In its first quarter earnings report, New Gold said gold production increased by 4% to 94,977 oz compared to the prior-year quarter. The company also reported that the $35 million New Afton mill expansion is currently being commissioned ahead of schedule and under budget.
“The first quarter delivered a solid start to the year for our company,” said Randall Oliphant, executive chairman, New Gold. “Our portfolio of operations continued to generate free cash flow, which we are reinvesting in the future of our business. We achieved a significant milestone with the approval of the Rainy River environmental assessment early in the year and construction activities are now accelerating. At the same time, we are proud of the New Afton team for commissioning the mill expansion ahead of schedule and below budget, which should further enhance the mine’s strong operating performance.”
Once fully optimized, the mill expansion should enable New Afton to achieve an average throughput of over 14,000 metric tons per day.