North American gold miners Newmont Corp and Barrick Gold Corp are expected to post lower quarterly profits as a fall in production and higher costs offset gains from strong prices of the precious metal.
The challenges have overshadowed the price rise in the safe-haven asset that peaked over the $2,000-mark during the quarter ended March 31 on fears over the stability of the financial system after a banking crisis and a potential recession. All-in sustaining costs , an industry metric that reflects total expenses, are set to rise for the miners.
Barrick expects first-quarter gold production to fall 15% sequentially, as a severe winter hampered the Canadian miner’s operations in northern Nevada and annual maintenance activity weighed on output at its Goldstrike mine.
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