Lower gold prices affect miner’s profit

Miner Newmont Corp on Monday reported a drop of about 41 per cent in second-quarter adjusted profit hurt by lower gold prices.

Bullion prices faced their worst quarter since early 2021, falling nearly 7 per cent in the three months ended June, as a firm dollar and aggressive rate hikes from central banks to rein in inflation eroded the appeal of the non-yielding asset.

The company said its all-in sustaining cost, an industry metric that reflects total expenses associated with production, rose to $1,199 per ounce of gold from $1,035 per ounce.

The attributable gold production in the quarter rose to 1.5 million ounces from 1.45 million ounces a year earlier.

Net income from continuing operations dropped to $379 million, or 48 cents per share, in the quarter ended June 30, from $640 million, or 80 cents per share a year earlier.