TORONTO (miningweekly.com) – TSX- and NYSE-listed New Gold on Thursday reported that it had finished 2013 with a strong performance from its four operations, adding that it had lifted its gold reserves per share by 127%.

During the three months ended December 31, Vancouver-based New Gold reported consolidated output of 106 520 oz of gold, which was 6% lower than the 112 900 oz reported in the same period a year earlier. Full-year output also declined by 3% to 397 700 oz, compared with 411 900 oz last year.

Fourth-quarter output increased by 13% quarter-on-quarter, driven by higher output at Mesquite, in California, and the Peak Mines, in Australia, and continued strong performance at New Afton, in British Columbia. When compared with the fourth quarter of 2012, output at New Afton and Mesquite rose owing to higher ore tonnes processed and higher grades, while Cerro San Pedro, in Mexico, and the Peak Mines were impacted by a combination of lower ore tonnes processed and lower grades.

Fourth-quarter silver output declined 19% year-on-year to 383 500 oz, and for the full year, output declined 25% to 1.6-million ounces.

New Gold also reported fourth-quarter copper output of 24-million pounds, up 15% year-on-year from 20.9-million pounds. For 2013, New Gold produced 85.4-million pounds of copper, double the 42.8-million pounds produced in 2012.

New Gold's 2013 total cash costs of $377/oz of gold were in line with the company's outlook and represented the lowest cash costs in its history. Also, in the first year after adopting the new all-in sustaining costs measure, New Gold delivered all-inclusive sustaining costs below $900/oz, which it expected would position the company as one of the industry leaders.

Meanwhile, the company said its year-end mineral reserves had hit 18.5-million ounces gold, an increase of 127% a share.

The company planned to continue with cost reductions in 2014 with gold production expected to remain between 380 000 oz and 420 000 oz and copper output expected to increase 12% to between 92-million and 100-million pounds.

“We are pleased to have finished the year with a strong quarter, which enabled us to deliver the lowest cash costs in our history. We are particularly proud to have increased the company's reserves per share so significantly, and to have the highest reserves we have ever had, which positions New Gold well for the future,” New Gold executive chairperson Randall Oliphant said.

He added that the company expected another “solid” year given the lower costs driven by the strong performance of New Afton, the company’s biggest cash-flow generator.

The company’s TSX-listed stock traded 6.08% lower on Thursday afternoon at C$6.02 apiece.