New Gold Inc (NYSE American:NGD) posted its Q4 2017 and full-year production performance, issues 2018 projection, and provides an update on the firm’s growth projects. The initial figures posted for 2017 full-year and fourth quarter sales and production are approximate and may vary from the final report in the 2017 yearly audited consolidated financial figures and management’s analysis and discussion. In Q4 2017, the firm delivered gold production of 154,446 ounces in the quarter, leading in gold production of 430,864 ounces for 2017.
Hannes Portmann, the CEO and President of New Gold, expressed that they are delighted that their team delivered on the firm’s major objectives in 2017. Rainy River successfully recorded commercial production, the remaining of their operating mines generated extremely robust results and they simplified their portfolio with Peak sale. He thanks their teams all projects and operations for their contributions and dedication to these accomplishments.
Mr. Portmann expressed that as they look forward to this year, New Gold is changing from a period of investing in the firm’s future to now gaining from Rainy River’s initial full year of production. With their streamlined asset base and solid production development, their focus will sustain to be on further enhancing the performance of all of its operations and enhancing free cash flow to improve their financial flexibility. As the firm projects the Peak Mines sale to close in Q1 2018, Peak Mines has been stated as a discontinued operation.
For 2017, gold production came at 430,864 ounces, which was at the high end of the projection range of 380,000 ounces to 430,000 ounces. Copper production came at 104 million pounds and met the projection range of 100 – 110 million pounds. ASIC have not yet been announced, however, are projected to be below the firm’s previously lowered projection range of $760 to $800 an ounce.