By Greg Fry

New Gold announces first quarter results for New Afton

Apr 25, 2018 | 1:57 PM

KAMLOOPS — New Gold is reporting steady gold production at its New Afton copper-gold mine just west of Kamloops during the first quarter of 2018.

Gold production was down 4.5 per cent year-over-year while copper production increased 8.2 per cent over the same time period.

“Gold production at New Afton remained consistent with the first quarter of 2017 as a planned decrease in ore mined and processed was partially offset by an increase in gold recovery,” said the company in a statement. “Copper production increased relative to the prior-year quarter due to an increase in copper gold and copper recovery.”

Gold operating expenses were down almost 11 per cent while copper operating expenses jumped 4.3 per cent.

In February, New Gold laid off 28 employees at New Afton. The company said the layoffs were part of a “reorganization” effort based on the need to focus on the maximization of its cash flow.

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The decision to lay off employees was also based on New Gold’s decision to defer the development of its C-Zone project.