- New Gold
-
New Gold Inc. 
Type Public
AMEX: NGDTraded as TSX: NGD Industry Mining Founded 1980 Headquarters Vancouver, Canada Key people Randall Oliphant,chair
Robert J. Gallagher,ceo
Brian W. Penny,cfo
James A. Currie,coo,exec vpProducts Gold Silver Copper Revenue $530.45 mil (2010) 
63.8%[1]Net income $176.954 mil (2010)[1] Total assets 
$2,528.27 million (March 2011)Total equity $1,569.61 million (March 2011) Divisions Minera San Xavier
Peak Gold MinesWebsite newgold.com New Gold (AMEX:NGD TSX:NGD) is a multinational mining company with gold, silver and copper containing assets. It engages in both exploratory and production activity in North America (produces in the US, Mexico, development and exploration in Canada), South America (Chile, Brazil) and Australia. Regionally based subsidiaries manage business locally (Minera San Xavier in Mexico, Peak Gold Mines in Australia).
Many of its mines are polymetallic meaning they hold significant resources in more than one base metal; New Afton contains tens of millions of pounds and ounces of copper and gold respectively while Cerro San Pedro produces a significant amount of gold and silver. When New Afton begins operations (scheduled for 2012) it will be the company's fourth operating mine;[2] New Gold has made deals with local First Nations groups (Tk’emlups and Skeetchestn) centered around resource sharing and job recruitment.[3] In 2010 New Gold produced 382,911 ounces of gold 26.9% more than the previous year and sold 369,077 ounces at a total cash cost 8% lower (down to $428/oz). Mesquite produced 44% of the gold (169,023 ounces), Cerro San Pedro 31.0% (118,708 ounces) with the rest coming from Peak Mines (95,180 ounces); For 2011 nearly all of the new production is expected to come from Cerro San Pedro.[1] Total production could surpass 400,000 ounces by 2012.[4]
Contents
History
The company with the New Gold name goes back to 1980 however the bulk of the company as it exists today is the result of a $1.6 billion 2008 merger between Metallica Resources, Peak Gold Ltd. and New Gold Inc. Peak Gold's ceo Bob Gallagher was the first ceo of the new company.[5] It acquired Western Goldfields in March 2009 for Cdn $285 million.[2][4][6]
Operating Mines
Mesquite Mine (gold) - Located in Imperial County, California it was acquired when New Gold merged with Western Goldfields Inc. Contributes about 45% of total production.
Cerro San Pedro (gold and silver) - The mine located in the Mexican state of San Luis Potosí uses the process of heap leaching to recover minerals. It holds 52 million ounces of silver and 1.4 million ounces of gold; Gold production was 9% higher in 2009.[7] The property is made up of cretaceous limestone tertiary diorite porphyry. This operation has faced heated opposition from local residents, and was deemed illegal in 2005 by Mexican courts.[8] The mine has been operating without a valid permit ever since.[9]
Peak Gold Mines (gold, copper, lead) - Is in the Cobar Gold Field of NSW Australia (production 15+ million oz cu, 90,000+ oz gold). Began operations in 1992.
New Afton (gold, silver, copper) - Located 10 km. west of Kamloops, British Columbia, Canada, the mine is located on the site of the previous Afton Mine, which had been inactive for a number of years. The mine is expected to begin producing ore in 2012[10].
Exploration
Both are polymetallic resources.
- El Morro (30% interest, copper and gold) - Located in the Atacama Desert, Chile. Initially acquired by Metallica Resources, one of the companies that later merged with New Gold. A controlling interest (70%) in the mine was acquired by Goldcorp in January 2010 from New Gold Inc for a total of $513 million (purchased from Xstrata through New Gold).[11] Barrick Gold then sued New Gold and Goldcorp to break up the deal accusing them of violating Chilean law.[12]
- New Afton
References
- ^ a b c "New Gold 2010 Annual Review". May 4, 2011. http://doc.newgold.com/title/9334.
- ^ a b "#4 fastest growing B.C. company, New Gold". 2010-10-27. http://www.vancouversun.com/business/2010+fastest+growing+company+Gold/3731655/story.html.
- ^ "Untapped resource; mining First Nations to fill labour shortage". 2010-06-15. http://www.kamloopsnews.ca/article/20100615/KAMLOOPS1401/306159987/-1/KAMLOOPS/untapped-resource-mining-first-nations-to-fill-labour-shortage.
- ^ a b "New Gold to acquire Western Goldfields". The Star (Toronto). 2009-03-04. http://www.thestar.com/business/article/596396.
- ^ Wright, Lisa (2008-04-01). "New mid-tier gold producer in the making". The Star (Toronto). http://www.thestar.com/Business/article/407727.
- ^ "New Gold 2010 Third Quarter Results". 2010-11-04. http://www.newgold.com/Theme/NewGold/files/NGD%20Q3%20News%20Release%20Nov%204%202010.pdf.
- ^ "Cerro San Pedro Mine, San Luis Petosi". http://www.mining-technology.com/projects/cerrosanpedromine/. Retrieved 2010-11-13.
- ^ "Mexico Rules Canadian Mine Illegal - The McGill Daily". http://www.mcgilldaily.com/articles/22344. Retrieved 2010-12-05.
- ^ "Canadian Mining Company’s Operation Shut down in Mexico - Portal for North America". http://www.portalfornorthamerica.org/spotlight/2009/12/canadian-mining-company%E2%80%99s-operation-shut-down-mexico. Retrieved 2010-12-05.
- ^ http://www.newgold.com/Theme/NewGold/files/documents_financials/AR08/operational-highlights/new-afton-2/index.html
- ^ "Goldcorp to buy Xstrata stake in El Morro project". Reuters. 2010-01-07. http://www.reuters.com/article/idUSTRE6062XR20100107.
- ^ "Barrick sues to break up Goldcorp-New Gold deal". Reuters. 2010-01-13. http://www.reuters.com/article/idAFN1322588720100113?rpc=21.
Categories:- Companies listed on the American Stock Exchange
- Companies listed on the Toronto Stock Exchange
- Gold mining companies of Canada
- Silver mining companies
- Copper mining companies
- Companies based in Vancouver
- S&P/TSX Composite Index
Wikimedia Foundation. 2010.
