Torex Gold to Invest US$5 Million in New Solar Plant in Guerrero
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Torex Gold to Invest US$5 Million in New Solar Plant in Guerrero

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Karin Dilge By Karin Dilge | Journalist and Industry Analyst - Mon, 11/28/2022 - 16:21

Torex Gold reported that it received permitting approval from Mexico’s Ministry of Environment and Natural Resources (SEMARNAT) for the construction of an 8.7MW solar plant on its Morelos Property.

Torex’s Mexican subsidiary Minera Media Luna is planning to build a solar plant to supply energy to one of its main projects in Mexico, from which it plans to extract gold until at least 2033. The company expects to start the project within 1Q23 and allocated US$5 million for its construction.

“We are proud of our progress on our climate change strategy as we grow our company in Mexico and beyond. As we grow, we look forward to keeping up the momentum in advancing our climate change commitments and providing annual progress updates on performance against our climate change targets,” said Jody Kuzenko, President and CEO, Torex Gold.  

The underground deposit where the company will build the solar panel is known as Media Luna and was discovered in 2012. It is part of the 29,000ha owned by Torex Gold in Guerrero, known as the Morelos Complex.

“The Company’s 2030 GHG reduction targets are the result of extensive foundational work conducted over the past few years to review and analyze baseline emissions data, forecast future data, evaluate costing, and engage with site employees to identify economic and achievable energy efficiency and carbon reduction opportunities,” added Kuzenko.

The investment is also part of the US$848 million destined for the infrastructure of Media Luna due to its promising future. The company’s exploration led to the deposit showing an indicated resource of around 3.5 million oz of gold. “These initiatives will allow Torex to achieve emissions reductions while achieving cost savings and efficiencies in our business through reductions in the consumption of electricity,” said Kuzenko. 

Faysal Rodríguez, Senior Vice-president, Torex Gold Mexico, underscored that together with SEMARNAT, the company established that the solar panel-based plant works independently of the national grid, which made the permitting issue easier since the electricity sector regulator CRE did not need to be involved.

The decision of the Canadian mining company to go for clean energy comes amid a change in the mining sector, as many companies are looking to become more environmentally sustainable. A CAMIMEX report pointed out that one of the biggest challenges of the industry is to comply with the expectations and global needs to build a more responsible society. In 2021, the sector invested US$36.5 million in clean energies, a number which will grow to US$51.3 million this year.

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