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NGD - New Gold: New Afton Deal Is A Major Step Forward
New Gold Inc.
Shares of New Gold (NGD) have materially lagged their peers this year due to gold hedging program, which limited the company's ability to profit from higher gold prices, as well as expectations of another year of high costs. At some point, it looked like New Gold shares were set to underperform for the whole 2020 as the company had no near-term catalysts while market participants had plenty of stocks to choose from. However, New Gold has just surprised the market with a new deal with Ontario Teachers' Pension Plan.