New Gold Inc. (TSX:NGD; AMEX:NGD) has reported a $61.4 million loss in 2007 compared with only a $3.5 million for the same period the year before.
The company said the increased loss resulted from a $50.1 million charge it took from its investments in non-bank sponsored asset backed commercial paper.
Based in Vancouver, the mining company operates the New Afton Copper Gold Project 10 kilometres west of Kamloops, where it also has an office.
New Gold said it spent an additional $30 million on property, plant and equipment in 2007 compared with $0.4 million in 2006.
The company has decided to close its Vancouver office effective today after transferring all of its financial, personnel, administration and project functions to its Kamloops office.
New Gold's share price range during the past week: between $6.86 and $7.10; 52-week high: $9.35; 52-week low: $4.01.