New Gold lowered its gold production by 4.3%

The Canadian mining company New Gold lowered its gold equivalent production in 2021 by 4.3%, to 418,933 ounces.

At the end of the year, total production for the fourth quarter was 111,574 ounces of gold equivalent, consisting of 81,072 ounces of gold, 214,030 ounces of silver and 14.2 million pounds of copper.

For the year, gold production was comprised of 286,921 ounces of gold, 867,961 ounces of silver and 61.7 million pounds of copper.

Its Rainy River mine produced 70,500 gold equivalent ounces for the quarter, consisting of 68,356 gold ounces and 154,364 silver ounces.

For the year, production was 242,961 gold equivalent ounces, comprised of 234,469 gold ounces and 611,433 silver ounces.

Meanwhile, its New Afton mine produced 41,074 gold equivalent ounces for the quarter, consisting of 12,716 ounces of gold and 14.2 million pounds of copper.

For the year, production was 175,972 gold equivalent ounces, subdivided into 52,452 gold ounces and 61.7 million copper pounds.

New Gold

«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,» said Renaud Adams, President and CEO of the company.

He then added: «Rainy River’s fourth quarter production was up 16% compared to the third quarter, representing Rainy River’s strongest quarter over the last two years, despite a 3-day mill shutdown in December, mainly driven by improved grade due to lower contribution from the East Lobe. At New Afton, the team was able to execute on its plans and achieved both gold and copper production guidance.»

New Gold is a Canadian-focused mid-tier mining company with a portfolio of two major producing assets in Canada, the Rainy River Gold Mine and the New Afton Copper-Gold Mine. The Company also owns a 5% equity interest in Artemis Gold Inc. and other Canadian-focused investments.

New Gold’s vision is to build a leading diversified intermediate gold company based in Canada that is committed to environment and social responsibility.


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