New Gold laid off five members of its senior management today as the company announced a restructuring of the management team. The changes come in response having fewer assets under its control following the sale of the Mesquite and Peak mines this year.

“It was a difficult, but necessary decision to readjust the size of the corporate team to reflect our new reality,” said CEO and President Renaud Adams in a statement. “Today's announcement marks another step forward in our strategy to reposition New Gold for the future.”

The vice-presidents of treasury and technology, planning and advisory, projects, reporting and tax and exploration were all eliminated. New Gold, however, does intend to find a vice-president of technical services who will be responsible for “creating organic growth, including projects and exploration, as well as providing technical and operational oversight to the organization,” the company said in a statement.

In November 2017, New Gold came to an agreement with Aurelia Metals Limited to sell its Peak mine in Australia for US$58 million, and finalized the sale in early 2018. The Mesquite mine in California was also sold in the fall of 2018 to Equinox Gold Corp for a sum of US$158 million.

New Gold’s current operations include the Rainy River and New Afton mines and the Blackwater project.