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New Gold appoints new president-CEO

Renaud Adams takes on the role effective Sept. 12
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Renaud Adams has been named the new president and CEO of New Gold Inc. (Supplied photo)

New Gold Inc. has announced the appointment of Renaud Adams as its new president and CEO.

Adams takes over from Raymond Threlkeld, a director of the company who stepped in and led the company since his appointment in May. Threlkeld has now resigned his seat on the board and Adams has been appointed to the board.

"We are very pleased that Renaud will be joining our team as president and CEO," said board chair Ian Pearce in a Sept. 12 news release.

“His extensive experience in the gold sector and operational background will be of tremendous benefit, and his proven track record of delivering on production and costs will be invaluable as we advance the company's corporate strategy."

Adams has 25 years of experience in the mining industry. His roles have included president-CEO of Richmont Mines Inc. from 2014 until the sale of the company to Alamos Gold in November 2017, COO at Primero Mining Corp., and senior vice-president of Americas Operations at IAMGOLD.

During Adams' time at Richmont Mines, production at the company's principal mine more than doubled, mineral reserves more than tripled, and costs were reduced to make the Island Gold Mine in Ontario one of the lowest cost operating underground mines in the Americas. 

"I am excited to be working with the team at New Gold," Adams said.

"l look forward to the significant opportunities we have as we continue to improve operational performance at Rainy River, increase cash flow at all operations, and create value for our shareholders through a disciplined approach to both productivity and value creation from our portfolio of long-life assets."

The Rainy River Mine, located 65 kilometres northwest of Fort Frances, reached commercial production in September, 2017. Its resource report includes reserves of 4.4 million ounces gold and 12.8 million ounces silver, in addition to resources of 1.8 million ounces gold and 6.6 million ounces silver. Its annual production is 28.5 thousand ounces of gold.