New Gold said it anticipated to achieve this with higher production, total capital reductions and lower operating costs.
The Toronto-based miner expects total costs, on a by-product basis, to decrease by 7%, compared with the 2023 midpoint of guidance, to between $725 and $825 per ounce.
The miner expects to show in 2024 the first results of its three-year plan, with consolidated gold production reaching 310,000 to 350,000 ounces, compared with 321,178 ounces last year. Copper production this year is slated to hit between 50 million and 60 million pounds, it said.
Growing production and declining costs will help the company’s balance sheet, which at the end of the October 2023 quarter included $395.7 million in long-term debt and $214.1 million in current debt.
“Looking beyond our three-year guidance, the company has a strategic objective of targeting a sustainable production platform of approximately 600,000 gold equivalent…
