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12/20/16

New Gold (NGD): More trouble for the Rainy River White Oliphant

The last time we checked in on New Gold (NGD) at this humble corner of cyberspace, via White Oliphant and White Oliphant update, we saw that the Rainy River project was way over-budget but defended tooth and claw by Randall. However, it would seem that not all top management are as enthusiastic about the state of play at NGD's company killer maker project. Here's yesterday afternoon's NR:

"David Schummer, Executive Vice President and Chief Operating Officer, is leaving New Gold and Raymond Threlkeld, currently a member of the company's Board of Directors, will become Interim Chief Operating Officer."

Abrupt departure of the COO at a critical stage of development, you say? Interim taking over the RR build-out, you muse? Ahhh, probably nothing at all....the project's probably going just fine. It's probably just coincidence, guv. Innit.

UPDATE: And reader MP reminds your humble scribe that...
"...the interim COO is the former RR President and CEO who engineered the deal in the first place...".

True dat.