Barrick says Newmont deal clears path for North American IPO - Aug. 10

Higher fuel costs are adding to pressure on gold miners as the U.S.-Israeli conflict with Iran disrupts oil flows and keeps energy prices elevated.

Barrick said fuel expenses, lower grades and higher royalties contributed to an 11% rise in gold all-in sustaining costs.

Its second-quarter realized gold price rose 34% from a year earlier to $4,417 per ounce, while gold output was flat at 796,000 ounces.

Barrick said lower grades processed at its Carlin and Cortez gold mines in Nevada and North Mara mine in Tanzania, along with higher fuel costs and royalties associated with the stronger realized gold price, drove the increase in gold costs.

Its gold cost of sales rose 20% in the second quarter to $1,993 per ounce, while gold's all-in sustaining cost, a key industry measure of the total cost of producing gold, including sustaining capital spending, rose 11% to $1,866 per ounce.