Rainy River
Canadian bullion miner New Gold has announced its guidance for the Rainy River mine, in Ontario, but has delayed its operational outlook for New Afton, in British Columbia, where a mud-rush incident occurred early last week.
At Rainy River, New Gold is aiming for production growth of 22% in 2021, with its guidance pegged at between 270 000 oz and 290 000 oz of gold, or between 275 000 and 295 000 gold-equivalent ounces.
The all-in sustaining cost guidance for the year is between $1 125/oz and $1 225/oz, which will be a decrease on that of 2020, owing to higher production, lower costs and lower sustaining capital requirements.
New Gold also reported its latest mineral reserve estimate, stating that it had decreased by about 8.25-million gold ounces, owing to the sale of the Blackwater project in August. Blackwater accounted for 8.17-million gold ounces, while mining depletion at Rainy River accounted for 253 000 gold ounces and mining depletion at New Afton mine for 85 000 oz.
Mining depletion was partially offset by about 253 000 oz of positive source to reserve conversion at both mines.