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New Gold (TSX:NGD) has provided an update on its Rainy River project in northwestern Ontario. As quoted in the press release: The company is also pleased to announce that New Gold has further enhanced its financial flexibility by increasing the size of the company’s revolving credit facility by $100 million to $400 million and extending …
New Gold (TSX:NGD) has provided an update on its Rainy River project in northwestern Ontario.
As quoted in the press release:
The company is also pleased to announce that New Gold has further enhanced its financial flexibility by increasing the size of the company’s revolving credit facility by $100 million to $400 million and extending the increase in the facility’s associated Net Debt to EBITDA (“Leverage Ratio”) covenant to the end of 2017. Further, New Gold has entered into additional gold price option contracts through mid-2017 to increase the cash flow certainty from its four producing mines.
RAINY RIVER – PROJECT UPDATE THROUGH THE END OF SEPTEMBER 2016
- Overall construction progress approximately 55% complete
- Concrete placement over 90% complete
- Steelwork erection and cladding over 95% complete
- Powerline complete and on schedule for connection to power grid in November 2016
- Installation of mechanical, piping, electrical and instrumentation in processing facilities approximately 25% complete
- Construction of water management facility reinitiated in late August with two of five dams now complete
- Final tailings redesign submitted to the Ontario Ministry of Natural Resources and Forestry (“MNRF”) in late August 2016 for approval
- Approximately 15 million tonnes of overburden and waste stripping completed to date
- No Lost Time Incidents since New Gold acquired the project in 2013