New book ‘102 Things to Do with a Hole in the Ground‘ spotlights global reclamation projects
Stories of reinvented coal mining regions, regenerated communities and rebuilt ecosystems are told in a new book published this month.
Newmont Corp first-quarter production was hit by Covid-19, the world’s top gold miner said on Thursday after posting a 27% drop in fourth-quarter adjusted profit due to a fall in bullion prices and pandemic-related expenses.
Spot gold prices declined last year from record levels hit earlier in the pandemic as rising vaccinations and the reopening of the global economy hit bullion’s safe-haven appeal, while a hawkish US Federal Reserve also pressured prices.
Newmont, which lowered its 2021 output expectations and raised its forecast for production-related expenses in October, said current-quarter production could be impacted by as much as 150,000 ounces due to Omicron.
Miners have also been grappling with production disruptions and labor shortages due to movement-related restrictions.
Denver, Colorado-based Newmont said its fourth-quarter average realized gold price dropped 3% to $1,798 an ounce from a year earlier, while attributable gold production fell marginally to 1.62 million ounces.
Gold prices, however, jumped as much as 3.48% on Thursday, as Russia’s invasion of Ukraine ratcheted up fears of a war in Europe and drove investors toward safe havens.
The jump in bullion prices lifted shares in Newmont and rivals Barrick Gold Corp and Yamana Gold Inc between 1% and 2%.
Newmont said it incurred incremental pandemic-related costs of $21 million during the quarter and $87 million during 2021.
All-in sustaining cost, an industry metric that reflects total expenses associated with production, rose 1.2% to $1,056 per ounce of gold.
The company’s quarterly adjusted profit of 78 cents per share edged past analysts’ average estimate of 77 cents, according to Refinitiv IBES data.
(By Arunima Kumar; Editing by Vinay Dwivedi)
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