New Gold Inc is a mid-tier gold mining company, domiciled in Canada.
New Gold is engaged in the mining, production, development, and exploration of precious metals such as gold and silver, and reportedly generates revenue from its marketing.
The Canadian-focused company’s assets include:
• Rainy River
Located in Fort Frances, Ontario, it is an underground gold-silver mine. The company has 100 per cent ownership rights in the property.
Rainy River mine comprises multiple volcanogenic-style gold deposits in a total area of 6,050 hectares with 87 patented mining rights, including eight-surface right claims. The 17,240 hectares area surrounding the mine site consists of several unpatented claims and surface rights, the Canadian company claims.
Rainy River mine’s proven and probable reserves include approximately 7.2 million ounces of silver and 2.6 million ounces of yellow metal.
• New Afton
It is the firm’s another principal asset based in British Columbia. New Afton is an underground gold-silver-copper mine, covered in nearly 12,450 hectares, with 61 mineral claims.
New Afton Project includes an open pit, underground workings, support facilities, concentrators, and a tailing facility.
The company claims that to achieve an average annual production of 85,000 ounces and 75 million pounds of precious and base metal, respectively. The production for 2020 was reportedly 0.96 million ounces of gold, 2.7 million ounces of silver, and 758 million pounds of copper.
• Black Water Project
Located 160 kilometers southwest of Prince George in British Columbia, the company sold the project to Artemis Gold in August 2020 for C$190 million and an 8 per cent gold stream on the initial gold production, reportedly.
The mining firm has a 100 per cent interest in Cerro San Pedro mine, located in 20 kilometers northeast of San Luis Potosí in Mexico. The production commenced in 2007 followed by active mining in 2016. By 2018, the project transitioned to reclamation.