OceanaGold says it produced a record amount of gold in the December quarter at a lower-than-forecast cash cost.
The gold miner lifted gold production 54% to more than 115,219 ounces in the three months ended December - most of that from its Macraes and Reefton mines in New Zealand - taking annual production to 325,732.
Forsyth Barr analyst Andrew Harvey-Green says the outcome was better in both volume and cash costs than he was expecting.
The quarterly report makes no mention of the expected layoffs of more than 100 people working at its Macraes mine in Otago.
The company says it's reducing its cost base in New Zealand, saying it responded to the new economic realities in a decisive manner by optimising mine schedules and identifying operational efficiencies.
According to the Otago Daily Times, OceanaGold is planning to sack 106 people at the Macraes open-cast mine, leaving just 47 working there.
Andrew Harvey-Green predicts OceanaGold will report a record operating profit for 2013 after the strong production report.
He says he had been forecasting an annual operating profit of $US96 million but he will be revising that upwards now.
He says it's the first year that the company's mines in the Philippines has operational which would have contributed to last year.
OceanaGold is planning to produce between 275,000 and 305,000 tonnes of gold in 2014, between 6% and nearly 16% less than in 2013.
The company expects its cash costs will be between $US400 and $US450 an ounce.
