Barrick falls on Q2 profit miss
B•Barrick and Newmont settle Nevada Gold Mines disputes
Barrick and Newmont NEM.N have settled all disputes over their Nevada Gold Mines joint venture, with Newmont agreeing to pay Barrick $1.95 billion as the companies add several development projects to the venture, the companies said.
Barrick falls after quarterly profit misses estimates
U.S.-listed shares of Barrick Mining B.N fell 5.5% to $41.30 in premarket trading after the company missed second-quarter profit estimates, hurt by higher costs and weaker gold production.
- Barrick posted adjusted profit of 82 cents per share, compared with an estimate of 88 cents per share, according to data compiled by LSEG.
- All-in-sustaining costs for gold, an industry metric reflecting total expenses, rose about 10.8% to $1,866 per ounce in the April-June quarter.
- Second-quarter gold production dropped to 796,000 ounces, compared with 797,000 ounces a year earlier.
- As of the last close, the stock was up 0.3% year to date.
