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New Gold sees brighter future

New Gold management sees an increasingly bright future as it nears completion of an operational and financial restructure to overcome difficulties related to the start-up of its Rainy River gold mine in Ontario, Canada. 2021 promises to be a much better year when the company will have full exposure to the gold price following the expiration of hedges on its gold production at the end of 2020.

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Rainy River in Ontario, Canada

The company produced 98,079 ounces of gold-equivalent in the quarter, 26% less than in the prior year period at an all-in sustaining cost of US$1,283/oz, 18% higher than the $1,087/oz a year ago.