Boston, MA 10/29/2013 (wallstreetpr) – New Gold Inc. (USA) (NYSEMKT:NGD). is one of the leading players, having a presence in activities pertaining to the gold industry including mining and other ancillary activities. It is also actively involved in the exploration, acquisition, extraction, reclamation, and processing of gold. Its operating assets consist of the Cerro San Pedro Mine in Mexico, Mesquite gold mine in the United States, and the Peak gold-copper mines in Australia.
The company was able to successfully complete the acquisition of Rainy River Resources Ltd. The company was holding prior to the acquisition of the 2.5% outstanding shares stands at 97.5%. Now, with the acquisition of remaining stake, Rain River Resources now becomes a 100% subsidiary of New Gold. While acquiring the remaining 2.5% shares, the company will pay $5.6 million and at the same time will issue 0.7 million new gold shares for compulsory acquisition.
The company declares a gold production for the fiscal year 2013 along with the guidance as the production would be 4,40,000 to 480,000 with the sustaining cost of $875 per ounce.
The company is likely to announce third quarter earnings before market hours on Tuesday, October, 29 2013. The company’s new Afton mine was able to achieved 12,000 tonnes per day in comparison to the actual capacity of 11,000 tonnes per day which is three months ahead of its schedule. As a result of this there was growth in production of both gold and copper during the quarter. As it is said, it was the combination of increased throughput and high grades and recoveries which resulted into the increase of 13% production per day. It is expected that growth of 80% increase in gold production and 88% increase in copper production to be witnessed in the third quarter of the 2013. The company believes that it was a mixed third quarter review for them as they were able to achieve its important objectives and company aims to reduce its cost positions as going further down the year.
