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Torex Gold achieves record production in FY'18, beats forecast

Torex Gold Resources Inc. produced a record 354,000 ounces of gold at its El Limon-Guajes in southwestern Mexico and sold 348,000 ounces in 2018, it said Jan. 10.

When it announced third-quarter production results in late 2018, it was expecting to hit the upper range of the production forecast of 325,000 to 350,000 ounces.

The company's year-ago output stood at 241,000 ounces of gold in the first 10 months of 2017 before the El Limon-Guajes mine was blocked by the Los Mineros union. Sales in 2017 totaled 244,800 ounces.

Sales in 2019 are expected at 430,000 ounces, with a 7% potential variance.

Total cash costs and all-in sustaining costs are estimated at US$580/oz and US$790/oz, respectively, also with a potential 7% variance.

Sustaining capital expenditures are estimated at US$66 million, while nonsustaining capex is expected at US$36 million.

The company said gold production will be higher in the second half compared to the first half.