Torex’s ELG underground mine resumes following fatalities

According to Kuzenko, two workers went into a restricted area where carbon monoxide was present, and in an effort to rescue their colleagues who suffered exposure, two others entered the area as well. Three of the workers passed away as a result, while the fourth was hospitalized and is now at home recovering.

The company has already started an investigation into the incident, as have Mexican authorities.

In response to the incident, Mexican President Claudia Sheinbaum asked Labor Minister Marath Bolanos to increase inspections of mines.

“Because it can’t be that some standards are applied by Canadian companies here (in Mexico) and others (by Canadian companies) in Canada,” Sheinbaum told Reuters.

Torex’s Kuzenko said that findings from all audits and investigations will be used to reinforce safety protocols as required.

The 24-hour standdown at ELG, according to Torex, would not impact its 2024 production guidance, as well as its development of the Media Luna underground mine nearby.

Shares of Torex Gold rebounded from last week’s rout following the incident, up 5.7% to C$29.76 apiece by 1 p.m. EDT. The Canadian miner’s market capitalization is C$2.56 billion.