Torex Shares Plunge After Three Workers Killed at Mexico Mine

By Jacob Lorinc

December 06, 2024

(Bloomberg) -- Torex Gold Resources Inc. plunged after the gold miner disclosed a fatal accident at a Mexican mine that killed three people.

Two employees and one contractor died at the El Limón Guajes underground mine in Mexico due to carbon-monoxide exposure, the company said in a statement late Thursday. Another contract employee was hospitalized and is expected to recover.

Torex shares fell as much as 15% in Toronto on Friday for the steepest intraday drop since May 2023.

“We are devastated by the deaths of these colleagues who were working at ELG Underground,” Chief Executive Officer Jody Kuzenko said in the statement. “Our priority right now is to fully support their families and our people, as we start the work to understand how this occurred.”

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Torex Gold Reports Three Fatalities at the ELG Underground Mine

Newsfile Corp.
Thu, December 5, 2024

Toronto, Ontario--(Newsfile Corp. - December 5, 2024) - Torex Gold Resources Inc. (the "Company" or "Torex") (TSX: TXG) regretfully announces that during the day shift on December 5th, a fatal carbon monoxide gas exposure occurred, which claimed the lives of two employees and one contractor at the El Limón Guajes underground mine ("ELG Underground"). A fourth contract employee was also in the area and is currently in hospital and expected to recover.

Jody Kuzenko, President & CEO of Torex, stated:

"We are devastated by the deaths of these colleagues who were working at ELG Underground. While the details are very limited at this time, we do know that a 32-year old male, a 36-year old male and a 39-year old male have lost their lives to carbon monoxide exposure. Our priority right now is to fully support their families and our people, as we start the work to understand how this occurred."

The appropriate authorities have been notified and will receive the Company's full cooperation. Activities at ELG Underground have been suspended and an investigation to determine the cause of the accident will commence shortly.

ABOUT TOREX GOLD RESOURCES INC.
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, a 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: integrate and optimize the Morelos Property; deliver Media Luna to full production; grow reserves and resources; disciplined growth and capital allocation; retain and attract best industry talent; and build on ESG excellence.