Why New Gold Stock Is Selling Off Today
Shares of New Gold (NYSEMKT: NGD) slumped more than 10% by 3:30 p.m. EST on Wednesday. Weighing on the gold mining stock was its third-quarter report.
For the third quarter New Gold reported an adjusted loss of $10 million, or $0.02 per share, which missed analysts' expectations that it would break even. While it sold its gold for 15% more than it did in the prior-year period, a 20% surge in its all-in sustaining costs ate up most of that benefit. That's due in large part to lower ore grades and an increase in waste tons mined at its Rainy River mine.
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Source Fool.com
