New Gold Inc. (NGD-TSX, NYSE)stated Richard O’Brien, the previous CEO of Newmont Mining Corp. [[NGT-TSX, NEM-NYSE]has actually signed up with the Canadian business’s board of directors. He is anticipated to end up being New Gold’s board Chairperson following the retirement of Ian Pearse in August, 2024.
O’Brien has more than 40 years of experience in the mining and energy sectors, consisting of over 20 years in CEO and CFO functions. He was President and CEO of Newmont Mining from 2007 to 2013, Executive Vice-President, and CFO from 2006 to 2007 and Senior Vice-President and CFO from 2005 to 2006.
O’Brien likewise acted as President and CEO of Boart Longyear Ltd., the world’s leading company of drilling services, drilling devices and efficiency tooling for mining and drilling business, from 2013 to 2015.
He is presently a business director, serving on boards of Vulcan Materials Co., Xcel Energy Inc., and Ma’aden, the Saudi Arabian mining business. He was Chair of the Board of Pretium Resources from 2019 to 2022, prior to its acquisition by Newcrest Mining Ltd., an Australian business with substantial mining operations in Canada, consisting of British Columbia’s Golden Triangle area. Newcrest was just recently obtained by Newmont Mining in a US$ 16.8 billion buyout offer.
“I am positive that he will supply important management as the business gets ready for increasing production and reducing expenses, transitioning to a substantial complimentary capital generator,”stated Nick Chirekos, Chair of the Corporate Governance and Nominating Committee of the Board. “I would likewise like to thank Ian for his dedication, durability and vital contribution to our business because signing up with the Board of Directors in 2016.”
New Gold shares were mostly the same on the news, reducing 0.46% or $0.01 to $2.15. The shares presently sell a 52-week variety of $2.37 and $1.17.
New Gold is a Canada-focused intermediate gold mining business. Its 2 core producing properties are the Rainy River mine in Ontario and the New Afton copper-gold mine in British Columbia. The business likewise holds a 5.0% equity stake in Artemis Gold Inc. [[ARTG– TSXV]a business that got the Blackwater Project in main B.C. from New Gold in August 2020.
In 2023, the business stated production amounted to 423,517 gold comparable ounces (AuEq) at an all-in-sustaining cots of US$ 1,545 per ounce, consisting of 321,178 ounces of gold, 47.4 million pounds of copper and 593,146 ounces of silver. In doing to, it attained the leading end of its 2023 AuEq assistance variety.
This year, the business stated combined gold production is anticipated to be in between 310,000 and 350,000 ounces. In 2024, the business anticipates to produce 50 to 60 million pounds of copper. The 16% year-over-year predicted boost in copper production will be driven by an increased contribution from the C-Zone at New Afton.