Loading ...Newmont Corp on Thursday topped Wall Street estimates for second-quarter profit thanks to slightly higher gold prices, but the top gold miner said rising costs for materials and labor could persist through next year.
Bullion averaged about $1,814 in the second quarter, a marginal increase from the first, as a weak dollar and safe-haven buying due to covid-19 pandemic-related uncertainty underpinned prices.
Newmont said its average realized gold price jumped 4.1% to $1,823 per ounce in the quarter. Its gold production fell marginally to 1.45 million ounces sequentially, but was up 15% from the last year.
The Denver, Colorado-based miner said its all-in sustaining costs (AISC) for the quarter, an industry metric that reflects total costs associated with production, fell to $1,035 per ounce from $1,039 per ounce in the Jan-March period.
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