Renaud Adams Named CEO Of New Gold
He succeeds Raymond Threlkeld, a director of New Gold who stepped in and led the company since his appointment in May. Adams has also been appointed to the New Gold board of directors, while Threlkeld resigned, the company said.
Adams has 25 years of experience in the mining industry. He was the president and CEO of Richmont Mines Inc. from 2014 until the sale of the company to Alamos Gold in November 2017. During his time at Richmont, production at Richmont’s principal mine more than doubled, mineral reserves more than tripled, and costs were reduced.
Previously, Adams was chief operating officer at Primero Mining Corp., and prior to that he was with Iamgold Corp. as general manager of the Rosebel mine in Suriname, and then senior vice president for Americas operations.
Ian Pearce, New Gold’s board chair, says Adams’ “extensive experience in the gold sector and operational background will be of tremendous benefit, and his proven track record of delivering on production and costs will be invaluable as we advance the company’s corporate strategy.”
Pearce added that Threlkeld is supporting the new CEO during the transition.
“l look forward to the significant opportunities we have as we continue to improve operational performance at Rainy River, increase cash flow at all operations, and create value for our shareholders through a disciplined approach to both productivity and value creation from our portfolio of long-life assets,” Adams said.
New Gold is an intermediate gold-mining company that produced 108,550 ounces of gold and 20.4 million pounds of copper in the second quarter. Full-year 2018 gold guidance is for 415,000 to 480,000 gold ounces.
The company has four producing mines: New Afton and Rainy River in Canada, Mesquite in the United States and Cerro San Pedro in Mexico. New Gold also owns the Blackwater project in Canada.