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February 10, 2021 – New Gold Inc. ("New Gold" or the "Company") (TSX and NYSE American: NGD) provides annual operational outlook for the Rainy River Mine and updated Mineral Reserves and Mineral Resources as of December 31, 2020. Annual operational estimates for the New Afton Mine will be released at a later date. All amounts are in U.S. dollars unless otherwise indicated
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Following the tragic underground mud-rush event at the New Afton Mine that occurred on February 2, 2021, the release of annual operational estimates for the New Afton Mine will be slightly delayed allowing the Company sufficient time to advance a more fulsome analysis and consider the potential impact on our 2021 production plan as additional information from our investigation becomes available. As noted in the press release dated February 8, 2021, the mine has restarted some underground activities and is currently operating at approximately 3,000 to 5,000 tonnes per day. The mill is currently processing ore from the live pile, which contains approximately 100,000 tonnes at 0.65-0.75% copper and 0.40-0.50 grams per tonne gold. The intermediate-grade surface stockpile contains approximately 1.4 million tonnes at 0.35-0.45% copper and 0.20-0.30 grams per tonne gold
"We will continue to prioritize the health, safety and well-being of our workforce as we continue to safely and sequentially ramp-up underground operations at the New Afton Mine. As we consider the impact on the 2021 mine plan, we have flexibility to adjust the 2021 mine plan, including the optionality of supplementing mill feed for a period of time from our surface stockpiles," stated Renaud Adams, President and CEO. "At the Rainy River Mine, the Company will continue to focus on optimizing our operational and cost performance with the objective of outperforming the 2021 technical report estimates as we build on the many accomplishments achieved over the past two years. We will also evaluate the potential expansion of the underground mine beyond the current life of mine, focusing on organic growth opportunities and advancing the exploration program."
At Rainy River we continue to engage with our Indigenous partners on our environmental and social impacts. We take a collaborative approach to environmental monitoring through the development of our Environmental Monitoring Board, which is made up of Community members and members of the Rainy River team. We understand our approach to the environment is important to surrounding communities and we incorporate traditional knowledge into our monitoring as much as possible to ensure we respect the shared knowledge of our partners. During the year we will be focusing on increasing local procurement by working with local partners to provide business opportunities to more Indigenous companies. Economic development for the surrounding area continues to be the priority and we know that through business development opportunities and increased local employment we can have a long-term positive impact for our partners, creating more resilient communities
The operational outlook for the Rainy River Mine assumes that our operations will continue without any significant COVID-19-related interruptions. New Gold continues to maintain preventative measures at all our sites to protect our workforce and communities, and to mitigate the effects of COVID-19 on our operations. Any reduction or suspension of our operations due to COVID-19, could impact our ability to achieve the Rainy River’s 2021 outlook. Please see the Cautionary Note Regarding Forward-Looking Statements at the end of this news release
During 2021, the Rainy River Mine will build on the transformational success that has been achieved, which supports expected production growth and a decrease in operating and capital costs over the prior year. The focus in 2021 is to drive further operational, cost and Mineral Reserves optimization
Each month royalty owners across the nation receive oil and gas royalty statements - sometimes they are unfamiliar and a little confusing. Terms like severance tax, BTU factor, decimal interest, API number etc. are specific to the industry and thus can be a little hazy. With this article, we'll bring you to a level of comfort in reading your oil and gas royalty statement
Royalty statements are the basic accounting documentation mailed to royalty rights holders, usually on a monthly basis. Royalty statements are often the only connection between a mineral owner and the oil company. The phrase oil company as used in this article can be interchangeable with Operator and Producer. Also, revenue checks are sometimes sent by the First Purchaser. In cases where the amount owed the royalty owner is relatively small, revenue distributors are obligated to mail a check only when the amount reaches a minimum threshold
There is no standard format for royalty statements. However, there are a handful of basic data elements that are (or should be) present on all statements. In creating royalty statements, reputable revenue distributors, of which most certainly are, are guided by good accounting practices, and often influenced by state government statutes. When reading your statement, gross values are generally shown toward the left side of the statement, with the owner's net values toward the right hand side. The following subheadings represent items you'll likely see on your royalty statement
For each producing property, there will be identifying numbers, codes, tract numbers, lease names, well names, county and state names - or some combination of these, all of which serve simply to identify the producing entity. Often owners will have an interest in multiple properties, each of which should be readily identifiable on the statement
This column identifies which product you're being paid for. Possibilities here include crude oil, natural gas, condensate, and plant products such as NGL's, sulphur, CO2 etc. Since each of these are priced independently, each product will be shown as a separate line item. The actual product name may be spelled out, or identified by a code # or letter, with an associated legend at the bottom of the page
This column shows the month and year that the product for which you are being paid was actually produced from the well(s). Oil is often paid 2 months in arrears, while natural gas (and products) generally are paid 3 months in arrears. Oil & gas royalties are paid monthly, consistent with the normal accounting cycle of the producer, unless the obligation does not meet the minimum check requirement for that particular state. These laws are generally known as aggregate pay laws, usually set at either $25 or $100. If your interest is very small, you'll be paid at a minimum of each year
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