New Gold tracking towards top end of guidance
The third-quarter was an “impressive” one for New Gold, the Canadian miner’s CEO, Patrick Godin, said on Wednesday, announcing higher gold-equivalent production and a meaningful decrease in all-in sustaining costs (AISC).
The miner produced 111 204 gold-equivalent ounces (GEOs) at an AISC of $ 1 477/GEO in the September quarter. This was the highest quarterly production since 2021 and a 22% increase over the prior-year period.
New Gold reported a “standout” quarter from the New Afton mine, which exceeded planned copper and gold production as higher tonnes were processed.
Rainy River continued to deliver stable production quarter-on-quarter.
Owing to the strong operational performance in the first nine months of the year, New Gold said it was tracking to the top end of its 2023 production guidance of 365 000 GEOs to 425 000 GEOs and to the low end of the AISC guidance of $1 505/GEO to $1 605/GEO.
Meanwhile, Godin said New Gold was entering a growth period and that the third quarter had seen big strides towards derisking and securing the future of its mines.
“I want to re-emphasise the two key milestones achieved at New Afton with the completion of the first draw bell at C-Zone and the final commissioning of all 29 dewatering wells at the NATSF. This is a pivotal moment for the New Afton mine with production growth and declining costs expected in the near term, and all major capital expenditures for the tailings stabilisation completed. Rainy River continued to advance the connection ramp towards the underground Main Zone from Intrepid, allowing us to continue to take advantage of a number of efficiencies both underground and in the openpit," he added.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Supplier & Distributor of the Widest Range of Accurate & Easy-to-Use Alcohol Breathalysers
VISIT SHOWROOM
At SMS group, we have made it our mission to create a carbon-neutral and sustainable metals industry.
VISIT SHOWROOM
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
