VANCOUVER – New Gold is coming off 2013 with the lowest costs per ounce in its history and growing reserves. The company operates four mines – the New Afton copper-gold-silver mine in British Columbia, the Cerro San Pedro gold-silver mine in Mexico, the Mesquite gold mine in California, and the Peak gold mine in Australia.
New Gold said its mines produced 397,688 oz of gold, 85.4 million lb of copper and 1.6 million oz of silver last year. Total cash costs were $377/oz, the lowest in the company's history, and the all-in sustaining costs were $899/oz last year. At the end of December 2013, mineral reserves contained 18.5 million oz of gold, an increase of 127% per share when compared to the 2012 year end.
Next year the focus will be on further cost reductions with targeted total cash costs of $320 to $340/oz and all-in sustaining costs of $815 to $835/oz. Gold production will remain at 2013 levels, 380,000 to 420,000 oz, due to lower output at Cerro San Pedro and a 23% targeted increase in gold production at New Afton. Copper production will increase 12% to between 92.0 million and 100.0 million lb.
Details are available in the Feb. 6, 2014, news release posted at NewGold.com.
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