IGO to record impairment against nickel assets in strategy shift
IGO has been undertaking a strategic review in an attempt to revaluate its resources.
New Gold was up 2.20 percent on the TSE on Wednesday morning after announcing record production and lower cash costs.
The mid-sized miner, with properties in the United States, Mexico, Australia, Canada and Chile, said that gold quarterly production was up by 11% to 124,445 compared to 111,672 for the same quarter in 2009. New Gold also saw costs decrease in the same quarter.
“Fourth quarter total cash cost per ounce sold, net of by-product sales, decreased by $118 per ounce to $354 per ounce from $472 per ounce in the same period in 2009, representing the lowest cost quarter in the company’s history,” said the company in a news release.
The company also reported that all of 2010 was a better year than 2009. Production increased by 27% to 382,911 ounces in 2010 compared to 301,773 ounces in 2009.
“2010 total cash cost per ounce sold, net of by-product sales, decreased by $37 per ounce to $428 per ounce from $465 per ounce in 2009.”
New Gold has three operating mines, Mesquite, Cerro San Pedro and Peak Mines.
Michael McCrae wrote this story. You can contact him at [email protected].
