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Lower gold prices, production hurt New Gold's 3Q13 net earnings

Bnamericas Published: Tuesday, October 29, 2013

Vancouver-based New Gold (TSX, NYSE MKT: NGD) posted 3Q13 net earnings of US$12.2mn, down from US$17.8mn in 3Q12, according to New Gold's third quarter results report.

The firm mainly attributed the result to falling gold prices as well as falling production at its Cerro San Pedro mine in Mexico, Mesquite mine in California and Peak mine in Australia.

New Gold's third quarter revenues rose slightly to US$196mn from US$195mn in 3Q12, the firm said.

In the third quarter New Gold's Cerro San Pedro mine produced 24,000oz gold and 219,400oz silver, down from 34,500oz gold and 488,300oz silver in 3Q12. Cerro San Pedro's gold production total cash costs increased to US$723/oz from US$218/oz, mainly due to lower silver production.

Cerro San Pedro's full year 2013 gold production is forecast at 95,000oz-100,000oz, with company-wide production expected at 390,000oz-400,000oz.

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