Rainy River has been in operation since 2017. (Image courtesy of New Gold.)
New Gold (TSX, NYSE-A: NGD) soared to its highest in more than a decade on Wednesday after delivering a strong third quarter, marked by the best-ever production at its Ontario mine, placing the Canadian miner on track to meet its guidance.
The Rainy River mine, located 65 km northwest of Fort Frances near the US border, produced 100,301 oz. of gold during the three-month period, a 63% increase over the second quarter and a new all-time record. Accompanying this production was a significant decrease (39%) in its all-in sustaining costs.
Its other operating asset, New Afton, added another 14,912 oz. of gold output, taking the company’s consolidated third quarter production to 115,213 oz. The mine, located 10 km west of Kamloops, British Columbia, mainly produces copper, with 12 million lb. of production in Q3.
In its…
