New Gold completed the acquisition of a 26.1% stake in New Afton Mine from Ontario Teachers’ Pension Plan for $255m.

New Gold, a Canadian-focused intermediate mining company, completed the acquisition of a 26.1% stake in New Afton Mine, a block caving operation, from Ontario Teachers’ Pension Plan, a global investment firm, for $255m. “This is an excellent transaction where we are able to increase our free cash flow exposure in a copper and gold asset which we already own and operate. This transaction is expected to allow us to grow accretively with no diligence risk and increase our free cash flow interest at New Afton. With key C-Zone milestones set for completion later this year, New Afton is on the verge of attractive production growth and cost improvement that we believe will lead to increased free cash flow generation. Our goal is not only to maximize this free cash flow generation at the mine, but to also maximize benefits for our shareholders,” Patrick Godin, New Gold President and CEO.