Make Kitco Your Homepage

New Gold affirms guidance

Kitco News

Editor's Note: We are proud to unveil our new mining page, an entire space dedicated to up-to-the-minute news, with exclusive industry interviews and all the relevant information you need, rounded in up in one spot. Who is merging? Who is Buying? Who is Digging? We got you covered!

(Kitco News) -  Intermediate-miner New Gold (TSX:NGD) said today that total gold production for the third quarter was 128,899 gold equivalent ounces.

The company said production is on track to meet annual guidance of 465,000 to 520,000 gold equivalent ounces.

The company said it has liquid assets of $420 million on hand. In August, the company completed a bought deal financing for gross proceeds of C$150 million, which were used for debt finance.

Despite affirming guidance, the company warned that heavy precipitation at its Rainy River Mine, responsible for about 60% of the miner's gold production, is causing disruptions.

"During the second half of the quarter, the operation experienced periods of significant rainfall, averaging more than 60% above the 30-year average for Q3," said the company.

"Over the next few weeks and until construction of Stage 2 of the tailings management area (TMA) is completed in late October, the mine will prioritize management of the water levels in the TMA, which may cause sporadic interruptions of the processing facilities and/or reduced throughput."

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

Precious Metal Charts

Follow Kitco News