Home Commodities New Gold Output in 2023 Reaches Top-End of Guidance — Commodity Comment

New Gold Output in 2023 Reaches Top-End of Guidance — Commodity Comment

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Published: Jan. 9, 2024 at 6:51 a.m. ET

By Adriano Marchese

New Gold saw production increase in the fourth quarter, supporting full-year output near the top end of its guidance for 2023. The company credits higher metric tons processed, higher gold and copper grades and higher recovery rates in the period.

On production:

Fourth…

By Adriano Marchese

New Gold saw production increase in the fourth quarter, supporting full-year output near the top end of its guidance for 2023. The company credits higher metric tons processed, higher gold and copper grades and higher recovery rates in the period.

On production:

Fourth quarter consolidated gold equivalent production was 105,082 ounces, representing a 7% increase over the prior-year period.

Broken down, the company produced 79,187 ounces of gold, 12 million pounds of copper and 157,788 ounces of silver.

For the full 2023 year, consolidated gold equivalent production was 423,517 ounces, made up of 321,178 ounces of gold, 47.4 million pounds of copper and 593,146 ounces of silver.

New Gold had set a guidance for 2023 production to be between 365,000 and 425,000 gold-equivalent ounces.

On outlook:

“Both operations exit 2023 performing well and having made excellent progress on growth initiatives. I expect 2024 to be transformational for our company and position us well to increase production at decreasing costs and significantly less capital spend, allowing us to maximize our free cash flow generation in the years to come,” Chief Executive Patrick Godin said.

Write to Adriano Marchese at adriano.marchese@wsj.com

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