New Gold lifts 2012 production as BC mine operates first full year
TORONTO (miningweekly.com) – Midtier Canadian gold miner New Gold has lifted its 2012 gold production by 6% to 411 892 oz, up from 387 155 oz produced in 2011, mainly as a result of the successful start-up of the New Afton mine, in British Columbia (BC).
The company said that despite a 12% increase during the year in gold production at the Peak mines, in Australia, owing to improved grades and recoveries, and production declines at Mesquite, in the US, and Cerro San Pedro, in Mexico, lower grades were being placed on the leach pads as planned, owing to mine sequencing.
Total cash costs per ounce sold declined by $25/oz to $421/oz.
New Afton mine, situated 10 km west of Kamloops and which restarted production in June 2012, produced 36 800 oz of gold and 28.5-million pounds of copper.
New Gold produced 1.9-million ounces of silver and a total of 42.7-million ounces of copper during the year.
This year the company is targeting 12% gold-production growth, to between 440 000 oz and 480 000 oz, and New Gold expects a doubling of copper production to drive costs down further to between $265/oz and $285/oz, when the New Afton mill had reached a sustainable throughput of 12 000 t/d.
The company said it expects to complete a feasibility study for its Blackwater project, also located in BC.
New Gold’s stock traded at C$10.02 apiece on the TSX on Wednesday.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation