PRECIOUS METALS

One presumed dead in underground mudslide at New Afton mine

Work at the New Gold-owned mine has been suspended and the chief inspector of mines is investigating

This article is 4 years old. Images might not display.

The two New Gold employees received medical care for non-life-threatening injuries  while a contract driller is presumed dead.

New Gold said in a statement the on-site emergency management system had been activated and the Royal Canadian Mounted Police service and provincial safety authorities were notified.

Operations at the mine have been suspended pending an investigation. The company did not say how long the suspension would last.

New Afton reported six COVID-19 cases in the December quarter, five among contractor teams. All six cases are said to have recovered.

New Afton achieved the mid-range of its revised 2020 gold-equivalent guidance of 190,000-220,000oz at 204,416oz.

The mine near Kamloops has proven and probable reserves of 1 million ounces gold, 2.8Moz silver and 802 million pounds copper.

New Gold also operates the Rainy River gold mine in Ontario.

Shares in New Gold (TSX:NGD) dropped as much as 9% on Tuesday to C$2.40, capitalising it at about $1.6 billion (US$1.25 billion).

 

Expert-led Insights reports and Analytics tools built on robust data, rigorous analysis and expert commentary covering mining Risk, Projects, ESG, Leadership, and Investor Sentiment.

Expert-led Insights reports and Analytics tools built on robust data, rigorous analysis and expert commentary covering mining Risk, Projects, ESG, Leadership, and Investor Sentiment.

editions

Leadership Insights 2025

Leadership Insights reveals key trends in priority mining issues through interviews with 15+ top mining company executives and an industrywide survey.

editions

Mining IQ Risk Analytics

Risk Analytics offers interactive access to World Risk Insight data, allowing you to customise risk views, benchmark jurisdictions, explore data behind scores and read expert commentary to guide your decision-making.

editions

Project Pipeline Index 2025

View our 50 top mining projects, handpicked using a unique, objective selection process from an expanded database of 600+ global assets.

editions

Investor Sentiment Insights 2025

Exclusive insights into the plans, priorities and preferences of 130+ mining investors and top factors influencing investment decisions in 2025.