Newmont's third-quarter profit misses estimates
Newmont on Tuesday reported a weaker-than-expected third-quarter profit as the world's biggest gold miner was hurt by lower gold prices, higher input costs and a tight labor market.
Gold prices were down 8% in the quarter, their worst since March 2021, primarily driven by hawkish interest-rate hikes by central banks around the world in the face of unrelenting inflation.
The miner said its third-quarter gold production rose to 1.49-million ounces from last year's 1.45-million ounces, primarily due to higher ore grade milled at Ahafo, Akyem and Boddington mines. However, its realised gold price fell by $87/oz to $1 691/oz of gold.
All-in sustaining costs (AISC) for the quarter, an industry metric that reflects total expenses, rose to $1 271/oz from $1 120/oz.
The company's adjusted profit fell to $212-million, or 27c a share, in the quarter ended September 30, from $483-million, or 60c a share, a year earlier.
Analysts on average had expected income of 36c a share.
Newmont also reaffirmed its 2022 outlook.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation














