Torex Gold amends credit facilities to include ESG targets

By Wendy Van Sickle

Columbus, Ohio, May 4 – Torex Gold Resources Inc. amended the terms of its $150 million revolving credit facility and its $100 million term loan to include incentive pricing terms related to achieving various sustainability performance targets, according to a news release.

Those targets include those in safety and climate change and are in alignment with the World Gold Council’s Responsible Gold Mining Principles.

“We are pleased to be one of the first mid-tier gold producers to enter into a sustainability-linked loan,” Jody Kuzenko, president and chief executive officer of Torex, said in the release. “We see this as an opportunity to lead and support the shift in the markets towards connecting the cost of capital with performance excellence on matters that are critical to the reputation and success of our company and our industry. This includes the safety of our workers, climate change, environmental stewardship, and social responsibility more broadly.”

The targets linked to the revised financing terms have been set for fiscal years 2023 and 2024, considering the current 2025 maturity of the credit facilities.

Bank of Montreal and ING Capital LLC acted as the sustainability structuring agents.

Torex Gold is a Toronto-based gold producer operating in the Morelos gold property in Mexico.

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