https://www.miningweekly.com

New Gold expects to meet updated guidance

14th October 2022

By: Mariaan Webb

Creamer Media Contract Publishing Editor

     

Font size: - +

Canadian miner New Gold remains on track to deliver on its updated guidance, president and CEO Renaud Adams said on Thursday, announcing the company’s third-quarter production results.

New Gold in July lowered its guidance after heavy rainfall and flooding around the Fort Frances area, in Ontario, adversely impacted on Rainy River’s production during the second quarter.

"We continued the positive momentum experienced in the summer months and finished the third quarter on a strong note," stated Adams.

At Rainy River, underground mining started during the quarter, and the company says it anticipates underground material to start feeding the mill at the beginning in the fourth quarter.

“With mining of the openpit main ODM zone continuing its ramp up, I look forward to Rainy River finishing the year strong,” said Adams.

Rainy River produced 60 319 gold-equivalent ounces (GEO), including 58 719 oz of gold, in the third quarter.

The New Afton mine produced 30 701 GEOs, including 11 427 oz of gold and 8.5-million pounds of copper.

“New Afton had solid production improvement over the second quarter with the continual ramp-up of B3. Last week we received the C-Zone permit, a significant milestone for the mine, and our priority at New Afton continues to be ramping up B3 production and advancing C-Zone development,” said Adams.

Consolidated GEO output for the quarter was 91 021, down from 105 628 GEOs in the same quarter last year.

The updated guidance for Rainy River is to produce between 230 000 GEO and 250 000 GEO, compared with the initially planned 265 000 GEO to 295 000 GEO. All-in sustaining costs will increase to between $1 620/oz and $1 720/oz.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

CSIR International Convention Centre (CSIR ICC)
CSIR International Convention Centre (CSIR ICC)

CSIR International Convention Centre (CSIR ICC) - the leading conference and events venue in Pretoria/Tshwane.

VISIT SHOWROOM 
Hanna Instruments (Pty) Ltd
Hanna Instruments (Pty) Ltd

We supply customers with practical affordable solutions for their testing needs. Our products include benchtop, portable, in-line process control...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.05 0.886s - 110pq - 2rq
Subscribe Now