Canadian bullion producer New Gold concluded 2024 with a robust performance, reporting its strongest production quarter of the year. The company produced a record 80,438 ounces of gold and 14.5 million pounds of copper in Q4. While New Afton exceeded expectations, operational difficulties at Rainy River had a modest impact on the company’s consolidated gold production for the year.
“The fourth quarter was our highest production quarter of 2024. During this period, we achieved key growth milestones, including the early commencement of commercial production at New Afton’s C-Zone and the first ore from Rainy River’s underground operations,” said Patrick Godin, president and CEO of New Gold.
New Afton was a standout in the fourth quarter, producing 19,652 ounces of gold and 14.5 million pounds of copper, marking a 19% increase in gold output and a 15% rise in copper production compared to the previous quarter. The B3 cave performed as expected, while the C-Zone’s production ramped up following the early start of commercial operations. Gold production from New Afton exceeded the top end of its 2024 guidance, while copper output aligned with the midpoint of the company’s projections.
At Rainy River, the company reported a total of 60,786 ounces of gold produced in Q4. However, December’s unexpected mechanical issues with the crushing and conveying system limited throughput, causing production to fall slightly below the updated gold guidance range.
“New Afton delivered a standout quarter, surpassing its gold production guidance. Meanwhile, Rainy River faced operational challenges in December, which impacted processing and resulted in a slight shortfall in consolidated gold production for the year,” Godin explained.
For the full year, New Gold produced 298,303 ounces of gold and 54.0 million pounds of copper. Although gold production slightly missed the revised guidance range of 300,000 to 310,000 ounces, copper output achieved the midpoint of its initial forecast. The company expects its all-in sustaining costs to fall at the lower end of its $1,240 to $1,340 per ounce guidance range.
Looking ahead, New Gold plans to further strengthen its operations, with two updated technical reports set for release in the first quarter of 2025, one for Rainy River and one for New Afton. “We continue to advance initiatives aimed at increasing production, reducing costs, and maximizing free cash flow in the coming years,” Godin added.
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