Market Chatter: New Gold Shares Leap on Report Co Is Exploring Sale

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Market Chatter: New Gold Shares Leap on Report Co Is Exploring Sale

posted on Sep 12, 2018 03:46PM

2018-09-12 02:52:17 PM ET (MT Newswires)

02:52 PM EDT, 09/12/2018 (MT Newswires) -- New Gold (NGD) (NGD.TO) shares surged in Wednesday trading after Reuters, citing unidentified sources, said the Canadian miner is exploring a sale as it battles ballooning development costs and operating challenges at its new mine.

Shares rose 25.6% to $0.98 at 2:34 pm ET in New York.

New Gold has held talks with interested parties, the news service reported, citing those sources who added the company is working with investment bank BMO Capital Markets to help find a buyer and assess other alternatives.

The company may divest specific mines if an outright sale does not materialize, Reutes said, citing one of those sources.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)