Three charts from the numbers out of the New Gold (NGD) 3q20 filings, out this morning. Here’s the top line operations stuff. Costs were up, DD&A higher and MOI wasn’t wonderful, but…
…that is not the point with NGD in 2020, as this humble corner of cyberspace has pointed out on a veritable plethora of occasions. Here’s the real work done by CEO Adams in 2020:
The financial heavy lifting at NGD this year shows in a balance that has dropped financial debt from U$1.07Bn as at end Q2 to U$681.2Bn as at end Q3 (above). But at the same time, NGD has kept working cap over U$400m, adding U$46m since end Q1, all while executing on capex works.
Those two charts above may look straightforward in hindsight, in reality NGD has managed to deliver one of the hardest tricks in the business; convert fixed assets into cash without ruining operations. As such, IKN nominates Renaud Adams as Mining CEO of the Year for 2020, he has delivered on an ambitious turnaround plan in fine style and in hindsight, the numbers show the company didn’t even need $1900 gold. Instead, that bonus cash no longer disappears down the financial Black Hole created by Randall Oliphant and the idiots who nearly ran this company into the ground. If there was ever a mining CEO who deserves his year end bonus, it’s Adams today.
LOL. Mining CEO of the year is Bristow. The move he pulled on Newmont merits him hall of fame status. Yes, we know he hunts wildlife…
“Hunt wildlife”. You make it sound like he’s out culling overstocked local species for his dinner table.
The wretch of a man shoots large African endangered species for fun. His penis must be tiny.
I didn’t realize that Random Elephant bollixed up NGD too. Didn’t he do enough damage to last a lifetime with Buttock’s forward sales program? Sure, his CFO probably had a lot to do with it, but it passes all understanding that Lassonde has this wanker on his board at FNV.
Whiskeyyyyyyyyyyy, is that you? Ride on a rail form here up… no doubt. Been a long-time………