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New Gold suspends Rainy River

New Gold has suspended operations at its Rainy River mine in Ontario, Canada, so that workers can follow a 14-day self-isolation period to combat the Covid-19 virus.
New Gold suspends Rainy River New Gold suspends Rainy River New Gold suspends Rainy River New Gold suspends Rainy River New Gold suspends Rainy River

Rainy River in Ontario, Canada

Staff reporter

New Gold says about 70% of the Rainy River workforce are local residents, who make frequent short trips across the border to Minnesota. The US and Canada agreed to close their border earlier this week.

The company said it did not anticipate any adjustments to annual guidance for output at the mine.

It said, "the suspension will continue to be assessed over the 14-day period to determine when full or partial operations can be resumed in the safest possible environment for our employees".

Rainy River will maintain a minimum crew to continue essential activities, ensure there is no impact on the environment and fully sanitize the complex for employees when operations resume.

Rainy River produced 257,000 ounces of gold in 2019 with guidance for 2020 of 240,000-260,000oz.

New Gold said its New Afton mine in British Columbia continued to operate normally with a minimal number of workers in self-isolation.

Shares in New Gold are trading at C82c, valuing the company at $554 million.