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New Gold shares climb 10 percent

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TORONTO—Shares of New Gold Inc. climbed more than 10 percent in early trading yesterday after the company reported improved fourth-quarter performance at its troubled Rainy River mine.

The Toronto-based company said gold production at its Rainy River mine in Northwestern Ontario surged 39 percent in the fourth quarter to 77,202 ounces.

The company had revised down expected production for its Rainy River mine by about 100,000 ounces midway through last year, prompting its stock to drop by half to about a dollar.

The mine, which started production in 2017, has been plagued by cost overruns in construction, as well as grade and recovery issues in operations.

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