New Gold ups production in second quarter
(Kitco News) - New Gold (TSX: NGD) announced yesterday that in Q2 2021, its total production was 105,705 gold equivalent ounces (66,989 ounces of gold, 240,029 ounces of silver and 18.2 million pounds of copper), an 8% increase compared to Q2 2020.
At Rainy River, second quarter gold equivalent production was 55,163 ounces (52,901 ounces of gold and 162,879 ounces of silver), an 11% increase over Q2 2020 due to higher tonnes processed and higher gold grades. The company said that Rainy River is currently on-track to meet the low end of the production guidance range.
At New Afton, second quarter gold equivalent production was 50,542 ounces (14,088 ounces of gold, and 18.2 million pounds of copper), a 4% increase compared to the prior-year period due to higher copper production as a result of higher copper grades.
The company said that B3 production commenced in June following receipt of the Mines Act Permit on May 25, 2021 and will advance through the second half of the year. C-Zone development advanced by approximately 919 metres and the project remains on track.
At the end of the quarter, the company added it had a cash position of $138 million and a strong liquidity position of $464 million.
New Gold is a Canadian-focused intermediate mining Company with a portfolio of two core producing assets in Canada, the Rainy River gold mine and the New Afton copper-gold mine. The Company also holds an 8% gold stream on the Artemis Gold Blackwater project located in Canada, a 6% equity stake in Artemis, and other Canadian-focused investments.