8/2/2019 ProMexico: Negocios Magazine: New Gold Celebrates Mexican Bonanza

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8/2/2019 ProMexico: Negocios Magazine: New Gold Celebrates Mexican Bonanza

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MEXICo’s pArtNEr newGold

Mexico’sminingindustryhasexperiencedaboom

duringthecurrentgov-ernment administra-tion, as crisis-weary

investorstakerefugeingold.Three years ago, the mining industry

displaced tourism in terms of revenues,postinga23%growthinforeignsalesandrakingin22billionusdin2010,accordingtoguresfromtheBankofMexico.Thatsameyear,itrankedthirdintermsofexports,just belowtheoilandautomobileindustries.

The protability of the metals indus-try has skyrocketed worldwideand NewGoldofCanada,whichoperatestheCerroSanPedromine,neartotheminingtownofRealdeCatorce,just20kilometersfromthestatecapitalofSanLuisPotosíinCen-tralMexico,hashadtheforesighttojoininonthesituation.

“The price of gold, silver, copper, ironandmetalsingeneralhaveremainedhighinrecentyears,resultingingrowthandpros-perityfortheminingindustry.Lotsofnewcompanieshaveappearedandprospectingisontheriseinpartsoftheworldwiththe

rightgeologicalconditions.Inthatrespect,Mexicohasconsiderablepresence,particu-larlyitsnorthernstates,whereinvestmenthasincreased,”saysCerroSanPedroGen-eralManager,ÓscarFlores.

“Ourcorebusinessisgold,althoughwealsoproducesilverandcopper.TocontinuegrowinginMexico,weareprospectingthesamesectionofthemineinSanLuisPotosí.Studies have revealed deposits of severalmetalsatadepthof500meters,whichcould beafutureundergroundmineforus.”

New Gold has mining interests in theUS, Australia, Canada and Chile, but its

Mexicanmineisindubitablyasourceofsol-ideconomicgrowth,nowandwellintothefuture,given thepossibility ofdiscoveringnewdeposits.

“Mexico generates a major return forNew Gold, enabling us to continue doing business and developing new projects,”saysFlores,addingthat“althoughMexicois not internationally known as a miningcountry,therealityisthatitis.”

TheactivitiesofminingcompanieslikeNewGoldhavegivenrisetootherindustry-relatedbusinesses,whichoftenemploythesamesuppliers,geologists,contractorsandother experts to the extent that these areproducedbythecountry’suniversities.

Asregardslabor, theadvantage is thatthe development of human resources ispromotedpracticallyfromzeroinMexico,whichimpliesthecreationofjobsandin-vestmentinresearchandtraining.

AttheCerroSanPedromineinSanLuisPotosí,saysFlores,“50%ofourworkforceiscomprisedofpeoplewholiveinthe11com-munitiesinthevicinityofthemine.Inthat

regard,wearebringingaboutatransitionfromagriculturetomining.”

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TheminesintheMexicanstatesofZacatecasandSanLuisPotosíproducedacombined235,000ouncesofgoldand20millionounc-esofsilverbetween1929and1949,aswellassubstantialamountsof zinc,leadandcop-per.Prospectingandextractiontechniqueshaveevolveddramaticallysincethen,with

theresultthatminingtodayisamuchmoreefcientandprotablebusiness.

Cerro San Pedro is an open pit minewherealixiviationprocessisusedtosepa-ratethesilverandgoldorefromtherock.The mine has an estimated lifespanof 10yearsandprobablegoldreservesof1.4mil-lionounces,risingto52millionouncesinthecaseofsilver.

NewGoldacquiredCerroSanPedroon June 30, 2008, via a business partnershipwithMetallicaResources,althoughtheminehadbeeninoperationsinceApril2007.

Thenextyear,in2008,theMexicanMin-ing Chamber(CAMIMEX)awarded CerroSanPedroa“SilverHelmet”inthecategoryofthesafestopenpitminingoperationwithlessthan500employees.

TheawardalsospeakstoNewGold’sen-vironmentalprotectionefforts.In2008,thecompanyreforested52hectaresinthecom-munityofMonteCaldera,surpassingitsan-nual reforestation target of 44hectares. Ithasalsosetupanurseryforover74,000na-tiveplantsthatwillbeusedinreforestationprojectscurrentlyunderway.Todate,NewGoldhasreforestedover400hectaresinthe

environsoftheCerroSanPedromine.In terms of social responsibility, the

company makes a concerted effort to getinvolved. Ten local communities receivemedicalanddentalservicesinconjunctionwiththeOdontologyFacultyattheUniver-sityofSanLuisPotosí(UANLP),whileallthecommunitieswhereNewGoldoperatesare supplied with computers, educationalsoftwareandInternetaccess.n

www.newgold.com

newGoldisacanadianmininGcompanywithoperationsintheus,australia,canadaandchile.inmexico,ithashitabonanzawiththecerrosanpedromineinsanluispotosí.