Barrick Gold reports lower-than-expected output in Q3
Canadian miner says output from its Nevada mines dropped from 401,000 ounces to 385,000 ounces
Canadian miner Barrick Gold (NYSE:GOLD) reported lower-than-expected gold production in the third quarter due to a fall in output from its Carlin and Cortez mines in Nevada.
According to a press release from the company, the mines are part of a joint venture with Newmont (NYSE: NEM).
The Nevada mines produced 385,000 ounces in the quarter, a small slump from the previous quarter’s output of 401,000 ounces.
Shares dropped about $0.40 on the news of reduced production, however, Barrick shares remained higher during trading in U.S. markets early Wednesday.
Shown is a five-day chart of Barrick Gold. (Source: TradingView)
A press release from the company states that it is expecting output to reach stronger levels in Q4.
“The company expects all-in sustaining costs (AISC) for gold, an industry metric used to express total expenses, to rise at least 2% over the previous quarter’s $1,498 per ounce. Analysts’ estimate was $1,491 for the three months ended Sept. 30,” a Reuters report noted.
A chart released by Barrick Gold shows an analysis of the production and sales of gold. (Source: Barrick Gold)
Despite the news, analysts still expect Barrick to manage a profit of 35 cents per share in Q3, compared to 24 cents last year, which Reuters attributed to higher bullion prices.
The company is expected to announce its Q3 earnings on Nov. 7, prior to the U.S. market opening.
The average gold price during the quarter was $2,474, and the yellow metal is now trading at nearly $2,700 an ounce.
Augusta Precious Metals $0 (10 Years) $50,000 "Best Overall" by Money Magazine, Award-Winning for 6 Years, Thousands of 5-Star Rankings Goldco Vary $25,000 Industry leader with over $2 Billion in gold and silver. Top rated precious metals company with buy back guarantee American Hartford Gold Vary $10,000 American Hartford Gold, ranked #1 Gold Company on Inc. 5000, boasts thousands of A+ BBB ratings and 5-star reviews, endorsed by Bill O'Reilly and Rick Harrison..Expand Details
Renowned for its exceptional customer service and commitment to transparency, Augusta Precious Metals has garnered numerous accolades, including "Best Overall" from Money magazine and "Most Transparent" from Investopedia. The company's dedication to educating and supporting its clients has earned it top ratings from organizations such as A+ from BBB and AAA from BCA.Expand Details
From precious metals iras to direct purchases of gold and silver, goldco have helped thousands of americans place over $2 billion in gold and silver. Top-rated precious metals company rated A+ by the better business bureau rated triple a by business consumer alliance earned over 6,000+ 5-star customer ratings Money.Com 2024 best customer service 2024 inc. 5000 regionals: pacific ranked #17 2024 gold stevie award, fastest growing company inc. 5000 award recipient, 8+ yearsExpand Details
With over $2 billion in precious metals sold, American Hartford Gold helps individuals and families diversify and protect their wealth. Their expert team provides investors with the latest market insights and a historical perspective, ensuring informed decisions. Trusted by public figures and praised for exceptional customer service, the company offers competitive pricing on top-tier gold and silver coins, backed by a 100% customer satisfaction guarantee
Jerusalem Post Store
`; document.getElementById("linkPremium").innerHTML = cont; var divWithLink = document.getElementById("premium-link"); if (divWithLink !== null && divWithLink !== 'undefined') { divWithLink.style.border = "solid 1px #cb0f3e"; divWithLink.style.textAlign = "center"; divWithLink.style.marginBottom = "15px"; divWithLink.style.marginTop = "15px"; divWithLink.style.width = "100%"; divWithLink.style.backgroundColor = "#122952"; divWithLink.style.color = "#ffffff"; divWithLink.style.lineHeight = "1.5"; } } (function (v, i) { });