New Gold
New Gold is a Canadian intermediate mining company focused on gold, silver, and copper operations and development projects.
Last updated August 31, 2026
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Overview
New Gold Inc. is a Canadian mining company headquartered in Toronto and focused primarily on the production of gold, with silver and copper as important by-products. The company’s principal operating assets are the New Afton mine in British Columbia and the Rainy River mine in Ontario. It has also owned or operated mines and development projects in Mexico, the United States, Australia, Brazil, Chile, and other parts of Canada. Its business is therefore best understood as an intermediate precious-metals mining company rather than a consumer-facing brand. The company traces its origins to DRC Resources Corporation, founded in 1980 in Vancouver to investigate and develop mineral properties in Canada. A major turning point came in 1999, when the company acquired the Afton property near Kamloops, British Columbia. The property had previously supported the Afton open-pit gold-and-copper mine, and New Gold pursued a new underground project based on a different deposit. In 2005, after selling its other assets to concentrate on Afton, DRC Resources changed its name to New Gold Inc. New Gold became a larger producer through a three-way combination completed in July 2008 involving New Gold, Peak Gold, and Metallica Resources. The transaction brought together the developing New Afton project, Peak Gold’s operating assets in Australia and Brazil, and Metallica Resources’ Cerro San Pedro mine in Mexico and El Morro project in Chile. In 2009, New Gold expanded again by merging with Western Goldfields, gaining the Mesquite mine in California. These transactions transformed the company from a junior exploration and development company into a multi-asset gold producer. The company subsequently reshaped its portfolio through mine development, acquisitions, and divestitures. Amapari in Brazil was closed shortly after the 2008 merger and sold in 2010. New Gold acquired exploration and development interests in the Blackwater area of British Columbia during 2011, and obtained the Rainy River project in Ontario through its 2013 acquisition of Rainy River Resources, followed by the acquisition of Bayfield Ventures in 2014. New Afton reached commercial production in 2012, while Rainy River entered commercial production in late 2017. By 2018, New Gold had sold or exited several non-core assets. The Peak mine in Australia was sold to Aurelia Metals, Mesquite was sold to Equinox Gold, and the company disposed of its interest in the El Morro project to Goldcorp. Cerro San Pedro in Mexico completed its closure after operations wound down in 2016 and ended in 2017. New Gold also sold its Blackwater development project to Artemis Gold under a package involving cash, shares, and a future-production stream. In the same period, it sold a 46% interest in New Afton to the Ontario Teachers’ Pension Plan while retaining an interest in the mine. The resulting portfolio centered on New Afton and Rainy River. New Afton is an underground block-cave operation producing gold, silver, and copper within the footprint of the former Afton mine. Rainy River is a large gold-silver operation in northwestern Ontario designed around an open-pit mine with a later underground component. New Gold’s historical production profile has varied substantially as individual mines matured, closed, or were divested. The company was included in the S&P/TSX Composite Index in September 2020. Its public identity is associated with mine ownership, project development, operational restructuring, and the management of environmental and permitting obligations inherent in large-scale mining.
History
New Gold began in 1980 as DRC Resources Corporation, a Vancouver-based mineral exploration company investigating Canadian properties. Its strategic direction changed after it acquired the Afton property near Kamloops, British Columbia, in 1999. Afton had previously been an open-pit gold-and-copper mine operated by Teck, but New Gold pursued a new underground deposit and associated processing and tailings infrastructure. In 2005, DRC Resources sold other assets, adopted the New Gold name, and concentrated on developing Afton. The company expanded dramatically in July 2008 through a merger with Peak Gold and Metallica Resources. Peak Gold contributed the Peak mine in Australia and the Amapari mine in Brazil. Metallica Resources contributed the Cerro San Pedro mine in Mexico and the El Morro development project in Chile. New Gold became the parent entity of the combined group. Amapari was closed soon afterward and sold in 2010. In May 2009, New Gold merged with Western Goldfields, adding the Mesquite mine in Imperial County, California. New Gold used acquisitions to build a Canadian development pipeline. In 2011 it acquired Richfield Ventures, Silver Quest Resources, and Geo Minerals, bringing together interests in the Blackwater area of British Columbia. In 2013 it acquired Rainy River Resources, and in 2014 it acquired Bayfield Ventures, strengthening its position in the Rainy River district of Ontario. New Afton achieved commercial production in 2012. Rainy River followed in late 2017 after New Gold rapidly advanced the project after acquiring its mineral rights. The company’s portfolio was later simplified. Cerro San Pedro, which had operated since 2007 amid local opposition related to water resources and heritage concerns, was wound down in 2016 and closed in 2017. New Gold sold its interest in El Morro to Goldcorp, disposed of the Peak mine to Aurelia Metals in 2018, and sold Mesquite to Equinox Gold. It also transferred the Blackwater project to Artemis Gold for cash, shares, and a future-production stream. New Gold sold a 46% interest in New Afton to the Ontario Teachers’ Pension Plan for cash while retaining exposure to the mine. Leadership changed several times during this restructuring. Bob Gallagher served as chief executive officer until his retirement in 2016. Randall Oliphant acted as president and CEO, followed by Hannes Portmann in 2017 and Raymond Threlkeld in 2018. Renaud Adams became permanent president and CEO in September 2018. By 2020, New Gold’s operating base consisted principally of New Afton and Rainy River, both in Canada. The company was added to the S&P/TSX Composite Index in September 2020. Its historical development illustrates the consolidation of junior mining companies, the conversion of exploration projects into operating mines, and the subsequent sale of assets to focus on a smaller number of core operations.
- 2020
New Gold enters the S&P/TSX Composite Index
[1]The company is added to the S&P/TSX Composite Index.
- 2018
Portfolio restructuring accelerates
[1]New Gold sells the Peak mine, later sells Mesquite, and disposes of its El Morro interest while emphasizing its Canadian operations.
- 2017
Rainy River reaches commercial production
[1]The Ontario gold-silver mine enters commercial production and becomes a core operating asset.
- 2013
Rainy River Resources acquired
[1]New Gold obtains the Rainy River project and mineral rights in western Ontario.
- 2012
New Afton begins commercial production
[1]The underground New Afton gold-silver-copper mine enters commercial production in British Columbia.
- 2009
Western Goldfields joins New Gold
[1]The merger adds the Mesquite mine in California.
- 2008
Merger with Peak Gold and Metallica Resources
[1]The combination creates a larger multi-jurisdictional gold producer and brings several operating and development assets into the New Gold group.
- 2005
Company adopts the New Gold name
[1]After selling other assets, DRC Resources changes its name to New Gold Inc. and concentrates on Afton.
- 1999
Afton property acquired
[1]DRC Resources acquires the Afton property near Kamloops and begins pursuing a new underground mining concept.
- 1980
DRC Resources Corporation is founded
[1]The company begins as a Vancouver-based mineral exploration enterprise focused on Canadian properties.
Products and positioning
An intermediate Canadian precious-metals producer emphasizing gold production, copper by-products, mine development, portfolio rationalization, and operation of long-life Canadian assets.
Underground gold-silver-copper mine · 2012
New Afton mine
New Afton is an underground block-cave mine approximately 10 kilometres west of Kamloops, British Columbia. It occupies the broader footprint of the former Afton mine but targets a different deposit through underground tunnels and a new concentrator and tailings facility. Commercial production began in 2012. The operation produces gold and silver, with copper as a significant by-product.
Open-pit and underground gold-silver mine · 2017
Rainy River mine
Rainy River is a gold-silver mine in the Rainy River District of western Ontario. New Gold acquired the relevant mineral rights in 2013 and advanced the project into commercial production in late 2017. Its mine plan was designed around an open-pit operation with a transition toward underground mining over the expected mine life, making it one of the company’s central Canadian production assets.
Gold-silver mine · 2007
Cerro San Pedro mine
Cerro San Pedro was operated by New Gold’s Mexican subsidiary Minera San Xavier near the village of Cerro de San Pedro in San Luis Potosí. The mine opened in 2007 and produced gold and silver, but it faced local opposition associated with water resources and heritage sites. Operations were wound down in 2016 and the mine closed in 2017.
Gold-copper-lead mine
Peak mine
The Peak mine near Cobar in New South Wales, Australia, came to New Gold through Peak Gold. It was a high-grade operation producing gold along with copper and lead. New Gold operated the mine after the 2008 merger and sold it to Aurelia Metals in 2018 as part of its portfolio simplification.
Open-pit gold mine · 2008
Mesquite mine
Mesquite is an open-pit gold mine in Imperial County, California, near the Algodones Dunes. Western Goldfields restarted the previously inactive operation, which achieved commercial production in 2008. New Gold inherited it through the 2009 merger and operated it until selling the mine to Equinox Gold in 2018.
Gold-silver development project
Blackwater project
Blackwater was a gold-silver development project in central British Columbia assembled through New Gold’s 2011 acquisitions of exploration companies with interests in the area. New Gold completed the environmental assessment phase before selling the project to Artemis Gold in a transaction that included cash, shares, and a stream on future production.
Controversies
2007
Cerro San Pedro environmental and heritage controversy
New Gold’s Cerro San Pedro operation in Mexico was locally unpopular because of concerns about effects on water resources and heritage sites, alongside disputes involving environmental impacts and the enforcement of mining permits. Operations were later wound down and the mine closed in 2017.
Brand decisions
2020
Sell the Blackwater development projectM&ABackground
New Gold had completed the environmental assessment phase for the Blackwater gold-silver project in British Columbia.
Action taken
The company transferred Blackwater to Artemis Gold in exchange for cash, shares in Artemis Gold, and an 8% stream on future production.
Aftermath
The transaction further focused New Gold on its producing Canadian mines while preserving some future economic exposure to Blackwater.
Cash consideration. C$190 million (At the 2020 Blackwater transaction)
2018
Simplify the operating portfolioStrategyBackground
New Gold’s portfolio included mature, geographically dispersed, and development-stage assets, while its Canadian mines were becoming increasingly important.
Action taken
The company sold the Peak mine, disposed of its El Morro interest, sold Mesquite to Equinox Gold, and sold a 46% interest in New Afton to the Ontario Teachers’ Pension Plan.
Aftermath
New Gold’s operating base was reduced primarily to New Afton and Rainy River, with the company retaining exposure to New Afton while raising cash and reducing portfolio complexity.
2012
Bring New Afton into commercial productionProduct launchBackground
New Gold had developed an underground project at the former Afton property, including new underground infrastructure, a concentrator, and a tailings facility.
Action taken
The company commenced commercial production at New Afton in British Columbia.
Aftermath
New Afton became a core source of gold, silver, and copper and helped replace production from more mature assets.
2008
Combine New Gold, Peak Gold, and Metallica ResourcesM&ABackground
The three junior mining companies held complementary operating and development assets in several countries.
Action taken
New Gold completed a merger with Peak Gold and Metallica Resources, with the latter companies becoming subsidiaries of the combined group.
Aftermath
The transaction created a larger intermediate producer with a multi-country portfolio and expanded its gold, silver, and copper exposure.
Reported value of combined company. approximately $1.6 billion (At the July 2008 merger)
2005
Concentrate the company on the Afton projectStrategyBackground
The predecessor company had investigated multiple mineral properties but identified the Afton project as its most viable development opportunity.
Action taken
DRC Resources sold its other assets and changed its name to New Gold Inc. to focus on developing Afton.
Aftermath
The project ultimately became the New Afton mine and entered commercial production in 2012.
Recent events
Reported
New Gold announces strategic investment in Harte Gold[2]
New Gold announced that it had agreed to purchase approximately 155 million Harte Gold common shares for C$24.8 million, representing a 14.9% strategic interest.
Reported
New Gold prices $400 million senior notes offering[3]
New Gold announced pricing of an offering of $400 million aggregate principal amount of 7.50% senior notes due 2027. The offering was expected to close on or about June 24, 2020; proceeds were intended to help fund redemption of outstanding notes and related fees and expenses.
Sources4 sources
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