Miner secures US$112M in funding as production expands

Photo: New Gold

Gold, silver and copper miner New Gold has an-nounced it secured some C$150 million (US$112 million) in funding to finance the company’s further operations and development. The an-nouncement came shortly after the miner reported its improved half-year results, with revenues from mining operations up 8% to $323 million in the first six months of 2019.


From January to June 2019, the Canadian business reported production of 255,820 gold eq. ounces, up 4% compared with the same period in 2018, New Gold said in a statement.


The company says it runs the Rainy River and New Afton mines in Can-ada, the Cerro San Pedro mine in Mexico, and the Blackwater project in Canada.


“We are excited with the significant progress to date at Rainy River as we reach the mid-point of this pivotal and transformational year for the oper-ation, as well as another quarter of solid performance from New Afton. The Rainy River and New Afton teams have made significant progress and we look forward to building on that success over the coming quar-ters,” said Renaud Adams, New Gold’s chief executive.