NEW GOLD $5.78 (Toronto symbol NGD; TSINetwork Rating: Speculative) (888-315-9715; www.newgold- .com; Shares outstanding: 502.5 million; Market cap: $2.9 billion; No dividends paid) has four operating mines: the Mesquite mine in the U.S., the Cerro San Pedro mine in Mexico, the Peak mine in Australia and the just-completed New Afton mine in B.C. It also owns 30% of the El Morro copper/gold project in Chile and 100% of the Blackwater mine in B.C.
In the quarter ended June 30, 2013, New Gold’s cash flow fell 10.0%, to $0.09 a share from $0.10 a year earlier. Lower gold prices offset new production from New Afton, which started up in late 2012.
New Gold’s $855.5 million of long-term debt is a moderate 28.5% of its market cap. It also holds cash of $562.5 million, or $1.12 a share.
The company expects to produce between 440,000 and 480,000 ounces of gold this year. That could top 1 million ounces within six years. Most of that rise will come from the successful development of its Blackwater project, which could hold up to 8.4 million ounces of gold.
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