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  • Pages
  • Editions
01 Cover
02 Welcome Letter / Sections
03 Article & Interview Directory
04 Section 1: Introduction
05 Introduction to Mining in Ontario
06 Government of Ontario Interview
07 Ontario Mining Association (OMA) Interview
08 Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Interview
09 Navigating Uncertainty
10 Ormston List Frawley LLP Interview
11 PDAC Interview
12 Section 2: Production and Development in Ontario
13 Production in Ontario
14 Map of Ontario Mines
15 Newmont Interview
16 Barrick Gold Interview
17 Wesdome Gold Mines Interview
18 Alamos Gold Interview
19 Evolution Mining Interview
20 A New Wave of Ontario Gold Mines
21 Argonaut Gold Interview
22 Equinox Gold Interview
23 Industry Thoughts: Production and Development in Ontario
24 Section 3: Mining Finance
25 Mining Finance and Investment
26 Insights from the Toronto Stock Exchange
27 PearTree Securities Interview
28 Triple Flag Interview
29 Red Cloud Securities Interview
30 IBK Capital Interview
31 Stifel Interview
32 Roth Canada Interview
33 Industry Thoughts: Mining Finance Trends
34 Section 4: Toronto's Global Reach
35 Toronto’s Global Reach
36 Toronto's Global Reach Map
37 Rupert Resources Interview
38 Eloro Resources Interview
39 Industry Thoughts: Global Operations Based in Ontario
40 Eyes on Latin America
41 Torex Gold Resources Interview
42 Minera Alamos Interview
43 Sable Resources Interview
44 Section 5: Junior Exploration
45 Junior Exploration
46 Great Bear Resources Interview
47 Exploring Across Canada
48 O3 Mining Interview
49 Purepoint Uranium Group Interview
50 ALX Resources Interview
51 Industry Thoughts: Gold Juniors Have Their Say
52 Gold Juniors Replacing Depleting Resources
53 Moneta Gold Interview
54 Goldshore Resources Interview
55 Galleon Gold Interview
56 Element79 Gold Interview
57 Signature Resources Interview
58 Section 6: ESG and the Battery Materials Supply Chain
59 Transition Metals on the Rise
60 Conquest Resources Interview
61 Generation Mining Interview
62 Inventus Mining Interview
63 Noble Mineral Exploration Interview
64 The Move to Combat Climate Change Gathers Pace
65 Insights from Onyen Corporation
66 Thorn Associates Interview
67 Leading the Charge
68 Electra Battery Materials Interview
69 Frontier Lithium Interview
70 Industry Thoughts: Entering The Transition Economy
71 The Battery Material Supply Chain
72 ION Energy Interview
73 Clean Air Metals Interview
74 Section 7: Services, Technology and Innovation
75 Engineering, Construction & Consultancies
76 Ausenco Interview
77 Cementation Americas Interview
78 PCL Construction Interview
79 Redpath Mining Interview
80 Technological Advancements & Innovation
81 Industry Thoughts: Canadian Associations
82 EY Interview
83 Maestro Digital Mine Interview
84 Centric Mining Systems Interview
85 Industry Thoughts: OEMs Have Their Say
86 Drone Delivery Canada Interview
87 Sofvie Interview
88 Novamera Interview
89 Industry Thoughts: Paving the Way for ESG Reporting
90 Section 8: Company Profiles
91 Wesdome Company Profile
92 ION Energy Company Profile
93 PearTree Securities Company Profile
94 Ormston List Frawley Company Profile
95 Maestro Digital Mine Company Profile
96 Sofvie Company Profile
97 Credits

Jody Kuzenko, President & CEO,

TOREX GOLD RESOURCES

"We will manage the El Limón Guajes mine (ELG) underground, open pits and stockpiles to deliver consistent production and cash flow during the transition period between ELG and Media Luna in 2024."

Torex Gold has a diverse team. What role does culture play in your strategy?

From the beginning, we understood how important a desired workplace culture is to safely achieve our goals, particularly in a jurisdiction as socially complex as Guerrero, Mexico. We were deliberate and systematic about creating a workplace where people want to willingly do their best. It started with a framework that we call Systems Leadership, which is a collection of interconnected models that, when applied correctly, create the leadership behaviours, systems and symbols that create an environment where people want to come to work. The result speaks for itself; we recently reached a milestone of 10 million hours lost time injury-free, which is rare amongst our peers, and we are well on track to hit the high end of our production guidance this year.

What is Torex’s plan for the upcoming year for El Limón Guajes and Media Luna?

For our El Limón Guajes mine (ELG) our plans are centred around optimising and extending the operation. From a production and cash flow perspective, we will manage the ELG underground, open pits and stockpiles to deliver consistent production and cash flow during the transition period between ELG and Media Luna in 2024. We also hope to extend the life of the ELG underground mine through ongoing exploration. Meanwhile, over the next year, Media Luna is to be de-risked and advanced. We expect to deliver the feasibility study in Q1 of 2022, and complete the 2021 infill drill program, which totals 83,000 metres. Since Media Luna is seven kilometres away from our existing infrastructure, we must execute the early works program early to ensure we can access the deposit. Finally, we need to continue to advance our permitting plan.

Can you elaborate on your future acquisition plans?

We want to diversify through value derived from M&A, to grow beyond a single asset to become a million to a million and a half-ounce producer. At this point, we are in evaluation mode and are looking at possible acquisition targets. In the near term, our priority is organic growth through Media Luna. Another key aspect of our strategy is prudent capital allocation to continue to strengthen our already strong balance sheet. In Q1 of 2021, we became debt-free and, at the end of Q2, we had US$345 million in available liquidity. Our balance sheet will allow for the development of Media Luna and enable a new slate of opportunities through value creative M&A.

What is the outlook for Torex’s diversification into copper?

Around 30% of the value of Media Luna sits in copper. When it is in full production, we expect to produce 50 million pounds of copper annually, which will require changes to our flow sheet since on the north side of the river we have to add a copper flotation circuit to produce marketable copper concentrate. The upgraded circuit will also allow us to process ore from Media Luna and ELG. Product diversification is healthy, especially given fluctuations in demand and the prices of metals.

How has the AMLO administration’s approach to the mining industry impacted you?

We have some common interests with the Federal government in Mexico. The President has been clear that he is supportive of environmentally responsible mining, which we support. We also support his goals to eradicate poverty. His moratorium on granting mining concessions has not impacted us since we already had everything we needed. Regarding permitting delays in Mexico, we experienced a two-month delay in securing the permit to allow us to do early works on the south side for Media Luna. Other more permanent delays were experienced by other companies, which does not bode well for permit efficiency. Nonetheless, permit applications differ depending on the quality of the project and permit, as well as environmental impacts, community endorsements and the relationship with the regulators, and we believe we are in good stead on all of those fronts. There are some supply mix, pricing and availability concerns associated with the current administration’s proposed energy reform, which we are currently analyzing.

Next:

Interview: Minera Alamos