Mining

New Gold receives New Afton B3 zone mining permit

With the receipt of the B3 permit, ore extraction activities are set to begin this quarter and ramp up over the year.

“This is a significant milestone for the New Afton mine,” president and CEO Renaud Adams commented in a media release.

Meanwhile, development of the C-Zone continues to advance, with C-Zone extraction expected to begin in the second half of 2023.

New Gold initiated the C-Zone permitting process during the first quarter, with the submission of the pre-application package to the Ministry of Energy, Mines and Low Carbon Innovation, Ministry of Environment and Climate Change Strategy, and indigenous groups.

Shares of New Gold gained 2.3% as of noon ET Tuesday, giving the Canadian gold producer a market capitalization of C$1.68 billion.

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