New Gold, Inc. Finished the Year Strong

New Gold (NYSEMKT: NGD  ) reported fourth-quarter and full-year operational results before the opening bell today. The gold miner finished the year with its lowest costs in history while increasing its gold reserves per share by 127%. The fourth quarter was also its highest production quarter of the year as New Gold produced 106,520 ounces of gold and 24.0 million pounds of copper.

New Gold finished the year strong as it was able to push its total cash costs down to $316 per ounce and all-in sustaining costs to $883 per ounce in the quarter. For the full year, total cash costs were $377 per ounce, which was the lowest in New Gold's history. Meanwhile, full-year all-in sustaining costs were $899 per ounce.

The company also met its full-year outlook as it produced 397,688 ounces of gold, 85.4 million pounds of copper and 1.6 million ounces of silver. New Gold ended the year with 18.5 million ounces of gold in reserves, which as a 127% increase when compared to the end of 2012.

Looking ahead to 2014, New Gold expects further cost reductions will push its total cash costs down to a target of $320 to $340 per ounce, while its all-in sustaining costs will fall to $815 to $825 per ounce. The company expects to deliver gold production in a range of 380,000 to 420,000 ounces in 2014. New Gold expects to achieve this target as lower production at its Cerro San Pedro mine will be offset by a 23% production increase from its low-cost New Afton Mine, which is the company's biggest cash flow generator. 


Read/Post Comments (0) | Recommend This Article (3)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2826440, ~/Articles/ArticleHandler.aspx, 9/2/2015 4:40:31 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Matt DiLallo

Matthew is a Senior Energy and Materials Specialist with The Motley Fool. He graduated from the Liberty University with a degree in Biblical Studies and a Masters of Business Administration. You can follow him on Twitter for the latest news and analysis of the energy and materials industries:

Today's Market

updated 7 hours ago Sponsored by:
DOW 16,058.35 -469.68 -2.84%
S&P 500 1,913.85 -58.33 -2.96%
NASD 4,636.11 -140.40 -2.94%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes

Related Tickers

9/1/2015 4:01 PM
NGD $2.29 Down -0.01 -0.43%
New Gold, Inc. (US… CAPS Rating: ***