Abstract
Torex Gold Resources (Torex) is committed to managing risks to achieve its operating and strategic objectives. Effective risk management is fundamental to the success of the Company and is recognized as a core component of Torex’s overall approach to strategy management. With this goal in mind, Torex has started a long road to redesign and implement a robust Enterprise-Wide Risk Program (ERM), to enable the Company to manage uncertainty by identifying, analyzing, assessing, responding to, monitoring, and communicating risk issues and events.
Leveraging existing structure and management decision-making processes, a 3-year ERM Program was designed, with a focus on the following key areas:
- Developing a standardized risk framework and methodology for risk management
- Establishing consistent processes for risk identification, measurement, and monitoring
- Designing process for measuring the effectiveness of the mitigation actions
- Conducting regular enterprise-wide risk assessments
- Establishing processes for risk reporting and escalation
- Alignment of Environmental, Social, and Governance (ESG) principles with ERM
- Supporting a cycle of continuous quality improvement.
The Company is also working on implementing procedures to validate that the risk response and control activities are adequate and appropriate. Scenarios for high severity low likelihood events will be identified and documented and linked to the Crisis Management System, to ensure that risk resilience plans incorporate action plans for these scenarios, or that could be readily leveraged in case these risks occur.
About Torex Gold
Torex is an intermediate gold producer based in Canada, engaged in the exploration, development, and operation of its 100% owned Morelos Gold Property, an area of 29,000 hectares in the highly prospective Guerrero Gold Belt, located 180 kilometers southwest of Mexico City. The Company is based out of Canada, with the Corporate Office located in Toronto, Ontario. Responsible mining is central to Torex business and embedded in decision-making at all levels of the Company.
Responsible mining encompasses excellence in performance and disclosure on health & safety, environmental management, community engagement, good governance, and human rights. While Torex’s existence as an organization depends on the ability to deliver value to the shareholders, the Company is committed to doing so in a way that makes a positive difference in the lives of the team members and neighbouring communities.
Torex is currently the second-largest gold producer in Mexico. The Company’s principal assets include El Limón Guajes (ELG) Mine Complex (open pit); El Limón Guajes Underground Mine; Processing Plant and related infrastructure (in commercial production since 2016); and Media Luna deposit (advanced stage development project located 7 kilometers from ELG).
The Morelos Gold Property has the potential to provide significant future opportunities beyond ELG and Media Luna, with 75% of the property currently unexplored and with multiple, drill-ready exploration targets identified. In addition, the Company is seeking opportunities to grow through acquisitions of assets that will enable profitable and productive geographic diversification.
Alina Antonie,
Director, Risk Torex Gold Resources Inc.
alina.antonie@torexgold.com