- New Gold (NYSE:NGD -5.6%) has raised by $105M the capital requirement for its Rainy River project in Ontario, including a $20M contingency, up from its previous capex estimate for building the mine of $877M.
- NGD says total project development capital spending through Aug. 31 totaled $565M, with a remaining development budget of $480M from Sept. 1 on, raising Rainy River's total capex requirement to $1.05B.
- NGD says Rainy River remains on schedule for a mid-2017 startup, from when it is expected to add ~325K oz./year to the company’s intermediate production profile of 360K-400K oz. this year.