Acapulco, Gross. Despite the changes to the mining law, Canadian company Torex Gold announced the investment of US$848 million to run the Media Luna mining project, which is located in this entity.
In the context of the 2022 Industrial Meeting, the mining company’s vice president, Faysal Rodríguez, noted that the board of directors approved the construction and commissioning of the underground complex.
The project covers an area of 29 thousand hectares, located in the so-called Guerrero Gold Belt. The transnational company estimates it will mine between 43,000 and 47,000 ounces of gold annually.
He explains that the investment amount will be exercised from this month, until the last quarter of 2024. He points out that the initial amount is $85 million for the development of the underground mine, during the pre-commercial phase.
“At the moment I know of no investment of this caliber in the country, although there are many projects in development, but no formal investment has been announced like ours and an unprecedented investment in Guerrero,” said Rodríguez.
The Canadian mining company’s director pointed out that the main challenge in executing this project is “assurance that our investment will end up well in Guerrero.”
“We have built a very healthy institutional relationship with Governor Evelyn Salgado,” he emphasized.
“We have received nothing but support from the federal government, that must be said clearly. This instilled confidence in our Board of Directors to approve this investment,” he added.
He pointed out that another factor challenging the Media Luna project is the inflation being experienced globally, so they expect the related pressures to continue.