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New Gold's Q4'18 gold, copper production down YOY, QOQ

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New Gold's Q4'18 gold, copper production down YOY, QOQ

New Gold Inc. produced 110,559 ounces of gold and 20.8 million pounds of copper in the fourth quarter of 2018, compared to 114,025 ounces of gold and 21.7 million pounds of copper in the third quarter.

In the fourth quarter of 2017, the company produced 154,446 ounces of gold and 28 million pounds of copper.

The Rainy River mine in Ontario produced 77,202 ounces, its best quarterly output ever and a 39% increase over the third quarter of 2018, according to a Jan. 8 release.

For full year 2018, New Gold produced 455,448 ounces of gold, up from 430,864 ounces in 2017, and achieved its reduced gold production forecast of 415,000 to 480,000 ounces.

Full-year copper production totaled 89.5 million pounds, down from 104 million pounds in 2017 and just above the company's full-year copper production guidance of 75 million to 85 million pounds.

New Gold deferred its 2019 underground mine development plan for Rainy River to 2020 and will conduct a review in 2019 that includes alternative underground mining scenarios in a bid to reduce capital costs.

The company also kicked off a development strategy for the C zone at the New Afton mine in British Columbia, aiming to extend the mine's life to 2030.