Torex Gold Completes Guajes Tunnel Three Months Ahead of Schedule

Canada-based Torex Gold announced the successful completion of the Guajes Tunnel, achieving this milestone three months earlier than anticipated. The company views this achievement as a pivotal moment in advancing its flagship Media Luna project, effectively mitigating risks associated with subsequent developments and positioning itself to commence concentrate production in 2024.

On Dec. 22, 2023, Torex Gold reported the completion of the Guajes Tunnel, earlier than the March 2022 Technical Report stipulated. According to the company, the quick completion was mainly attributed to its team’s fast-paced advance rates. The company noted that rates north to south averaged 7.1m/day, including a record 8m/day rate achieved in November 2023. “The advance rates are truly impressive considering the dimensions of the tunnel are 6.5m high by 6.0m wide and that secondary development and installation of services have kept pace with overall tunnel progress,” said Jody Kuzenko, President and CEO, Torex Gold. 

Kuzenko mentioned that Torex is set to initiate anchor bolting for the 7km overhead conveyor in early 2024. This will facilitate the subsequent installation and commissioning of the conveyor in August 2024, well in advance of completing the required upgrades to the processing plant.

Torex considers the early completion of the tunnel as an important milestone as it paves the way to start concentrate production in late 2024 as planned. Once operational, the Guajes Tunnel will serve as the main channel for transporting ore and waste from the south side of the Balsas River, where the Media Luna deposit is located, to the processing plant on the north side. This is expected to significantly enhance efficiencies in the transportation of employees, contractors, equipment, services, and supplies between the two locations.

As part of the ongoing developments in the Media Luna project, Torex Gold has recently received authorization from SEMARNAT to modify its environmental impact assessment (EIA). This modification grants the company permission to deposit its tailings into the depleted Guajes open-pit, marking a significant step forward in the project's environmental management, as reported by MBN.

The Media Luna project is one of the largest economic drivers for Guerrero and the country. On Oct. 26, 2023, MBN reported Torex Gold’s 2022 Economic Impact Study’s highlights, showing that the company contributed US$960 million to the country's GDP, including US$600 million to Guerrero in 2022. Furthermore, the company contributed over 3% of Guerrero’s GDP.