VANCOUVER (miningweekly.com) – Intermediate gold producer New Gold has been given permission by the Ontario Ministry of Natural Resources and Forestry (MNRF) to start construction on the tailings management facility at Rainy River, with construction to start immediately.
New Gold stated Tuesday that it still expected first production from the $1.05-billion Rainy River project in mid-2017.
The TSX- and NYSE MKT-listed miner also announced that it had hedged a portion of its copper output during the first half of 2017.
It has hedged 31.7-million pounds of copper, or 5.3-million pounds a month, from January to June 2017 at a price of $2.52/lb.
New Gold had in October announced gold hedges placing option contracts covering 120 000 oz of gold over the first half of the year to ensure that it would receive a minimum and maximum price of $1 300/oz and $1 400/oz, respectively.