New Gold reports in-line quarterly results
Intermediate gold miner New Gold produced 132 556 gold-equivalent ounces (GEOs) in the second quarter, comprising 82 516 oz of gold and 21.6-million pounds of copper, from its two mines in Canada.
The quarter marked the third consecutive quarter that the company achieved in-line results, CEO Renaud Adams reported on Thursday.
The Rainy River mine, in Ontario, increased its production by 11.4% year-on-year to 66 013 oz of gold, while the New Afton mine, in British Columbia, delivered a 3% year-on-year production increase to 19 203 oz of gold.
The company produces copper at New Afton and reported a near 6% increase in production.
Adams said in a statement that significant advancements had been made at Rainy River, with the mill achieving its throughput, recovery and availability targets.
“We are excited to enter the next phase of optimisation that will focus on controlling and reducing costs, while we complete capital projects, positioning the operation for efficient and sustainable mining,” he said.
For the six-month period, production was 255 820 GEOs, comprising 164 614 oz of gold, 287 818 oz of silver and 41.1-million pounds of copper. New Gold affirmed that it remained on track to meet its production guidance of 465 000 GEO to 520 000 GEO in 2019.
The company added that its liquidity position had been maintained at $400-million.
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