New Gold Inc. recently announced that it anticipates higher copper production in the year 2024.
Copper Production Outlook for 2024
According to the company, copper production in 2024 is projected to range between 50 million and 60 million pounds. This represents a significant increase of approximately 16% compared to the production levels in 2023. The boost in production is mainly attributed to the enhanced contribution from the C-Zone at New Afton.
Gold Production Forecast for 2024
In addition to the positive outlook for copper, New Gold also expects consolidated gold production in 2024 to reach between 310,000 and 350,000 ounces. This is slightly lower than the 2023 gold production figure of 321,178 ounces. However, the company anticipates a strengthening in gold production during the second half of the year. It is estimated that the latter half of 2024 will account for approximately 60% of the annual production. This projection is a result of waste stripping at Rainy River being sequenced in the first half of the year.
Capital Spending and Production Projections for 2026
Furthermore, New Gold disclosed that 2024 is expected to mark the final year of significant capital spending. The company believes that it will start reaping the benefits of these expenditures moving forward. As a result, consolidated gold production is predicted to increase by approximately 35% compared to 2023, with expectations ranging from 410,000 to 460,000 ounces in 2026. Similarly, copper production is forecasted to see a substantial growth of approximately 60% compared to 2023, with predictions ranging from 71 million to 81 million pounds in 2026.
