New Gold taking a longer-term view as performance improves
Canadian gold miner New Gold is looking forward to a new phase of its growth strategy, CEO Renaud Adams said on Tuesday, telling investors that the company has improved its operational performance, reinforced its balance sheet and strengthened its liquidity position.
New Gold’s two mines in Canada have returned to pre-Covid levels and the miner has completed all non-recurring capital projects at Rainy River.
“We can now take a longer-term perspective,” Renaud comments in the miner’s second-quarter production results announcement.
“New Gold's future will be supported by profitable operations, a stronger balance sheet, and as our current hedges expire at year end, we will be fully exposed to the strengthened gold price.”
The company produced 98 079 gold-equivalent ounces (GEOs), comprising 64 294 oz of gold, 134 282 oz of silver and 16.9-million pounds of copper in the June quarter.
Rainy River, which was shut for 12 days in the first quarter, resumed operations on April 3. The mine produced 49 633 GEOs in the quarter under review. New Afton produced 49 446 GEOs.
New Gold withdrew its guidance on April 15 to better assess the impact of Covid-19. It will publish a new guidance on July 30, when its second-quarter financial results are released.
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