Hedge funds’ bullish bets on gold jump to four-year high
Hedge funds and other large speculators boosted their net-long position in gold.
Intermediate miner Torex Gold has released its 2020 operating highlights – last year, the company produced 430,480 gold oz., 130,640 of which were generated in the fourth quarter. The company’s EL Limon Guajes mining complex in Mexico beat the revised production guidance of 390,000 to 420,000 gold oz. for 2020.
“We delivered another solid operational result to close out 2020, a guidance beat which follows a strong pattern of delivering on our commitments,” Jody Kuzenko, Torex’s president and CEO, said in a release. “We expect this operational consistency to continue, which, combined with robust margins, positions us well to continue to generate strong operating cash flow. During Q4 2020, we reduced debt by a further $116 million dollars, exiting the year with debt of $40 million and a strong cash balance.”
In the fourth quarter, Torex sold 133,060 gold oz. at an average realized price of $1,845 per oz., bringing its 2020 gold sales to 437,310 oz. at an average price of $1,770 per oz.
Additional details on gold grades mined and processed will be provided with the company’s full-year financial results; 2021 production and cost guidance is expected in the next week.
Torex holds the El Limon Guajes mining complex in Mexico’s Guerrero gold belt, which lies within the 290-sq.-km Morelos gold property. The mining site includes a central 13,000 t/d processing facility as well as an open pit and underground mine.
(This article first appeared in the Canadian Mining Journal)
