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New Gold announces 2021 production in line with updated guidance

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(Kitco News) - New Gold (TSX: NGD) announced Wednesday that in 2021, the company produced 418,933 gold equivalent ounces, which is 4% lower than in 2020 and in line with the updated consolidated gold equivalent guidance range of 405,000 to 450,000 ounces.

The company said that in 2021, the Rainy River mine produced 242,961 gold equivalent ounces (guidance of 240,000 to 255,000 ounces), consisting of 234,469 ounces of gold (guidance of 235,000 to 250,000 ounces) and 611,433 ounces of silver. The Rainy River mine achieved the low end of the updated gold equivalent guidance range.

The New Afton mine produced 175,972 gold equivalent ounces in 2021 (guidance of 165,000 to 195,000 ounces), consisting of 52,452 ounces of gold (guidance of 52,000 to 62,000 ounces) and 61.7 million pounds of copper (guidance of 56 to 66 million pounds). The New Afton mine achieved the gold equivalent guidance range.

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"2021 was not without its challenges for New Gold, but we continued to execute on our plans, with the fourth quarter representing our strongest quarter of the year, allowing us to meet our updated consolidated gold equivalent production guidance," stated president and CEO Renaud Adams.

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 a 5% equity stake in Artemis Gold and other Canadian-focused investments.

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