08:15:01 EDT Mon 29 Apr 2024
Enter Symbol
or Name
USA
CA



New Gold Inc
Symbol NGD
Shares Issued 684,275,163
Close 2023-08-11 C$ 1.40
Market Cap C$ 957,985,228
Recent Sedar Documents

Globe says New Gold suspends mining at New Afton

2023-08-11 07:21 ET - In the News

The Globe and Mail reports in its Friday, Aug. 11, edition that New Gold has suspended mining at its New Afton gold and copper mine in British Columbia because of safety concerns over the site's tailings dam. The Globe's Niall McGee writes that New Gold said in a statement that during a routine inspection on Wednesday it noticed "geotechnical variances" that require further review by an engineer. As the engineering work begins, the company will continue milling ore from stockpiles. RBC analyst Michael Serpico wrote in a note to clients that New Gold has about seven to 10 days worth of stockpiles to keep its mill running. An extended shutdown of mining at New Afton could impact development plans for a new section of the mine called the C-zone, he added. New Afton is located about 10 kilometres from Kamloops, a city of about 90,000 people. It started production in 2012, and is an underground extension of an open pit mine called Afton. In the second quarter, the site produced 15,704 ounces of gold and 12 million pounds of copper. It accounts for about 35 per cent of the company's forecast production for this year. Amid the uncertainty, New Gold share fell 11 cents to close at $1.31 on Thursday.

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