Gold and Silver

Torex makes first foray into renewable energy at its mines

Torex makes first foray into renewable energy at its mines
Canada-based intermediate gold producer Torex Gold on Thursday announced that it would build a new 8.5 MW solar plant at its Morelos property, which includes the El Limon Guajes mine and Media Luna project, in Mexico.

The Toronto-listed company has entered into a commercial lease agreement with Scatec, a global renewable energy producer to build the plant, which will not only yield environmental benefits, but also an economic upside.

“Factoring in the installed cost of the plant together with the ongoing lease fee, we expect to save approximately $1-million per year in energy costs over a 20-year lease period, with full payback of the solar plant realised within approximately seven years,” said president and CEO Jody Kuzenko.

Construction of the plant will start as soon as the necessary approval is in hand.

The facility ill complement Torex’s existing power supply with a renewable energy source.

The company currently derives 100% of its power supply from Mexico’s Federal Electricity Commission, which includes a variety of energy sources including fossil fuels. Using 2019 emissions as the baseline, the company estimates that the new solar plant has the potential to reduce Scope 2 greenhouse gas (GHG) emissions by as much as 8.6% and overall (Scope 1 + Scope 2) GHG emissions by up to 4.75%

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