Freeport Indonesia to process 400,000t of copper concentrate at new smelter
Earlier this month, Freeport obtained an export permit for the rest of the year from the government.
Mid-tier Canadian miner New Gold (TSE:NGD) has reported its lowest total cash costs ever and a 127% increase in gold reserves on a per share basis. Investors were not impressed.
The gold miner’s share price dropped more than 6% to trade at $6 per share on Thursday after the company released its full-year results for 2013 and its 2014 outlook.
Throughout 2013 the company achieved its lowest-ever total cash costs: $377 per ounce.
However, all-in sustaining costs – which include exploration expense, head office costs, and sustaining capital – were $899 per ounce, below its initial estimate of $875.
The miner is targeting additional cash cost reductions in 2014 with a goal of below $340 per ounce. The all-in sustaining costs target is between $815 and $835 per ounce.
New Gold’s 2013 year-end gold reserves increased by 10.7 million ounces to total 18.5 million – an increase of 127% per share when compared with the end of 2012. Silver reserves rose by 173%.
Production
The fourth quarter was New Gold’s highest producing period in 2013 with an output of 106,520 ounces of gold and 24 million pounds of copper. Full-year and fourth-quarter production were slightly below 2012 levels though within 2013 full-year outlook .
Silver production was down significantly in 2013 with total output of 1.6 million silver ounces compared with 2.2 million the year prior.
Copper production jumped from 43 million pounds in 2012 to 85 million last year.
New Gold expects gold production between 380,000 and 420,000 ounces in 2014 – similar to what was achieved over the past year.
The company has four operating mines in Canada, the US, Mexico and Australia and three projects in exploration and development stages.
