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New Gold produces 347,054 gold equivalent ounces in 2022, achieves updated guidance

Kitco Media
By Vladimir Basov
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(Kitco News) - New Gold (TSX: NGD) (NYSE: NGD) announced Tuesday that the company produced 347,054 gold equivalent ounces in 2022, achieving its revised production guidance of 325,000 - 365,000 gold equivalent ounces.

The company said that in Q4 2022, Rainy River delivered the strongest quarter of the year, driven by a 25% increase in quarter-over-quarter grades as higher grade underground ore was introduced to the mill, which was partially offset by lower throughput.

New Gold added that at New Afton, the company achieved revised guidance for both copper and gold, and successfully ramped up B3 production to the targeted rate of 8,000 tonnes per day, ahead of plan.

"New Gold was faced with several challenges in 2022, but our teams remained resilient executing on our plans, and as a result, our operations met all updated production guidance targets," said President and CEO Patrick Godin. “New Gold and its operations exit 2022 on a strong note, well positioned for the new year."

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

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Vladimir Basov

Vladimir (PhD, MEng in Mining) is a professional mining engineer, scientist and analyst that has more than 20 years of practical in-field and research experience. He is particularly interested in collecting, processing baseline data and writing insightful data-driven mining industry analytics, articles, statistical and research reports.

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