2010 was the best year in company history for New Gold (TSX:NGD).
On Friday, the Vancouver-based precious metals company reported a consolidated revenue for the year that totalled $530 million compared with $324 million in 2009.
Earnings from mine operations were also up, increasing to $203 million in 2010 compared with $89 million the year before.
As of December 31, New Gold had $491 million sitting in the bank compared with $272 million at the end of 2009.
The company said cash flows were the highest in its history and were driven by lower cash costs per ounce of gold and increased gold prices.
“2010 was a very successful year for our company and we are proud of our results. We remain even more excited about 2011 and the coming years,” said Randall Oliphant, New Gold’s executive chairman.
The company operates mines in the U.S., Mexico and Australia, but its next major project is located near Kamloops.
The New Afton project, an underground mine that would produce an average of 85,000 ounces of gold and 75 million pounds of copper, is expected to begin production in 2012.
New Gold said Friday that construction on the project has continued on schedule.
At press time, the company’s shares were up 6% to $10.56.