Gold production of Canadian Torex Gold Resources declined 12.5% in the second quarter of this year, the company announced on Wednesday.
According to the company's data, gold output amounted to 107,507 ounces (oz) in the second quarter, a 12.5% decline from the previous quarter, and gold sales reached 105,749 oz, a 10.7% decrease from the previous quarter.
In the first quarter, gold production reached 122,918 oz, and sales amounted to 118,455 oz.
'The reduction in production from the first quarter levels was as expected, grade-driven, and reflects the sequencing of our pits,' Jody Kuzenko, president and CEO of Torex was quoted as saying in the statement.
Kuzenko said that due to lower ore production from open pits and the depletion of reserves in the Guajes pit in Mexico, which will be used for future in-pit tailings deposition as part of the Media Luna Project, a greater portion of material that had been piled up was processed during the quarter.
Media Luna is an underground deposit that primarily contains gold, copper and silver mineralization, located on the south side of the Balsas River in Mexico.
'With ore production from the open pits expected to ramp up in the fourth quarter, we expect quarterly production for the second half of the year to mirror that of the first half,' she concluded.
However, with gold production for the first half of the year reaching 230,425 oz, the company is on track to achieve this year’s production guidance of 440,000 to 470,000 oz.
By Duygu Alhan
Anadolu Agency
energy@aa.com.tr