TORONTO, June 19,
2023 /CNW/ - New Gold Inc. ("New Gold" or the
"Company") (TSX: NGD) (NYSE American: NGD) is pleased to
announce the publication of its 2022 Environmental, Social and
Governance Report (the "2022 ESG Report"). New Gold has published
an annual report on sustainability since 2015, reporting on safety,
environmental, economic, and social topics important to the
communities where we operate, our employees, and other
stakeholders. The 2022 ESG Report is available on New Gold's
Sustainability Microsite, accessible through our website at
www.newgold.com.
"With the release of our 2022 ESG Report, we are
acknowledging the incredible work done by our teams and community
partners," stated Patrick Godin,
President and CEO. "The report is much more than a list of
accomplishments—it furthers our commitments to exceptional ESG
performance not because it is our duty, but because it is the right
thing to do. This year, we continued to refine the way we share
this information by providing three distinct reports on the areas
of environment, social and governance as we execute against our
Sustainability Strategy."
"We remain focused on achieving our goals in a way that first
and foremost keeps our people and communities safe," added Godin.
"I'm proud of the improvements to our health and safety performance
across the Company. We also celebrated significant production
milestones at both our Rainy River
and New Afton operations while keeping sustainability and safety
top of mind. We are well-equipped and positioned to forge the path
forward and New Gold will continue to deliver."
The 2022 ESG Report was prepared against the Global Reporting
Initiative (GRI) Standards, the G4 Mining and Metals Sector
Disclosures, the Sustainability Accounting Standards
Board (SASB) Metals and Mining Standards and the Mining Local
Procurement Reporting Mechanism ("LPRM") to allow for
integration of sustainability accounting. For the 2022 ESG Report,
the Company once again mapped against the United Nations
Sustainable Development Goals (UN SDGs) to expand how New Gold
communicates performance to stakeholders. The Company continues to
align reporting with the Task Force on Climate-related Financial
Disclosures ("TCFD") and is developing an update to its TCFD
Report.
2022 Highlights
- Total recordable injury frequency rate ("TRIFR") decreased from
1.73 in 2021 to 0.95 in 2022, meeting New Gold's target TRIFR of
under 1.00.
- New Afton exceeded both its energy savings and greenhouse gas
("GHG") emissions reductions in objectives in 2022. Further, the
deployment of four battery electric production vehicles ("BEV") at
New Afton resulted in a GHG emissions reduction of 327 tCO2e (based
on annualized 2022 hours of operation) and annualized energy
savings of 1,009 MWhe. Two additional BEV haul trucks are expected
to be delivered to New Afton by July
2023.
- New Gold continues to develop the Beyond New Afton and Beyond
Rainy River social closure plans through community outreach and
consultation. In 2022, New Afton engaged with Tk'emlúps te
Secwépemc and Skeetchestn Indian Band, hosting four open houses
with the two communities. In follow-up to the engagement,
information provided was validated and community members were given
the opportunity to provide additional feedback.
- Achieved compliance with Mining Association of Canada's (MAC) Towards Sustainable Mining
("TSM") Protocols and Canadian Dam Association (CDA) requirements
for all tailings management plans. New Afton self-assessed AAA
rating on all five indicators under the Tailings Management
Protocol and all five indicators under the Energy and GHG
Management Protocol. Rainy River
achieved one AA score on its first external verification against
the new TSM Climate Change Protocol.
- Increased total Indigenous procurement spend at Rainy River and New Afton by approximately 28%
to C$248 million. The Company
continues to seek opportunities for local and Indigenous vendors to
participate in our supply chain and to report on annual spend
through the LPRM.
- Updated New Gold's water objective to be more in line with the
watersheds the Company operates in. New Gold created a specialized
interdepartmental water team at both sites to focus on water
management. The Company continues to establish operational water
balance models at each site to further develop water related
targets.
- Launched New Gold's inaugural TCFD report, inclusive of climate
risk assessment and scenario analysis results.
About New Gold
New Gold is a Canadian-focused intermediate mining company with
a portfolio of two core producing assets in Canada, the Rainy River gold mine and the New
Afton copper-gold mine. The Company also holds other
Canadian-focused investments. New Gold's vision is to build a
leading diversified intermediate gold company based in Canada that is committed to the environment
and social responsibility. For further information on the Company,
visit www.newgold.com.
Cautionary Note Regarding
Forward-Looking Statements
Certain information contained in this news release, including
any information relating to New Gold's future financial or
operating performance are "forward-looking". All statements in this
news release, other than statements of historical fact, which
address events, results, outcomes or developments that New Gold
expects to occur are "forward-looking statements". Forward-looking
statements are statements that are not historical facts and are
generally, but not always, identified by the use of forward-looking
terminology such as "plans", "expects", "is expected", "budget",
"scheduled", "targeted", "estimates", "forecasts", "intends",
"anticipates", "projects", "potential", "believes" or variations of
such words and phrases or statements that certain actions, events
or results "may", "could", "would", "should", "might" or "will be
taken", "occur" or "be achieved" or the negative connotation of
such terms. Forward-looking statements in this news release
include, among others, statements with respect to: the Company
being well-equipped and positioned to forge the path forward and
continue to deliver; developing an update to the Company's TCFD
Report; expectations regarding two additional BEV haul trucks being
delivered by July 2023; the continued
development of the Beyond New Afton and Beyond Rainy River social
closure plans; seeking and reporting local and Indigenous
participation in the Company's supply chain; and planned reporting
of annual spend through the LPRM..
All forward-looking statements in this news release are based on
the opinions and estimates of management that, while considered
reasonable as at the date of this press release in light of
management's experience and perception of current conditions and
expected developments, are inherently subject to important risk
factors and uncertainties, many of which are beyond New Gold's
ability to control or predict. Certain material assumptions
regarding such forward-looking statements are discussed in this
news release, New Gold's latest annual management's discussion and
analysis, its most recent annual information form and technical
reports on the Rainy River Mine and New Afton Mine filed on SEDAR
at www.sedar.com and on EDGAR at www.sec.gov. In addition to, and
subject to, such assumptions discussed in more detail elsewhere,
the forward-looking statements in this news release are also
subject to the following assumptions: (1) there being no
significant disruptions affecting New Gold's operations other than
as set out herein; (2) political and legal developments in
jurisdictions where New Gold operates, or may in the future
operate, being consistent with New Gold's current expectations; (3)
prices for diesel, natural gas, fuel oil, electricity and other key
supplies being approximately consistent with current levels; (4)
equipment, labour and materials costs increasing on a basis
consistent with New Gold's current expectations; (5) arrangements
with First Nations and other Indigenous groups in respect of the
New Afton Mine and Rainy River Mine being consistent with New
Gold's current expectations; (6) all required permits, licenses and
authorizations being obtained from the relevant governments and
other relevant stakeholders within the expected timelines and the
absence of material negative comments or obstacles during any
applicable regulatory processes; and (7) there being no
material disruption to the Company's supply chains and workforce
that would interfere with the Company's anticipated course of
action at the Rainy River Mine and the New Afton Mine.
Forward-looking statements are necessarily based on estimates
and assumptions that are inherently subject to known and unknown
risks, uncertainties and other factors that may cause actual
results, level of activity, performance or achievements to be
materially different from those expressed or implied by such
forward-looking statements. Such factors include, without
limitation: price volatility in the spot and forward markets for
metals and other commodities; discrepancies between actual and
estimated production, between actual and estimated costs, between
actual and estimated Mineral Reserves and Mineral Resources and
between actual and estimated metallurgical recoveries; equipment
malfunction, failure or unavailability; accidents; risks related to
early production at the Rainy River Mine, including failure of
equipment, machinery, the process circuit or other processes to
perform as designed or intended; the speculative nature of mineral
exploration and development, including the risks of obtaining and
maintaining the validity and enforceability of the necessary
licenses and permits and complying with the permitting requirements
of each jurisdiction in which New Gold operates, including, but not
limited to: uncertainties and unanticipated delays associated with
obtaining and maintaining necessary licenses, permits and
authorizations and complying with permitting requirements; changes
in project parameters as plans continue to be refined; changing
costs, timelines and development schedules as it relates to
construction; the Company not being able to complete its
construction projects at the Rainy River Mine or the New Afton Mine
on the anticipated timeline or at all; volatility in the market
price of the Company's securities; changes in national and local
government legislation in the countries in which New Gold does or
may in the future carry on business; compliance with public company
disclosure obligations; controls, regulations and political or
economic developments in the countries in which New Gold does or
may in the future carry on business; the Company's dependence on
the Rainy River Mine and New Afton Mine; the Company not being able
to complete its exploration drilling programs on the anticipated
timeline or at all; inadequate water management and stewardship;
disruptions to the Company's workforce at either the Rainy River
Mine or the New Afton Mine, or both, due to cases of COVID-19 or
otherwise; the responses of the relevant governments to any
disease, epidemic or pandemic outbreak, including the COVID-19
outbreak, not being sufficient to contain the impact of such
outbreak; disruptions to the Company's supply chain and workforce
due to any disease, epidemic or pandemic outbreak, including the
COVID-19 outbreak; an economic recession or downturn as a result of
any disease, epidemic or pandemic outbreak, including the COVID-19
outbreak, that materially adversely affects the Company's
operations or liquidity position; there being further shutdowns at
the Rainy River Mine or New Afton Mine; significant capital
requirements and the availability and management of capital
resources; additional funding requirements; diminishing quantities
or grades of Mineral Reserves and Mineral Resources; actual results
of current exploration or reclamation activities; uncertainties
inherent to mining economic studies including the Technical Reports
for the Rainy River Mine and New Afton Mine; impairment; unexpected
delays and costs inherent to consulting and accommodating rights of
First Nations and other Indigenous groups; climate change,
environmental risks and hazards and the Company's response thereto;
tailings dam and structure failures; ability to obtain and maintain
sufficient insurance; actual results of current exploration or
reclamation activities; fluctuations in the international currency
markets and in the rates of exchange of the currencies of
Canada, the United States and, to a lesser extent,
Mexico; global economic and
financial conditions and any global or local natural events that
may impede the economy or New Gold's ability to carry on business
in the normal course; inflation; compliance with debt obligations
and maintaining sufficient liquidity; taxation; fluctuation in
treatment and refining charges; transportation and processing of
unrefined products; rising costs or availability of labour,
supplies, fuel and equipment; adequate infrastructure;
relationships with communities, governments and other stakeholders;
geotechnical instability and conditions; labour disputes; the
uncertainties inherent in current and future legal challenges to
which New Gold is or may become a party; defective title to mineral
claims or property or contests over claims to mineral properties;
competition; loss of, or inability to attract, key employees; use
of derivative products and hedging transactions; reliance on
third-party contractors; counterparty risk and the performance of
third party service providers; investment risks and uncertainty
relating to the value of equity investments in public companies
held by the Company from time to time; the adequacy of internal and
disclosure controls; conflicts of interest; the lack of certainty
with respect to foreign operations and legal systems, which may not
be immune from the influence of political pressure, corruption or
other factors that are inconsistent with the rule of law; the
successful acquisitions and integration of business arrangements
and realizing the intended benefits therefrom; and information
systems security threats. In addition, there are risks and hazards
associated with the business of mineral exploration, development
and mining, including environmental events and hazards, industrial
accidents, unusual or unexpected formations, pressures, cave-ins,
flooding and gold bullion losses (and the risk of inadequate
insurance or inability to obtain insurance to cover these risks) as
well as "Risk Factors" included in New Gold's most recent annual
information form, MD&A and other disclosure documents filed on
and available on SEDAR at www.sedar.com and on EDGAR at
www.sec.gov. Forward looking statements are not guarantees of
future performance, and actual results and future events could
materially differ from those anticipated in such statements. All
forward-looking statements contained in this news release are
qualified by these cautionary statements. New Gold expressly
disclaims any intention or obligation to update or revise any
forward-looking statements whether as a result of new information,
events or otherwise, except in accordance with applicable
securities laws.
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SOURCE New Gold Inc.