The news feeds on this site are independently provided by Adfero Limited © and do not represent the views or opinions of the World Gold Council.

Friday, 14th November 2008 (1708 views)

New Gold has published its third quarter results for 2008 and the revised project development schedule for its New Afton mine.

The company revealed that gold sales increased by seven per cent to 67,156 ounces in the third quarter of the year compared with the previous quarter.

New Gold managed to reduce its total cash cost over the quarter by eight per cent to $566 (£384) per ounce and adjusted net earnings for the three months to September were $8 million before write down of the company's investment in Amapari.

Under the revised New Afton schedule, the project will be slowed to maintain the company's "solid financial position", though development of underground workings will continue to gain access to the bottom of the ore body.

Robert Gallagher, New Gold president and chief executive, said: "We have identified potential cost reductions in the revised development plan. At today's commodity prices, New Afton will be a strong cash producer."

Based in Vancouver, the mining firm has reported improvements in operating performance at Amapari and Peak mines and higher gold production at Cerro San Pedro, leaving a gold production forecast for the year of 250,000 ounces unchanged.

 

« Back to Gold News stories