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New Gold 2019 mine output within company guidance

Kitco News

New Gold Inc. (TSX and NYSE American: NGD) met its 2019 production guidance, the company reported Friday.

Output at the Rainy River and New Afton mines totaled 486,141 gold-equivalent ounces, including 322,557 ounces of gold, 596,452 ounces of silver and 79.4 million pounds of copper. The total was within annual guidance of 465,000 to 520,000 gold-equivalent ounces.

“We are encouraged by the progress we have made in 2019 as we delivered on all our key commitments, including stabilizing operations and completing substantially all deferred construction capital at the Rainy River Mine, advancing the development of the New Afton C-zone, improving our balance sheet and achieving annual production guidance,” said Renaud Adams, chief executive officer.

“As we begin a new year, the management team remains committed to building on the successes achieved in 2019 while maintaining our focus on creating sustainable shareholder value,” Adams added.

Output in the fourth quarter was 101,423 gold-equivalent ounces. This consisted of 66,856 ounces of gold, 140,475 ounces of silver and 18.3 million pounds of copper.

The company said it will release its fourth-quarter and full-year results, as well as its 2020 operational outlook, on Feb. 13.

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