Newmont Mining Corp, which sources have said is in talks with Barrick Gold Corp on a merger, reported a steep drop in first-quarter earnings on Thursday as a result of lower gold and copper prices.Newmont, the world's second-biggest gold producer after Barrick, managed to lower its gold production costs and slightly lift its gold output in the quarter, including a 40 percent increase in production at its Tanami mine in Australia."We are confident we can maintain this trajectory as the year progresses, as evidenced by our updated outlook for lower costs and higher production for Africa," Gary Goldberg, Newmont's president and chief executive said in a statement.Newmont raised its production forecast for its African operations to between 790,000 and 870,000 ounces from 785,000 to 850,000 ounces as a result of "mine plan optimization" at its Ahafo operation in Ghana. It also lowered it cost outlook for its African operations.
Barrick Gold Corporation (Barrick) is engaged in the production and sale of gold, as well as related activities, such as exploration and mine development. Shares of ABX fell by 1.91% or $-0.34/share to $17.47. In the past year, the shares have traded as low as $13.43 and as high as $21.70. On average, 12867100 shares of ABX exchange hands on a given day and today's volume is recorded at 13355357.
Barrick Gold Corporation (Barrick) is engaged in the production and sale of gold, as well as related activities, such as exploration and mine development. Shares of ABX fell by 1.74% or $-0.34/share to $19.25. In the past year, the shares have traded as low as $14.22 and as high as $23.78. On average, 3129210 shares of ABX.TO exchange hands on a given day and today's volume is recorded at 4679439.
Newmont Mining Corporation, is primarily a gold producer with operations and/or assets in the United States, Australia, Peru, Indonesia, Ghana, New Zealand and Mexico. Shares of NEM fell by 1.66% or $-0.43/share to $25.49. In the past year, the shares have traded as low as $20.79 and as high as $35.44. On average, 10246200 shares of NEM exchange hands on a given day and today's volume is recorded at 11985403.
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