Economic news
Barrick Gold misses quarterly profit estimates on lower production, higher costs
2024.11.07 06:32
(Reuters) -Canada’s Barrick Gold (NYSE:) missed Wall Street estimates for third-quarter profit on Thursday, weighed down by lower production at its mines.
Barrick’s third-quarter gold output missed estimates in October, weighed by a fall in output at its Carlin and Cortez mines in Nevada.
All-in sustaining costs (AISC) for gold, an industry metric reflecting total expenses, rose to $1,507 per ounce in the quarter, from $1,255 per ounce last year.
On an adjusted basis, the world’s second-largest gold miner posted a profit of 30 cents per share in the quarter ended Sept. 30, compared to an estimate of 31 cents per share, according to data compiled by LSEG.
