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New Gold raises Rainy River capex by $105M, surpassing $1B

Sep. 08, 2016 12:38 PM ETNew Gold Inc. (NGD) Stock, NGD:CA StockBy: Carl Surran, SA News Editor4 Comments
  • 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.

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