Gold miners may see margins shine as energy, labour costs edge lower gold results quarterlies
Gold miners are set to report healthier margins for the fourth quarter as higher energy and labor costs, which dented bottom-lines for much of 2022, are expected to ease.
All-in sustaining costs , an industry metric that reflects total expenses, jumped by a third in the last four quarters at top miners Barrick Gold and Newmont, but they are now projected to fall.
"Most of the damage was done in 2022," said MacRury, adding that he expects margin expansion in 2023 on higher gold prices.However, Barrick expects higher grades to flow through 2023 from its Nevada Gold Mines, a joint venture between the company and Newmont. "Supply chain issues are fixable to a certain extent, but if social unrest persists or the Ukraine war escalates further, then the miners may struggle to meet guidance," said Bernstien.
Barrick is scheduled to report quarterly results on February 15, while Newmont is expected to post on February 23.
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