Newmont NGT-T -1.06%decrease, the world’s largest gold miner, beat Wall Street estimates for third-quarter profit on Thursday as record-high gold prices helped offset a drop in its production levels.
Gold prices have repeatedly set new records this year as investors turned to the safe-haven asset amid the uncertainty triggered by U.S. President Donald Trump’s tariff policies and escalating geopolitical tensions.
Newmont said it realized an average gold price of US$3,539 per ounce in the three months ended Sept. 30, up from $2,518 a year earlier.
The price rally helped cushion a 15 per cent decline in gold output to 1.42 million ounces during the quarter.
The company’s production was impacted by lower ore grades and planned maintenance at its Penasquito mine in Mexico and Lihir mine in Papua New Guinea, along with the completion of mining at the Subika open pit in Ahafo South in July.
Shares of the company were down 2.5 per cent in extended trading following the results.
The production decline followed a broader restructuring effort after the company’s US$17.14-billion acquisition of Australian miner Newcrest, with Newmont selling non-core assets to reduce debt.
All-in sustaining costs for gold fell about 2.8 per cent to US$1,566 per ounce in the third quarter, reflecting stronger pricing and operational efficiencies.
Newmont expects capital spending to rise in 2026 as it advances its key projects, including tailings work at Cadia and a potential expansion at Red Chris.
The company last month appointed Natascha Viljoen, its first female CEO, to succeed Tom Palmer.
The gold miner posted quarterly profit of US$1.71 per share on an adjusted basis, beating analysts’ average estimate of $1.43, according to data compiled by LSEG.
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