Coeur–New Gold deal: 2026 mine output, costs and life-of-mine lens for planners
Reviewed by Tom Sullivan

First reported on MINING.com
30 Second Briefing
Coeur Mining has lifted its 2026 guidance to 680,000–815,000 oz gold, 18.68–21.93 Moz silver and 50–65 Mlb copper after closing the acquisition of New Gold’s Rainy River and New Afton mines, which will contribute nine months of production. Rainy River in Ontario is forecast at 230,000–275,000 oz gold and 350,000–450,000 oz silver at $2,150–$2,350/oz, while New Afton in British Columbia is guided at 60,000–80,000 oz gold, 130,000–180,000 oz silver and all copper output at $1,000–$1,200/oz gold and $1.20–$1.35/lb copper. The deal, which extends Rainy River’s reserve-only life to 2035 and accelerates its underground transition, is backed by a new $1 billion revolving credit facility, a $750 million buyback authorisation and about $160 million of exploration spend planned for 2026.
Technical Brief
- New $1 billion revolving credit facility replaces a previous $400 million line, materially increasing liquidity headroom.
- Exploration spend totals about $340 million over the past five years, with a further ~$160 million budgeted for 2026.
- Rainy River’s reserve-only mine life now extends to 2035, supporting long-term planning for the underground transition.
- Cost guidance positions Rainy River as the highest-cost gold asset, materially above Las Chispas and Rochester unit costs.
- A $750 million share buyback programme is authorised, funded from expected free cash flow from seven North American operations.
- Management targets a net cash position comparable to senior producer peers, constraining leverage for future project financing.
Our Take
Extending Rainy River’s reserve-only life to 2035 in Ontario gives Coeur a longer-lived Canadian gold-silver platform in a jurisdiction where, in our coverage, New Gold has already been navigating complex Indigenous engagement issues flagged at AME Roundup.
New Afton’s recent rollout of a private LTE/5G network for underground digitalisation suggests Coeur is inheriting a relatively advanced automation-ready copper-gold asset, which could help sustain the 50–65 Mlb 2026 copper guidance without a large near-term capex spike on mine IT infrastructure.
Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.
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