The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Trevor Turnbull - Scotiabank Global Banking and Markets, Research Division - Analyst
: I just had a couple of questions about the grades for the quarter. We were looking at the mine grades that you had coming from the underground.
And I assume those are fairly representative of what actually got processed. Those appeared to be some of the lower grades that you've had to
date from underground, although throughput was -- the tonnes mined seemed to be quite high. So when I kind of look at the open pit, kind of
trying to arrive at full production, it looks like the open pit probably had conversely higher grades than they've had in a while. And I just wondered
if you could comment maybe a bit on that and talk a little bit about how that carries into Q4. I do know that you're going to be expanding more
of the El Limon Deep production into Q4. And I just wondered if that was going to have an impact on grades as well.
Question: Trevor Turnbull - Scotiabank Global Banking and Markets, Research Division - Analyst
: And so does that indicate that potentially that the contribution from the open pits that got processed was given that you're segregating some of
the lower grade was probably a fair bit higher than the actual mined grade in the period?
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NOVEMBER 03, 2020 / 2:00PM, TXG.TO - Q3 2020 Torex Gold Resources Inc Earnings Call
Question: Trevor Turnbull - Scotiabank Global Banking and Markets, Research Division - Analyst
: Okay. And then just a quick question. You mentioned a couple of times that you're looking at getting to a run rate of about 20,000 ounces of gold
from the underground. That's in total from all the underground operations. That's not just related to, say, El Limon Deep. Is that right?
Question: Trevor Turnbull - Scotiabank Global Banking and Markets, Research Division - Analyst
: And do you kind of know how long it will take you to get to that run rate?
Question: Trevor Turnbull - Scotiabank Global Banking and Markets, Research Division - Analyst
: Right. So just -- okay, sorry -- yes, just sustaining that rate. That's right. You've been there for the better part of the year. And then just one last
question. You talked about having a 2-year kind of labor agreement. Can you make a comment about what the trends are with labor? Obviously,
you've just gone through negotiations, and it's hard to understand, given what's happened with the coronavirus in Mexico, what impact that might
be having on labor and the economy. Can you talk a little bit about what kind of issues and kind of what kind of directionally things we're looking
like in terms of your negotiation?
Question: Trevor Turnbull - Scotiabank Global Banking and Markets, Research Division - Analyst
: And is there a fair bit of pressure on labor rates given where the economy is at? Or is it nothing out of the ordinary relative to other periods you've
seen?
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NOVEMBER 03, 2020 / 2:00PM, TXG.TO - Q3 2020 Torex Gold Resources Inc Earnings Call
Question: Bryce Adams - CIBC Capital Markets, Research Division - Analyst
: Just question, actually, Trevor took (inaudible) (00:27:26) on a couple there. So 1 question on the plant performance. With improved plant performance
this quarter, just wondering how the plant performed on a cost per tonne basis.
Question: Bryce Adams - CIBC Capital Markets, Research Division - Analyst
: Okay. So in Q4 and in 2021, we should still expect cost to be in and around that $30 to $31 per tonne range?
Question: Mark Mihaljevic - RBC Capital Markets, Research Division - Analyst
: Excellent quarter, nice cash build here. I guess, given the cash build and obviously your kind of outlook looking a lot better at these prices. You
guys have been saying that you're comfortable funding everything internally down to $1,400. Once you get the feasibility out, do you kind of --
have you started to think about what you do with that excess cash or kind of how much excess cash you'd like beyond that "$1,400" gold price
floor, and kind of what you think about doing with that excess cash?
Question: Mark Mihaljevic - RBC Capital Markets, Research Division - Analyst
: Okay. Perfect. And then I guess somewhat in that vein. Obviously, you guys had a lot of success with the underground exploration program. Kind
of what are your thoughts on the broader exploration package and kind of opportunities to start spending a bit more money now, again, given
the cash flow that you're generating?
Question: Mark Mihaljevic - RBC Capital Markets, Research Division - Analyst
: Okay. Perfect. And then I guess -- and just froze for a second there. In terms of the Muckahi testing, you mentioned that you guys are kind of planning
out what else you want to test out over the next few months. Can you kind of allude to where or kind of what your early thoughts are? And kind
of what you still want to be testing out before your kind of comfortable with that feasibility outlook there?
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