Torex: Inaugural Climate Change Report/2030 GHG Reduction Targets
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Torex: Inaugural Climate Change Report/2030 GHG Reduction Targets

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Paloma Duran By Paloma Duran | Journalist and Industry Analyst - Tue, 02/28/2023 - 09:49

Torex Gold has ambitious goals as it works to help mitigate the impact from climate change, including achieving net-zero greenhouse gas (GHG) emissions by 2050 and setting achievable 2030 GHG reduction targets, aided by the construction of a new solar plant to be built at its Morelos property.

The Company’s green targets were outlined in its recently published and inaugural Climate Change Report. In the report, Torex said that while initiatives have emerged to address climate change, the Company has a real interest in mitigating business risks while providing better opportunities that not only benefit operations, but also the entire region. As a result, Torex believes that by publishing reports such as this one, it can better understand climate-related risks and opportunities in the short, medium and long term.

“Recognizing the need for urgent action to reduce greenhouse gas emissions and the growing integration of climate change into the decision-making process of our shareholders globally, we made a commitment in 2021 to provide more information. As such, we are pleased to disclose our 2030 GHG emissions reduction targets as part of this report. This foundational work allows us to have the confidence to set the following GHG emissions reduction targets, with clear and credible pathways to achievement, in support of our overall commitment to achieve net-zero GHG emissions by 2050,” said Jody Kuzenko, President and CEO, Torex.

Torex has emphasized that the new series of approved and funded measures through 2030 will allow the Company to advance on important environmental goals, since its Media Luna project is set to move into commercial production in 2025. Its goals include 2030 GHG reduction targets, with a 10 percent reduction in absolute emissions (scope 1 and 2) and a 25 percent reduction in business-as-usual emissions.

“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,” said Kuzenko.

In addition to reducing emissions, Torex aims to increase resilience to the physical effects that climate change could have on the entire Company, increase the use of renewable energies and promote the efficient use of resources. Consequently, Torex announced the construction of a new 8.7MW solar plant at its Morelos property. Moreover, the Company will imminently award a contract for a new fleet of battery electric vehicles to support its core production. The solar plant and the fleet are key pillars in achieving Torex's GHG reduction targets. Kuzenko emphasized that the initiatives will not only enable Torex to achieve its environmental goals but will also lead to significant cost and efficiency savings, as electricity and diesel consumption will be reduced.

Torex also stressed that it has always planned its financial direction with climate-related risks and opportunities in mind. For example, the Company has invested in technologies such as RopeCon, which transports ore from the Company’s open pits to its processing facility, while at the same time generating most of the energy it consumes.  In addition, the Company has begun implementing an on-demand ventilation system at its ELG underground mine, which will reduce emissions by about 900 tons of CO2 annually.

The Company's immediate plans are to further develop its climate change strategy and initiatives, assess its climate change metrics, and take further opportunities that will reduce its GHG emissions. In the medium term, Torex expects to improve its climate change reporting, taking into account the recommendations given by the Task Force on Climate-related Financial Disclosures (TCFD) to better understand the risks and opportunities that could affect the Company. Torex has also committed to reporting on Scope 3 GHG emissions as part of the Company’s future work on climate change.

“We are proud of the progress we have made 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 Kuzenko.


Torex Gold is an intermediate gold producer based in Canada. In Mexico, it focuses on exploration, development and operation of its 100 percent-owned Morelos gold property, a 29,000ha area in the highly prospective Guerrero Gold Belt.


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