New Gold reported a significant increase in production during the fourth quarter, helping achieve its full-year output target for 2023. The company attributes this success to various factors including higher tonnage processed, improved gold and copper grades, and better recovery rates.
In the fourth quarter, New Gold produced a total of 105,082 ounces of gold equivalent, marking a 7% rise compared to the same period in the previous year. To break it down further, the company's production included 79,187 ounces of gold, 12 million pounds of copper, and 157,788 ounces of silver.
For the entire year of 2023, New Gold's consolidated gold equivalent production reached 423,517 ounces. This comprised 321,178 ounces of gold, 47.4 million pounds of copper, and 593,146 ounces of silver.
New Gold's production for 2023 falls within the anticipated range of 365,000 to 425,000 gold-equivalent ounces that the company had set as its guidance.
Looking ahead, New Gold's Chief Executive, Patrick Godin, expressed his optimism about the company's prospects. He emphasized the excellent progress made in growth initiatives and expects 2024 to be a transformative year. He anticipates increased production at reduced costs and capital expenditure, which will enable the company to generate maximum free cash flow in the future.