New Gold Inc., a Canadian-based intermediate mining company, has reported solid financial results for the fourth quarter and full year of 2024. With operations primarily centered on the Rainy River gold mine and New Afton copper-gold mine, the company emphasized its commitment to environmental and social responsibility while achieving notable milestones in cost management and cash flow generation.
For the full year, New Gold produced 298,303 ounces of gold and 54 million pounds of copper, surpassing expectations. The company also reported a lower all-in sustaining cost of $1,239 per ounce of gold, which was better than projected, contributing to a free cash flow of $22 million in Q4 2024.
Financial highlights for Q4 included a significant revenue increase to $262.2 million, up from $199.2 million in the same period last year, driven by higher prices for both gold and copper. The company’s efforts to reduce operating expenses played a key role in boosting net earnings to $55.1 million, reversing a loss of $27.4 million in the previous year. Additionally, cash flow from operations reached $109.6 million, showcasing effective cost discipline.
Looking to the future, New Gold is focused on advancing its growth projects and exploration activities, aiming for a substantial increase in production. Management remains optimistic about the company’s long-term operational and financial prospects.
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