RE:upgrade to buy
Torex Gold Rises 14% As ELG Mine Blockade In Mexico Lifted By State Government 29 Jan 2018 09:54 ET 09:54 AM EST, 01/29/2018 (MT Newswires) -- Torex Gold Resources (TXG.TO) rose more than 14% in early trading Monday after the company said a union blockade that forced the company to suspend production at it El Limon Guajes mine in Mexico for more than two months has ended. The company said the governor of the state of Guerrero acted on January 26 to lift the blockade it considered illegal, giving it access to the mine's main gate and facilities. It did not give further detail on the government's actions. The blockade was put in place in early November by workers who wanted a change in the mine's union representation. "We appreciate the actions taken by the State Government, supported by the Federal Government, to restore law and order to the region in a peaceful manner," Fred Stanford, the company's chief executive, said in a statement. "We preferred a negotiated solution but this is the next best thing." Torex had been ramping up operations at the mine since January 12, when it regained access to the site through a service road and is now processing as much as 13,000 tonnes of ore per day and poured 12,000 ounces of gold. Both pits at the site have returned to operation. The company said its relationship with its bankers remains good and it is negotiating the extension of a liquidity waiver. Torex shares were up $1.72 to $13.79 at last look on the Toronto Stock Exchange