On April 7, 2025, Ontario Teachers’ Pension Plan Board announced the sale of its remaining 19.9% free cash flow interest in the New Afton Mine to New Gold Inc. for US$300 million (approximately C$404 million). Located near Kamloops, British Columbia, the New Afton Mine is a high-quality copper and gold asset that has been the focal point of a multi-year strategic partnership between Ontario Teachers’ and New Gold.

The relationship began in 2020 when Ontario Teachers’ acquired a 46.0% free cash flow interest in New Afton for US$300 million. In 2024, New Gold reduced that interest to 19.9% with a US$255 million (C$347 million) payment. With this latest transaction, Ontario Teachers’ has fully exited its investment in the mine.

Christopher Metrakos, Senior Managing Director of Infrastructure & Natural Resources at Ontario Teachers’, emphasized that the partnership delivered strong returns and supported New Gold in reaching commercial production at the C-Zone ahead of schedule.

Davies Ward Phillips & Vineberg LLP acted as legal counsel to New Gold. Legal representation for Ontario Teachers’ was not disclosed.

This deal reflects Ontario Teachers’ broader natural resources investment strategy, which targets global opportunities in energy, metals, agriculture, timberland, and natural climate solutions to generate inflation-hedged, commodity-linked returns and diversification.