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NGD - New Gold: Unfortunate Hedges Prevent The Stock From Sustainable Upside
New Gold Inc.
At the beginning of the earnings season, gold miners report their preliminary production results. We have already discussed preliminary production reports of Eldorado Gold (EGO) and Yamana Gold (AUY), and now it’s time to turn our attention to New Gold (NGD), which has just published its first-quarter operational results.
Source: New Gold press release
In the first quarter, New Gold produced 103,435 gold equivalent ounces ((GEO)) compared to 101,423 GEO in the fourth quarter. One of the two working mines, Rainy River, had to stop production from March 20