Gold and Silver

New Gold FY output seen at lower end of guidance

New Gold FY output seen at lower end of guidance
Mining News Pro - Canadian gold miner NewGold said on Wednesday that it expected to achieve its guidance for the year, although its production would be at the lower end of the 440 000 to 490 000 gold-equivalent ounces (GEO) range and its all-in sustaining costs at the higher end.

During the first half of the year, NewGold produced 201 731 GEO, comprising 133 639 oz of gold, 427 253 oz of silver and 32-million pounds of copper. Interim production was on par with that of the year-earlier period.

Second-quarter production was 105 705 GEO, which is higher than the 98 079 GEO for the same quarter last year.

CEO Renauld Adams said that the operations performed well in the second quarter and that the company expected an improved performance in the second half of the year.

“I am especially proud of the free cash flow generated in the quarter even at our planned lower grade,” he said.

Adams noted that while the Rainy River mine experienced challenges in July, the mine had reached an inflection point and that meaningful free cash flow was expected going forward.

NewGold generated free cash flow of $21-million in the quarter.

Revenue for the quarter was $198-million and $363-million for the six months. The miner reported a net loss of $16-million in the second quarter and adjusted earnings of $27-million.

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