New Gold achieves historic lowest-cost quarter
TORONTO (miningweekly.com) – Intermediate gold miner New Gold has achieved its lowest-cost quarter yet, with all-inclusive sustaining cash costs over all four its operations touching $779/oz of gold, which was down 10% when compared with the same three months ended September 30, a year earlier.
The TSX- and NYSE-listed company’s total gold output declined 10% year-on-year to 94 000 oz, which was mainly the result of weak performances at its Cerro San Pedro mine, in Mexico, and the Mesquite mine, in the US.
New Gold was producing gold at total cash costs of $280/oz, which was 37% lower than the same period in 2012.
The total gold sales in the period totalled 94 100 oz, down 2% on 95 200 oz, and the average realised gold price slid 13% to $1 359/oz.
Silver output tumbled 55% to 219 400 oz, as pit-wall movement at Cerro San Pedro and lower recoveries influenced output. Silver sales fell 55% to 223 700 oz, and the average realised silver price fell 29% in the period to $21.31/oz.
The total copper output increased 67% to 23.7-million pounds, mainly owing to rising output from the New Afton mine, in British Columbia.
The company said it had successfully increased the average mill throughput at New Afton 13% from the nameplate capacity of 11 000 t/d, to about 13 000 t/d.
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