|Bid||N/A x N/A|
|Ask||N/A x N/A|
|Day's Range||27.40 - 27.40|
|52 Week Range||17.00 - 27.40|
|Beta (5Y Monthly)||0.75|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||0.13 (0.48%)|
|Ex-Dividend Date||Apr 21, 2021|
|1y Target Est||N/A|
Scope 2 GHG Emissions Expected to be Reduced by 8.6%(All amounts expressed in U.S. Dollars unless otherwise stated) TORONTO, April 22, 2021 (GLOBE NEWSWIRE) -- Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX: TXG) is pleased to announce that the Company has entered into a commercial lease agreement with Scatec, a leading, publicly traded (OSC:SCATC) global renewable energy producer (“Scatec”), using their innovative and flexible Release solution, to build a new 8.5 megawatt solar plant at its Morelos property, which includes the El Limon Guajes (“ELG”) mine and Media Luna project. The new plant is expected to reduce Scope 2 greenhouse gas (“GHG”) emissions by up to 8.6% using 2019 as the baseline year. Jody Kuzenko, President & CEO of Torex, stated: “We are very pleased to partner with Scatec on this new solar plant, our first major foray into renewable energy at our operations. The new facility will complement our existing power supply with a renewable energy source that demonstrates we are serious about reducing our carbon footprint, with a view toward carbon neutrality over time. “As is often the case with innovative and sustainable solutions, in addition to the environmental benefits the solar plant will provide, there will also be economic upside and benefits to the local communities. Factoring in the installed cost of the plant together with the ongoing lease fee, we expect to save approximately $1 million per year in energy costs over a 20-year lease period, with full payback of the solar plant realized within approximately 7 years. We also anticipate that the solar plant will create new job opportunities for daily operation and maintenance within our host communities, and we see significant potential to increase the capacity of the solar plant in the future, including through battery storage, to further increase savings and reduce emissions. “As the agreement with Scatec is now finalized, we have submitted the permitting application to the regulators to allow for construction of the new facility. We are ready to begin earthworks and installation of the equipment in the coming months as soon as we have the necessary approval in hand. “As a Company that prides itself on limiting the environmental footprint of our operations and making a positive difference in society, we are committed to doing our part to combat climate change. As such, we are currently developing a climate change strategy with associated targets and metrics and look forward to disclosing a standalone Climate Report aligned with the recommendations of the Task Force on Climate-Related Financial Disclosures (“TCFD”) later this year.” Anticipated Reduction in GHG EmissionsThe Company currently derives 100% of its power supply from Mexico’s Federal Electricity Commission (“CFE”), which includes a variety of energy sources including fossil fuels. Using 2019 emissions as the baseline, the Company estimates that the new solar plant has the potential to reduce Scope 2 GHG emissions by as much as 8.6% and overall (Scope 1 + Scope 2) GHG emissions by up to 4.75%. 2019 Electricity ConsumptionMWh216,039.19Average Annual Solar ProductionMWh18,582.00Estimated Electricity Consumption with ReductionsMWh197,457.19Potential Electricity Consumption Reduction%8.60%2019 Scope 2 EmissionstCO2e109,099Estimated Scope 2 Emissions with ReductionstCO2e99,715Potential Scope 2 Emissions Reduction%8.60%2019 total Scope 1 & Scope 2 Emissions without ReductionstCO2e197,480Estimated total Scope 1 & Scope 2 Emissions with ReductionstCO2e188,096Potential overall Scope 1 & Scope 2 Emissions Reduction%4.75% Note that the figures in the table above have been subject to a third-party review for reasonableness by accredited GHG verifiers at ESG Global Advisors Inc. Anticipated Cost Savings & PaybackThe commercial lease agreement with Scatec is for a period of 10 years with automatic renewal for successive 5-year periods (unless terminated by the Company) and options for buy-out starting after the expiry of year 3. Approximately $5 million in costs associated with installation of the solar plant (including transportation of equipment, earthworks, installation and commissioning, and permitting costs) have been included within the Company’s 2021 sustaining capital guidance of $70 million to $85 million. Factoring in the total installed cost of the new solar plant in conjunction with the ongoing lease fee to Scatec for a total of 20 years, yields an average energy cost of $0.078 per kilowatt hour (“kWh”) and a total accumulated savings of $20 million. The savings are based on an alternative cost of power of $0.11 per kWh with CPI indexed at 2% per year. Payback of the solar plant occurs approximately at year 7. ABOUT TOREX GOLD RESOURCES INC.Torex is an intermediate gold producer based in Canada, engaged in the exploration, development, and operation of its 100% owned Morelos Gold Property, an area of 29,000 hectares in the highly prospective Guerrero Gold Belt located 180 kilometers southwest of Mexico City. The Company’s principal assets are the El Limón Guajes mining complex (“ELG” or the “ELG Mine Complex”) comprising the El Limón, Guajes and El Limón Sur open pits, the El Limón Guajes underground mine including zones referred to as Sub-Sill and El Limón Deep (“ELD”), and the processing plant and related infrastructure, which commenced commercial production as of April 1, 2016, and the Media Luna deposit, which is an advanced stage development project, and for which the Company issued an updated preliminary economic assessment in September 2018. The property remains 75% unexplored. ABOUT SCATECScatec is a leading renewable power producer, delivering affordable and clean energy worldwide. As a long-term player, Scatec develops, builds, owns and operates solar, wind and hydro power plants and storage solutions. In the first half of 2021, Scatec will have a total of 3.3 GW in operation on four continents and more than 500 employees. The company is targeting 15 GW capacity in operation or under construction by the end of 2025. Scatec is headquartered in Oslo, Norway and listed on the Oslo Stock Exchange under the ticker symbol ‘SCATC’. To learn more about Release by Scatec, visit www.releasesolar.com. FOR FURTHER INFORMATION, PLEASE CONTACT: TOREX GOLD RESOURCES INC.Jody Kuzenko Dan RollinsPresident and CEO Vice President, Corporate Development & Investor RelationsDirect: (647) 725-9982 Direct: (647) email@example.com firstname.lastname@example.org CAUTIONARY NOTE REGARDING FORWARD LOOKING INFORMATION This press release contains "forward-looking statements" and "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information also includes, but is not limited to: the expected reduction in Scope 1 and Scope 2 GHG emissions from the operation of the solar plant; plans to install a new 8.5 megawatt (MW-DC) solar plant at ELG; the Company’s plan to reduce its carbon footprint over the coming years, with a view towards achieving carbon neutrality; the Company’s 2021 sustaining capital guidance of $70 million to $85 million; the anticipated creation of new job opportunities within the host communities; the significant potential to increase the capacity of the solar plant in the future, including solutions such as battery storage, to further increase savings and reduce emissions; the expected environmental benefits and economic upside, including the expected savings in energy costs over a 20-year lease period, with full payback of the solar plant realized within approximately 7 years; plan to begin earthworks and installation of the equipment as soon as the necessary approval is received; the Company’s development of a climate change strategy with associated targets and metrics and plans to disclose a standalone Climate Report aligned with the recommendations of the TCFD later in 2021. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “expected” or “anticipated”, “estimates”, “potential”, “view”, “look forward”, or variations of such words and phrases or statements that certain actions, events or results “will” or “is expected to" occur. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including, without limitation, risks and uncertainties associated with: the assumptions upon which each of the anticipated reduction in GHG emissions and the anticipated cost savings and payback, is based, as set out in the news release; the ability of the Company to obtain required permits; ability of the solar plant to achieve the expected energy production; and those risk factors identified in the Company’s annual information form (“AIF”) and management’s discussion and analysis (“MD&A”) or other unknown but potentially significant impacts. Forward-looking information are based on the assumptions set out in the news release and such other reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances at the date such statements are made. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be as anticipated. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, whether as a result of new information or future events or otherwise, except as may be required by applicable securities laws.
Oslo, 5 January 2021: Scatec has today launched its new logo and profile. The transformation follows the company’s broadened growth strategy and the name change to Scatec from Scatec Solar. “2020 was a monumental year for Scatec. During the crisis, we made the greatest expansion since our establishment, by broadening our strategy and acquiring SN Power. I am therefore pleased to start the new year by unveiling a profile and logo supporting our ambition to become a global large-scale player in solar, hydro, wind and storage solutions, and an integrator of high-value infrastructure solutions,” Says Raymond Carlsen, CEO of Scatec.In October, Scatec announced the acquisition of major hydro power player SN Power from Norfund. At the same time, the company announced its intention to change name from Scatec Solar to Scatec to reflect a broader renewables company. The new name was adopted by the Extraordinary General Meeting on 16 November 2020. “Scatec is a strong name, while the new logo represents a broader direction and increased pace, with units combined to symbolise people and technologies working together. The colours represent renewal, and the profile in its entirety is clear, bold and visually striking, with clear connotations to renewable energy,” Carlsen continues. The new logo and profile will be applied from 5 January 2021, with the accompanying website www.scatec.com. As of today, Scatec ASA also changes its ticker symbol at Oslo Børs from SSO to SCATC. For further information, please contact: Ingrid Aarsnes, VP Communication & IR, tel: +47 950 38 64, email@example.com About Scatec ASA: Scatec is a leading renewable power producer, delivering affordable and clean energy worldwide. As a long- term player, Scatec develops, builds and operates renewable power plants and integrates technologies. In 2021, the company will have a total of 1.9 GW in operation on four continents. In October 2020, Scatec announced the acquisition of SN Power, a leading hydropower developer and IPP. Closing of the transaction is expected during first half of 2021. Scatec is headquartered in Oslo, Norway and listed on the Oslo Stock Exchange under the ticker symbol ‘SCATC’. To learn more, visit www.scatec.com, or connect with us on Linkedin.
Oslo, 4 January 2021: In line with the terms adopted by the Annual General Meeting of Scatec ASA in 2020, the Board of Directors continue the share-based incentive programme for leading employees of the company, following the same principles as previous years. Today, a total of 251,242 share options were granted to leading employees, including the following primary insiders:Raymond Carlsen, CEO: 18,163 Mikkel Tørud, CFO: 12,986 Torstein Berntsen, EVP Power Production & Asset Management: 10,721 Pål Helsing, EVP Solutions: 10,845 Roar Haugland, EVP Sustainable Business & HSSE: 10,087 Terje Pilskog, EVP Project Development & Project Finance: 11,814 Snorre Valdimarsson, EVP General Counsel: 10,730 Toril Haaland, EVP People & Organisation: 9,210 Ingrid Aarsnes, VP Communication & IR: 3,912Each share option gives the right to subscribe for and be allotted one share in Scatec ASA. The strike price of the options is set to NOK 314.91 per share based on the volume weighted average share price over the ten last trading days preceding the grant date of 4 January 2021. The options will lapse if not exercised by 1 January 2025. The option grant is divided into three tranches whereby 1/3 vests each year over three years, with the first tranche vesting 1 January 2022. The current grant is the second of three contemplated annual grants of share options in accordance with Scatec’s share-based incentive programme.Attached is an overview of the primary insiders’ total numbers of share options. For further information, please contact: Ingrid Aarsnes, Communication & IR tel: +47 950 38 364, email: firstname.lastname@example.org About Scatec ASA Scatec is a leading integrated independent renewable power producer, delivering affordable, rapidly deployable and sustainable clean energy worldwide. A long- term player, Scatec develops, builds, owns, operates and maintains power plants and has an installation track record of more than 1.6 GW. The company has a total of 1.9 GW in operation and under construction on four continents. With an established global presence and a significant project pipeline, the company is targeting a capacity of 4.5 GW in operation and under construction by end of 2021. Scatec is headquartered in Oslo, Norway and listed on the Oslo Stock Exchange under the ticker symbol ‘SSO’. This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading ActAttachment * Overview of shares and options held by the primary insiders