New Gold, Inc. (NYSE MKT:NGD) Q3 2019 Earnings Conference Call Transcript
Nov 06, 2019 • 08:30 am ET
Ladies and gentlemen, thank you for standing by and welcome to the New Gold Third Quarter Earnings Call. [Operator Instructions] there will be a question-and-answer session. [Operator Instructions]. I'd now like to hand the conference over to your speaker today Anne Day, Vice President, Investor Relations. Please go ahead, Ms. Day.
Thank you, operator, and good morning, everyone. We appreciate you joining us today for New Gold's Third Quarter Earnings Conference Call and Webcast. On the line today, we have Renaud Adams - President and CEO, Rob Chausse - CFO and Michele Della Libera, Director Exploration, other members of the management team have also joined us and will be available during the Q&A period at the end of the call. Should you wish to follow along with the webcast, please sign in from our website at newgold.com.
Before the team begins the presentation, I would like to direct your attention to our cautionary language related to forward-looking statements found in the presentation. Today's commentary includes forward-looking statements relating to New Gold. In this respect, we refer you to our detailed cautionary note regarding forward-looking statements in the presentation.
You are cautioned that actual results and future events could differ materially from those expressed or implied in forward-looking statements.
Slide 2 provides additional information and should be reviewed. We also refer you to the section entitled risk factors in New Gold's latest MD&A and other filings available on SEDAR, which set out certain material factors that could cause actual results to differ. Please note that all amounts are presented in US dollars unless otherwise indicated. In addition at the conclusion of the presentation, there are a number of end notes that provide important information that should be reviewed in conjunction with the material presented. I will now turn the call over to Renaud Adams.
Thank you, Anne, and thank you everyone for joining us today. We are very pleased to report our fourth consecutive quarter of improving operational and cost performance from both assets as we Continue to depends on our short-term operational plan and reposition the company for long-term success. Highlights for the quarter include improvement in our performance as underpin the completion of a strategic equity financing, which allowed us to reduce our long-term debt position by $100 million. The Rainy River Mine achieved a significant milestone, delivering the first full quarter of milling rate above the 24,000 tons per day.
Also, and following the debt repayment of $100 million, the company had maintained available liquidity of $421 million including $135 million in cash and cash equivalent. We have maintained and will continue to maintain a diligent approach on managing our capital execution with the objective to complete substantially all remaining construction project at Rainy in order to reposition the asset for efficient and profitable mining, as we also continue to advance the development of the season at New Afton.
On the mid long term note, we continue to advance our updated life of mine plans for Rainy River and