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Miner Barrick Gold quarterly profit falls on lower output -Breaking


© Reuters. In this illustration, taken November 19, 20,21, a toy figure is seen and an imitation in gold are shown in front of Barrick’s logo. REUTERS/Dado Ruvic/Illustration

(Reuters) -Miner Barrick Gold Corp. reported a drop in profit for the first quarter on Wednesday. This was due to lower output from its Carlin-Cortez Nevada mines.

Omicron coronavirus has led to labor shortages that have caused production interruptions. Newmont Corp was forced to absorb a loss of up 150,000 ounces during the quarter.

Barrick stated that its all-in sustaining costs (an industry measure that measures total production costs) was $1,164 an ounce, up from $1,018 an ounce last year.

Realized gold prices for miners rose from $1,777 an ounce to $1,876 in quarter to $1,876 an ounce. However, they increased almost 14% to $4.68 an ounce for.

Barrick also declared a dividend at 20 cents per diluted share for its first quarter. That’s almost twice the rate of the prior quarter.

Net earnings dropped to $438 million (25 cents per share) in the March 31 quarter from $538 million (30 cents per share) a year prior.