New Gold is a Canadian intermediate mining company based in Toronto. The company has various assets in Canada and Mexico and specializes mainly in the production of gold. In addition, New Gold is active in silver and copper production.
The company currently has a market capitalization of around 1.19 billion euros. Today, New Gold announced results for the fourth quarter of 2021 and full fiscal year 2021.
The results for 2021 are here
Now that the Canadian mining company New Gold has successfully made the leap from junior miner to intermediate miner, the annual business results are all the more interesting for investors.
Yesterday, the company published its results for the fourth quarter as well as for the full fiscal year 2021, which were already eagerly awaited.
According to the report, New Gold produced a total of 81072 ounces of gold in the fourth quarter of 2021, as well as 214030 ounces of silver and 14.2 million copper.
For the full fiscal year 2021, gold production was 286921 ounces, while 867961 ounces of silver and 61.7 million pounds of copper were produced. This brought total gold equivalent production to 418933 ounces.
Net income was $151 million in the last quarter of 2021. For the full fiscal year, this resulted in a net profit of $141 million for the company. In revenues, New Gold reached $202.6 million in the fourth quarter and $745.5 million for the full year.
The projects of New Gold
New Gold’s assets include the Rainy River Mine, the New Afton Mine, and interests in the Blackwater Mine and the Cerro San Pedro exploration project.
The Rainy River Mine is located in the Canadian state of Ontario and is 100 percent owned by New Gold. The mine produces both gold and silver.
In the Canadian state of British Columbia, New Gold also owns 100 percent of the New Afton gold and copper mine. The Blackwater gold project is also located in British Columbia. The gold project has already passed through several hands since its commercial discovery. Currently, the majority of the Blackwater Mine is owned by Canadian exploration company Artemis Gold. New Gold owns an 8 percent interest in the project.
The Cerro San Pedro mine is currently the company’s only project in Mexico. This project is also 100 percent owned by New Gold. Gold production began at San Pedro back in 2007. However, active gold mining ended in 2016. Since 2018, the mine has been in maintenance status and is scheduled to be upgraded and refurbished for further commercial gold mining.
