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.
