New Gold Reports 2019 Second Quarter Results and Reaffirms Annual Guidance

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Overig advies 01/08/2019 12:48
TORONTO--(BUSINESS WIRE)-- New Gold Inc. (“New Gold” or the “Company”) (TSX and NYSE American: NGD) reports second quarter and six-month results for the Company as of June 30, 2019 and reaffirms that the Company remains on-track to achieve annual guidance. (All amounts are in U.S. dollars unless otherwise indicated). A conference call and webcast will follow to discuss these results at 8:30 a.m. Eastern time (details are provided at the end of this press release).

(For detailed information, please refer to the Company’s Second Quarter Management’s Discussion and Analysis (MD&A) and Financial Statements that are available on the Company’s website at www.newgold.com and on SEDAR at www.sedar.com. The Company uses certain non-GAAP financial performance measures throughout this press release. Please refer to the “Non-GAAP Financial Performance Measures” section of this press release and the MD&A.)

Second Quarter and Six-Month Highlights

Total production for the quarter (excluding production from the Cerro San Pedro Mine) of 132,556 gold equivalent (gold eq.) ounces (85,216 ounces of gold, 151,305 ounces of silver and 21.6 million pounds of copper). For the six-month period, production was 255,820 gold eq. ounces (164,614 ounces of gold, 287,818 ounces of silver and 41.1 million pounds of copper). Production is on track to meet annual guidance of 465,000 to 520,000 gold eq. ounces.
Revenues for the quarter were $155 million and $323 million for the six-month period.
Operating expense of $684 per gold eq. ounce1 for the quarter and $664 per gold eq. ounce for the six-month period.
Total cash costs of $740 per gold eq. ounce1,2 for the quarter and $717 per gold eq. ounce for the six-month period. Total cash costs are on track to meet annual guidance of $740 to $820 per gold eq. ounce.
All-in sustaining costs (AISC) of $1,087 per gold eq. ounce1,2 for the quarter and $1,085 for the six-month period. AISC for the year are expected to be in-line with annual guidance of $1,330 to $1,430 per gold eq. ounce as capital projects at Rainy River and New Afton ramp-up over the balance of the year.
Net loss from continuing operations for the quarter were $36 million ($0.06 per share) and $49 million ($0.08 per share) for the six-month period.
Adjusted net loss2 from continuing operations for the quarter, which excludes other gains and losses, was $7 million ($0.01 per share) and $9 million ($0.02 per share) for the six-month period.
Operating cash flow generated from continuing operations for the quarter was $50 million ($0.09 per share) and $125 million ($0.21 per share) for the six-month period. Operating cash flow generated from continuing operations for the quarter, before non-cash changes in working capital1, was $60 million ($0.10 per share) and $131 million ($0.23 per share) for the six-month period.
“We are excited with the significant progress to date at Rainy River as we reach the mid-point of this pivotal and transformational year for the operation, as well as another quarter of solid performance from New Afton. The Rainy River and New Afton teams have made significant progress and we look forward to building on that success over the coming quarters.” stated Renaud Adams, CEO. “During the second half of the year, capital requirements are expected to increase as we plan to substantially complete all remaining construction projects at Rainy River in order to reposition the asset for efficient and sustainable mining, as well as advance C-zone development at New Afton, all of which is underpinned by our current liquidity position of $395 million.”

Financial Highlights (Continuing Operations1)
Second Quarter 2019 Second Quarter 2018 Six-months 2019 Six-months 2018
Revenues from mining operations 155.1 152.5 323.0 300.0
Net earnings (loss), per share (0.06) (0.54) (0.08) (0.59)
Adj. net earnings (loss)2 per share (0.01) (0.02) (0.02) (0.05)
Operating cash flow, per share 0.09 0.09 0.21 0.16
Adj. operating cash flow2, per share 0.10 0.12 0.23 0.21

1. Continuing operations include the Rainy River, New Afton and Cerro San Pedro Mines.
2. Refer to the “Non-GAAP Performance Measures” section of this press release.

newgold.com
1. “Operating expense per gold eq. ounce”, “total cash costs per gold eq. ounce” and “AISC per gold eq. ounce” are calculated using gold eq. ounces sold.
2. Refer to the “Non-GAAP Performance Measures section of this press release.

Revenues for the quarter from continuing operations were $155 million, an increase over the prior-year quarter due to an increase in gold ounces sold, offset by a decrease in average realized copper price.
Net loss for the quarter was $36 million ($0.06 per share), a decrease in net loss when compared to the prior year quarter, which included an impairment charge of $282 million, net of tax, related to the Rainy River Mine.
Adjusted net loss for the quarter was $7 million ($0.01 per share), which is consistent with the prior year quarter.
As at June 30, 2019, the cash balance was $110 million, with total available liquidity of $395 million, which includes cash and cash equivalents and $285 million available under the credit facility, which supports the implementation of the short-term operational plan.
In addition to the current corporate hedging strategy for 2019, the Company has entered into gold price option contracts covering 168,000 ounces of gold production for 2020 that provides downside price protection of $1,300 with upside to $1,355 from January to June and $1,415 from July to December. Details of these contracts are included in the Company’s Second Quarter Financial Statements.
Operational Highlights

Continuing Operations1
Q2 2019 Q2 2018 H1 2019 H1 2018 2019 Guidance

Gold eq. production (ounces) 2),3) 132,556 127,603 255,820 246,679 465,000 – 520,000
Gold production (ounces) 85,216 76,751 164,614 140,522 300,000 – 335,000
Copper production (Mlbs) 21.6 20.4 41.1 42.6 75 – 85
Average realized gold price, per ounce 4) 1,304 1,300 1,302 1,314 -
Average realized copper price, per pound 4) 2.74 3.18 2.77 3.16 -
Operating expense, per gold eq. ounce3 684 642 664 698 -

Total cash costs, per gold eq. ounce 3),4) 740 699 717 761 740 – 820
AISC, per gold eq. ounce3,4 1,087 1,060 1,085 1,210 1,330 – 1,430
Sustaining capital and sustaining leases ($M)4) 36.9 36.2 81.6 91.7 255 – 285
Growth capital ($M)4) 6.6 13.7 14.4 26.4 50 – 55

1. Continuing operations include the Rainy River, New Afton and Cerro San Pedro Mines.
2. All production figures exclude production from Cerro San Pedro residual leaching.
3. Gold eq. ounces produced includes silver ounces and copper pounds converted to a gold eq. based on a ratio of the average spot market prices for the commodities for each period. The ratio for Q2 2019 was calculated based on average spot market prices of $1,310 per gold ounce, $14.89 per silver ounce and $2.77 per copper pound. The ratio for Q2 2018 was calculated based on average spot market prices of $1,306 per gold ounce, $16.53 per silver ounce and $3.12 per copper pound.
4. Refer to the “Non-GAAP Performance Measures” section of this press release.

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New Gold Reports 2019 Second Quarter Results and Reaffirms Annual Guidance



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