New Gold expects to meet updated guidance
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.
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