Torex was the second-largest gold producer in Mexico in 2022. As of year-end 2022, our workforce was made up of more than 1,100 direct employees and approximately 2,300 contractors. We are proud that 99% of our workforce at site is from Mexico, with 60% from Guerrero State.
Our principal asset, the Morelos Complex, includes the El Limón Guajes (“ELG”) Mine Complex, which is comprised of our El Limón, Guajes and El Limón Sur open pits, our El Limón Guajes Underground Mine (including zones referred to as Sub-Sill, Sub-Sill South, El Limón Deep, and El Limón Sur Deep), and our processing plant, which started commercial production on April 1, 2016.
We are also growing the future of our mining operations in Mexico through our Media Luna Project, located seven kilometres from ELG. Media Luna is an underground deposit that primarily contains gold, copper and silver mineralization, located on the south side of the Balsas River. The Media Luna Project was approved by our Board of Directors in March 2022 and construction is well underway, with anticipated commercial production in Q1 2025. With this investment, we will extend the life of the Morelos Complex through at least 2033 and lay a firm foundation for the future growth plans of Torex.
Our Morelos 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 to realizing the full potential of the Morelos Property, we are seeking opportunities to acquire assets in the Americas that enable profitable and productive geographic diversification.
At the heart of Torex Gold is a deep commitment to building a mining company with values – one that delivers value for our shareholders in a way that embraces innovation and makes a positive difference in people’s lives.