development of its Media Luna Project and other exploration targets.

“The insights outlined in the study commissioned from Deloitte provide an independent and holistic view of the significant economic impact of the company’s operations in Mexico and Guerrero state and the meaningful contributions we make on an annual basis to the state and national economies,” said Jody Kuzenko, president and CEO of Torex Gold. “We are demonstrating our strong commitment to Mexico and creating the conditions to sustain our positive economic impact for decades to come.”

In a press release, the company said that to evaluate Torex Gold’s contributions in Guerrero and throughout Mexico, the Economic Impact Study traced how the company’s expenditures and investments benefited federal and state economies in 2022. To make this assessment, the study considered Torex’s direct, indirect and induced impact. The direct impact includes factors such as the employment and income of workers directly employed and contracted, the indirect impact is associated with businesses that provide goods and services, and the induced impact relates to the spending of wages and salaries earned by employees and suppliers.

The Economic Impact Study for 2022 highlights an annual contribution of US$960 million to the country's GDP, including US$600 million to the state of Guererro, representing 3% of the state's GDP in 2022. In addition, the company has created or sustained 12,912 jobs annually in Mexico, which is equivalent to generating 25.8 jobs for every US$1million that the company spends in the country.

For the state of Guerrero, 3,539 jobs were created or sustained, which is equivalent to generating 7.1 jobs for every US$1 million invested in the state. In addition, the company contributed US$168.4 million in labor income in Mexico, and US$54.5 million to labor income in Guerrero, while adding US$278.2 million in annual contributions to government revenues in Mexico with a combined annual capital and operating expenditures of US$506 million in 2022.

“We have always been focused on operating in a way that generates value for our shareholders while creating lasting prosperity for our people, local communities and business partners. By continuing to mine responsibly, and through our focus on local employment, local procurement and sustainable community development, we will continue to do our part to be an important and highly relevant part of the economies of both Mexico and Guerrero,” said Faysal Rodriguez, senior vice president for Mexico.

Torex is the leading gold producer in Guerrero and ranks second in gold production in Mexico. In 2022, 16% of Mexico's total annual gold production came from Torex’s operations.