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(Kitco News) - Shares of gold and copper producer New Gold (TSX: NGD) (NYSE: NGD) traded up today after the company confirmed the structural integrity of the New Afton tailings storage facility and resumed all underground mining activities at its New Afton mine in B.C., Canada.
As the company reported yesterday, during regular inspections of the New Afton tailings storage facility (NATSF) completed on August 9th, visual geotechnical variances were observed that required further review by the Engineer of Record (EOR).
The company said it acted promptly, advising the relevant authorities, and proactively suspending underground mining activities, “with health, safety and the wellbeing of our employees, contractors, and communities as our top priority.”
New Gold added the EOR completed a thorough review on August 10th and confirmed that the NATSF structural integrity and behavior is normal and expected.
The company said that on the evening of August 10th it resumed normal underground mining activities on site, adding that milling operations were unaffected during this period and in-pit tailings deposition continued as planned.
“New Afton remains well positioned to meet all annual production and cost guidance metrics as set out earlier in the year. C-Zone remains well positioned for first production ore in the fourth quarter, with commercial production planned for the second half of 2024,” New Gold said.
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.
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