Mexico-focused miners meet annual targets amid record precious metals prices
Mexico-focused mining companies met their 2024 production guidelines amid record gold and rising silver prices.
According to Trading Economics data, gold prices rose 28.2% and reached over US$2,624/oz in December, while silver prices climbed 22.3% and reached US$30.80/oz. This trend helped boost miners’ production and financial results.
Toronto-based Torex Gold Resources achieved full-year production guidance for the sixth consecutive year.
In a release, Torex said fourth-quarter and full-year gold production was 103,795oz and 452,523 oz, respectively, in line with guidance of 450,000-470,000oz, which was revised from 400,000-450,000oz. Fourth-quarter and full-year gold sold reached 108,647oz and 455,932oz.
“December was a difficult month for Torex with the loss of three colleagues at ELG Underground. In the wake of the tragedy, operations were suspended for just over a week to allow for inspections by the relevant government agencies,” president and CEO Jody Kuzenko said.
She added that the output was achieved “against the backdrop of solid operational performance through the first three quarters of the year.”
Vancouver-based Endeavour Silver reported full-year production of 4.47Moz silver and 39,047oz gold, for a total of 7.6Moz silver equivalent.
“After operating at reduced capacity due to the Guanaceví trunnion failure in August, and subsequently resuming full capacity in December, we are satisfied with our production performance in Q4 and producing at the top range of our updated production guidance,” CEO Dan Dickson said in a statement.
“The team demonstrated exceptional diligence and commitment throughout the 15-week recovery period, ensuring the timely fabrication and installation of the trunnion while maintaining seamless operations and bringing Guanaceví’s plant (Durango state) back to its historical levels of 1,200t/d,” he added.
The miner reported that Bolañitos in central Guanajuato state provided strong results: “With throughput remaining steady, silver equivalent ounces produced were in line with plan. Gold production remained above plan, driven by higher gold grades. Conversely, silver production remained below plan due to lower silver grades.”
Vancouver-based miner Equinox Gold also reported record quarterly and annual gold production, with 213,960oz gold in 4Q24 and 621,870oz for the full-year.
2024 guidance was 590,000-675,000oz.
Its primary mine, Los Filos in Guerrero state, produced 170,370oz gold, with guidance at 155,000-175,000oz.
Equinox has seven operating gold mines in Canada, the US, Mexico and Brazil and is advancing a pipeline of expansion projects that will lead to more than 1Moz of annual production.
President and CEO Greg Smith said in a release that “2024 was a pivotal year for Equinox Gold, defined by our success at Greenstone. We consolidated 100% ownership of the mine, achieved commercial production, and produced more than 111,700oz gold in the first, partial year of operations at Greenstone.”
“Several of our mines delivered their strongest fourth quarter in the company’s history, contributing to consolidated 2024 production of approximately 621,870oz gold, the highest annual production since Equinox Gold’s founding. As Greenstone ramps-up to full capacity, we look forward to continued growth in 2025.”
Greenstone is located in Ontario.
Equinox ended the year with US$240mn in cash and equivalents, US$105mn available to draw on its revolving credit facility, and another US$100mn undrawn accordion feature.
During the fourth quarter, the company reduced its debt by US$180mn with the payment of the final US$40mn due to Orion Mine Finance for the purchase of its 40% interest in Greenstone and with the conversion to equity by the holders of US$140mn in convertible notes.
