PRECIOUS METALS

New Gold suspends Rainy River

New Gold shuts Rainy River as virus preventative measure

Staff reporter
Rainy River in Ontario, Canada

Rainy River in Ontario, Canada

New Gold says about 70% of the Rainy River workforce are local residents, who make frequent short trips across the border to Minnesota. The US and Canada agreed to close their border earlier this week.

The company said it did not anticipate any adjustments to annual guidance for output at the mine.

It said, "the suspension will continue to be assessed over the 14-day period to determine when full or partial operations can be resumed in the safest possible environment for our employees".

Rainy River will maintain a minimum crew to continue essential activities, ensure there is no impact on the environment and fully sanitize the complex for employees when operations resume.

Rainy River produced 257,000 ounces of gold in 2019 with guidance for 2020 of 240,000-260,000oz.

New Gold said its New Afton mine in British Columbia continued to operate normally with a minimal number of workers in self-isolation.

Shares in New Gold are trading at C82c, valuing the company at $554 million.

 

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

editions

ESG Mining Company Index: Benchmarking the Future of Sustainable Mining

The ESG Mining Company Index report provides an in-depth evaluation of ESG performance of 61 of the world's largest mining companies. Using a robust framework, it assesses each company across 9 meticulously weighted indicators within 6 essential pillars.

editions

Mining Journal Intelligence Global Leadership Report 2024: Net Zero

Gain insights into decarbonisation trends and strategies from interviews with 20+ top mining executives and experts plus an industrywide survey.

editions

Mining Journal Intelligence Project Pipeline Handbook 2024

View our 50 top mining projects, handpicked using a unique, objective selection process from a database of 450+ global assets.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.