TORONTO - New Gold Inc. (TSX: NYSE:NGD) (NYSE American: NGD), a Canadian-focused intermediate mining company, announced the appointment of Sophie Bergeron and Ross Bhappu to its Board of Directors. The addition of these two seasoned professionals is expected to bolster the company's expertise in mining operations, safety, and financial strategy.
Sophie Bergeron, with over two decades of experience in the mining sector, is noted for her operational discipline and commitment to safe mining practices. She currently serves as the Managing Director, Diamonds for Rio Tinto (NYSE:RIO) Iron and Titanium and Diamonds, where she manages operations and projects across Canada and Africa. Bergeron's role also encompasses leading the Health, Safety, Environment, Security and Communities teams, as well as spearheading Rio Tinto Minerals' Climate Change Strategy.
Ross Bhappu brings over 30 years of experience in the mining industry, with a background in overseeing and financing mining projects. He is currently the Senior Strategic Advisory Partner at Resource Capital Funds (RCF) and has previously served as the head of RCF's Private Equity Funds. Bhappu's experience also includes positions such as President and CEO of GTN Copper Corporation and Director of Business Development at Newmont Mining Corporation (NYSE:NEM).
Richard O'Brien, Chair of the Board of New Gold, expressed confidence in the new appointees, stating that Bergeron's focus on safety and operational discipline, along with Bhappu's technical and financial expertise, will be valuable assets for the company. O'Brien highlighted the timing of these appointments as pivotal, as New Gold continues to pursue its strategic objectives and mission to be a leading intermediate gold producer.
New Gold operates two core producing assets in Canada, the Rainy River gold mine and the New Afton copper-gold mine. The company is committed to environmental and social responsibility and aims to be a leading diversified intermediate gold company based in Canada.
The news release also contained forward-looking statements regarding the anticipated benefits of the appointments and the company's future performance. These statements are based on management's current expectations and are subject to risks, uncertainties, and other factors that could cause actual results to differ materially.
This article is based on a press release statement from New Gold Inc.
In other recent news, New Gold Inc. has reported strong financial and operational results in its Q2 earnings call, with notable progress in key growth projects and exploration efforts. The company's New Afton and Rainy River mines played a significant role in bolstering the company's financial position, with increased net earnings due to higher metal prices and the gain on derecognition of the New Afton free cash flow obligation. The company is keen on sustainable production and expects to generate meaningful cash flow in the future.
The company's financial health has improved with increased net earnings this quarter. Operational success at New Afton and Rainy River mines has been acknowledged, with New Afton receiving two safety awards. The company completed a transaction to increase free cash flow interest in New Afton.
New Gold is on track to achieve a sustainable production platform of approximately 600,000 gold equivalent ounces per year. The underground lateral development at Rainy River is expected to continue its increase in Q3 and Q4. New Afton's B3 cave outperforms with a 34% increase in tonnage milled and higher gold and copper production compared to the same period last year. Significant cost savings are anticipated due to operational efficiencies such as in-pit dumping and optimized drilling and blasting.
These are the recent developments for New Gold Inc. as it continues to demonstrate operational excellence and financial resilience.
InvestingPro Insights
As New Gold Inc. (TSX: NGD) (NYSE American: NGD) welcomes new expertise to its Board of Directors, the company's financial and operational outlook remains a focal point for investors. The appointment of Sophie Bergeron and Ross Bhappu comes at a time when New Gold has demonstrated a strong return over the past year, with an impressive 133.84% price total return, signaling a robust performance in the market.
InvestingPro data shows that New Gold's revenue has grown by 15.83% over the last twelve months as of Q2 2024, reaching $810.8 million USD. This growth is complemented by a substantial gross profit margin of 45.17% in the same period, indicating the company's ability to efficiently manage its cost of goods sold and maintain profitability at the gross level. Furthermore, the company has achieved a notable EBITDA growth of 43.21%, showcasing its earning potential before interest, taxes, depreciation, and amortization are taken into account.
One of the InvestingPro Tips for New Gold highlights the expectation of net income growth this year, which aligns with the company's recent financial performance and may provide a positive outlook for prospective and current investors. Additionally, analysts predict the company will be profitable this year, which could be a turning point considering the company was not profitable over the last twelve months. These insights suggest that New Gold's strategic initiatives and leadership changes may be well-timed to capitalize on these positive trends.
Investors interested in New Gold's detailed financial metrics and additional InvestingPro Tips can find more information on the company's dedicated page at InvestingPro New Gold. Currently, InvestingPro offers several more tips that can provide a deeper understanding of New Gold's financial health and market position.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.