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.
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