Torex Gold Releases Inaugural Climate Change Report Includin...| MENAFN.COM

Sunday, 04 December 2022 08:35 GMT

Torex Gold Releases Inaugural Climate Change Report Including 2030 GHG Reduction Targets

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TORONTO, Nov. 23, 2022 (GLOBE NEWSWIRE) -- Torex Gold Resources Inc. (the“Company” or“Torex”) (TSX: TXG) announces the Company has released its inaugural Climate Change Report (the“Report”) aligned with the recommendations of the Task Force on Climate-Related Financial Disclosure (“TCFD”). The Report includes greenhouse gas (“GHG”) emissions reduction targets in support of its overall commitment to achieve net zero GHG emissions by 2050, which include a 10% reduction in absolute emissions (reduction of Scope 1 and 2 GHG emissions by 2030 compared to actual 2021 baseline); and a 25% reduction in business as usual emissions (reduction of Scope 1 and 2 GHG emissions in 2030 forecasted if no action is taken on intervention measures to reduce carbon emissions at the Media Luna Project). The Report can be found on the Company's website at .

The Company also confirms that it has received permitting approval from Mexico's Secretariat of Environmental and Natural Resources (SEMARNAT) for construction of a new 8.7 megawatt (“MW”) solar plant on its Morelos Property. In addition, the Company will be imminently awarding a contract to support its primary production with a new battery electric vehicle (“BEV”) scoop fleet at its Media Luna Project. Both initiatives are key pillars of the Company's pathway to credibly achieve its planned GHG reductions.

Jody Kuzenko, President & CEO of Torex, stated:

“We are pleased to present Torex Gold's inaugural Climate Change Report and to disclose our 2030 GHG emissions reduction targets as part of our commitment to accountability and transparency to investors and stakeholders on our approach to climate change. Our targets are supported by a clear and credible pathway, which includes a set of planned, approved and funded measures to 2030 that will allow us to produce meaningful emissions reductions through an absolute reduction in GHG emissions, while bringing the Media Luna Project into commercial production in 2025 – a project that will deliver one of Mexico's largest underground mines.

“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. The measures we will undertake include the development of a new 8.7 MW solar plant, for which we recently received permitting approval for construction, and the introduction of new BEV equipment at the Media Luna Project. Our emissions reduction pathway also includes ventilation on demand technology at both ELG underground and Media Luna, and an energy and carbon management program, including biodiesel and diesel tracking. These initiatives will allow Torex to achieve emissions reductions while achieving cost savings and efficiencies in our business through reduction in the consumption of electricity and diesel, which, over time, will result in lower operating costs.

“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.”

Torex is an intermediate gold producer based in Canada, engaged in the exploration, development, and operation of its 100% owned Morelos Property, an area of 29,000 hectares in the highly prospective Guerrero Gold Belt located 180 kilometres southwest of Mexico City. The Company's principal asset is the Morelos Complex, which includes the El Limón Guajes (“ELG”) Mine Complex, the Media Luna Project, the processing plant and related infrastructure. Commercial production from the Morelos Complex commenced on April 1, 2016 and an updated Technical Report for the Morelos Complex was released in March 2022. Torex's key strategic objectives are to extend and optimize production from the ELG Mining Complex, de-risk and advance Media Luna to commercial production, build on ESG excellence, and to grow through ongoing exploration across the entire Morelos Property.


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