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Newmont Hits 17-Month Low as Production Outlook Underwhelms

  • CEO says Covid will impact the business through 2022
  • Company’s 2022 gold output forecast misses expectations
Operations At Newmont Mining Corp.'s Yanacocha Gold Mine

Photographer: Dado Galdieri/Bloomberg

Newmont Corp., one of the world’s largest gold miners, told investors its production of the precious metal next year will be less than Wall Street analysts expected, pushing shares to the lowest level since the middle of the pandemic.

The Denver-based producer said it expects 2022 gold output to be about 6.2 million ounces, below the 6.6 million analysts expected. Chief Executive Officer Tom Palmer said Covid had a “pretty significant impact” on the gold industry this year and will affect Newmont’s production through next year.