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Copper|Flow|generation|Gold|Sustainable|Flow|Operations
Copper|Flow|generation|Gold|Sustainable|Flow|Operations
copper|flow-company|generation|gold|sustainable|flow-industry-term|operations

New Gold eyes strong production growth, lower costs

9th February 2024

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

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Canada-based miner New Gold is forecasting higher production and lower costs over the next three years, driving significant free cash flow for the company.

The TSX- and NYSE American-listed firm expects its consolidated gold production to increase by 35% from 2023 to between 410 000 oz and 460 000 oz in 2026, driven by increasing production profiles at both Rainy River and New Afton.

Copper production is forecast to increase by 60% from 2023 to between 71-million and 81-million pounds in 2026, driven by the steady ramp-up of C-Zone.

New Gold says all-in sustaining costs will decrease by 50%, compared with the 2023 midpoint of guidance, to between $650/oz and $750/oz, on the back of higher production and a significant reduction in total capital and lower operating costs.

Consolidated gold production in 2024 is expected to be 310 000 oz to 350 000 oz, compared with 321 178 oz in 2023. Copper production will be between 50-million and 60-million pounds this year.

"With our inaugural presentation of three-year guidance, the company has clearly defined the path forward to significant free cash flow generation," stated Patrick Godin, president and CEO. "This is underpinned by the work completed in recent years to prepare our operations for meaningful production and cash flow increases, as costs and capital spend decrease.”

Looking beyond the three-year guidance, New Gold has a strategic objective of targeting a sustainable production platform 600 000 gold-equivalent ounces a year, in a line of sight until at least 2030.    

Edited by Creamer Media Reporter

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