New Gold Inc.
 | |
| Public | |
| Traded as | TSX: NGD NYSE: NGD |
| ISIN | 🆔 |
| Industry | Mining |
| Founded 📆 | 1980 |
| Founder 👔 | |
| Headquarters 🏙️ | , , |
Area served 🗺️ | |
Key people | Ian Pearce, Chair Renaud Adams, President and CEO Robert Chausse, CFO Eric Vinet, VP, Technical Services |
| Products 📟 | Gold Silver Copper |
| Revenue🤑 | $604.5 mil (2018) 55%[1] |
$1,225.7 mil (2018) 1,034%[1] | |
| Total assets | $2,169.6 mil 46%[1] |
| Total equity | $959.3 mil 55%[1] |
| Members | |
Number of employees | 1344 (2018) |
| 🌐 Website | www |
| 📇 Address | |
| 📞 telephone | |
New Gold Inc. is a Canadian-focused intermediate gold mining company engaged in the operation, development and exploration of mineral properties. The company has a portfolio of two core producing assets and a development project in Canada, situated in top-rated, politically secure, mining friendly jurisdictions (Rainy River – a gold-silver mine in Ontario, New Afton – a gold-copper mine in British Columbia, and a gold-silver development project called Blackwater in British Columbia). It also owns the Cerro San Pedro gold-silver mine in Mexico which is in the reclamation phase.
In 2018, it produced 314,700 ounces of gold.[2] As of December 31, 2018, the company had 13,433K ounces of proven and probable gold reserves. [3]
History[edit]
The New Gold Inc. name goes back to 1980 however the bulk of the company as it exists today is the result of a $1.6 billion 2008 merger between Metallica Resources, Peak Gold Ltd. and New Gold Inc. in 2008. Peak Gold's CEO, Bob Gallagher was the first CEO of the newly formed New Gold Inc.[4] It acquired Western Goldfields in March 2009 for Cdn $285 million.[5]
The New Afton mine in British Columbia began production in June 2012 with commercial production following in July 2012. [6] In June 2016, active mining was concluded at the Cerro San Pedro mine in Mexico.[7] In February 2017 New Gold announced the sale of its El Morro gold stream to Goldcorp for $65 million to further fund construction of the Rainy River gold project.[8] In October, 2017, the company's newest mine – Rainy River – began processing ore in September 2017 with the first gold pour following in October 2017.[9] In 2018, New Gold divested of Mesquite Mine (California)[10] and Peak Mine[11] (Australia) and the Cerro San Pedro mine transitioned to reclamation phase. Current management took over in the fall of 2018 Renaud Adams became the President & CEO[12] and Robert Chausse joined in company as Chief Financial Officer[13] in November 2018.
In early 2019, the Blackwater Project successfully received all the necessary provincial and federal environmental approvals.[14]
Operations[edit]
| Asset | Country | Stake | Type of Mine | Production 2018[3] |
|---|---|---|---|---|
| New Afton |  Canada |
100% | Gold-copper | 77,000 oz AU
85 million lbs CU |
| Rainy River | Canada |
100% | Gold-silver | 227,000 oz AU |
| Cerro San Pedro (reclamation phase) |  Mexico |
100% | Gold-silver | 10,700 oz AU
(Reclamation phase) |
| Blackwater | Canada |
100% | Gold-silver | (Development project. EA approvals received in 2019.) |
Corporate Social Responsibility[edit]
New Gold is committed to responsible mining and reports annually[15] with respect to employee health and safety, environmental protection and community development and engagement. The company follows the principles found in the United Nations Global Compact of which it is a signatory[16] and the Mining Association of Canada's Towards Sustainable Mining Protocols.
The company works closely with the communities in which it operates and has entered into agreements with several Indigenous and First Nations groups centred on resource sharing, community development and training and employment.
Exploration/Development[edit]
Currently, New Gold Inc. has one development project underway.
Blackwater is located southwest of Prince George in south-central British Columbia, Canada. The development project recently achieved all necessary environmental assessment approvals. When the mine site is constructed, it will include an open pit, ore processing facilities, a tailings storage facility, waste rock dumps, water management facilities, offices, accommodation camps, warehouses, and a truck shop.
External Links[edit]
References[edit]
- ↑ 1.0 1.1 1.2 1.3 "2018 Financial Review" (PDF). 2018.
- ↑ "2018 Financial Review" (PDF). 2018.
- ↑ 3.0 3.1 "New Gold - Investors - Reserves and Resources". www.newgold.com.
- ↑ Wright, Lisa (2008-04-01). "New mid-tier gold producer in the making". The Star. Toronto.
- ↑ "New Gold to acquire Western Goldfields". The Star. Toronto. 2009-03-04.
- ↑ "New Gold announces start of production at New Afton Mine in British Columbia". www.miningandenergy.ca.
- ↑ "Major Mines & Projects | Cerro San Pedro Mine". miningdataonline.com.
- ↑ "New Gold Announces Sale of El Morro Gold Stream to Goldcorp for $65 Million. juniorminingnetwork.com". 2017-02-08.
- ↑ "First gold poured at Rainy River, one of Canada's newest mines".
- ↑ "New Gold to divest Mesquite mine to Canada's Equinox Gold". September 20, 2018.
- ↑ Kilian, Anine. "New Gold sells Peak mines for $58m". Mining Weekly.
- ↑ "New Gold Nabs Former Richmont Mines Exec for CEO and President Spots". www.baystreet.ca.
- ↑ "New Gold appoints Robert J. Chausse as CFO". November 5, 2018.
- ↑ Strategy, Environment and Climate Change (June 24, 2019). "Blackwater Gold Project granted an environmental assessment certificate". news.gov.bc.ca.
- ↑ "New Gold - Corporate Responsibility - Corporate Responsibility Report". www.newgold.com.
- ↑ "www.globalcompact.ca/about/ungc/".
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