Gold miner Newmont’s third-quarter earnings misses estimates

Gold miner Newmont’s third-quarter earnings misses estimates

Gold miner Newmont's third-quarter profit misses estimates
© Reuters. FILE PHOTO: A diminutive toy resolve and gold imitation are viewed in entrance of the Newmont logo in this illustration taken November 19, 2021. REUTERS/Dado Ruvic/Illustration

(Reuters) -Newmont Corp on Tuesday reported a weaker-than-expected third-quarter earnings as the realm’s very most attention-grabbing gold miner was once afflict by decrease gold prices, greater input prices and an even labor market.

Gold prices had been down 8% within the quarter, their worst since March 2021, basically pushed by hawkish curiosity-rate hikes by central banks across the realm within the face of unrelenting inflation.

The miner mentioned its third-quarter gold production rose to 1.49 million ounces from final year’s 1.45 million ounces, basically due to greater ore grade milled at Ahafo, Akyem and Boddington mines. Alternatively, its realized gold mark fell by $87 to $1,691 per ounce of gold.

All-in sustaining prices (AISC) for the quarter, an industry metric that reflects entire costs, rose to $1,271 per ounce from $1,120 per ounce.

The company’s adjusted earnings fell to $212 million, or 27 cents per part, within the quarter ended Sept. 30, from $483 million, or 60 cents per part, a year earlier.

Analysts on real looking had expected earnings of 36 cents per part.

Newmont additionally reaffirmed its 2022 outlook.