Torex Gold steps up Mexico output ahead of third mining front - BNamericas

AI desk brief

Torex Gold said Media Luna North remains on track to deliver first ore before year-end 2026, adding a third active mining front at the Morelos complex and lifting processing capacity by about 2,500t/d to 12,000–13,000t/d. Q3 output was 131,900oz AuEq, including 98,685oz gold, 614,300oz silver and 16.3mn lb copper, leaving the company on pace for the midpoint of its 420,000–470,000oz AuEq 2026 guidance.

The expansion carries an estimated total capex of US$108–113mn, with US$26.7mn spent in H1 2026, and Torex said the new front should increase copper and silver mix from 2027 as annual copper output rises to 70–75mn lb from 2027-2030 versus 60–65mn lb in 2026. Exploration remains aggressive, with the 2026 Morelos budget raised to a record US$51mn after higher-grade intercepts at Media Luna North and the San Miguel corridor, while the company also noted buybacks and that Morelos cash flow is expected to fund the Los Reyes development.