Nov 3 (Reuters) - Barrick Gold Corp, on Thursday reported a 30.1% drop in third-quarter profit, as the world's second biggest gold miner contended with weak production and higher input costs amid a tight labor market.
Gold prices declined 8% during the third quarter, their worst performance since March 2021, as aggressive interest rate increases by global central banks to battle surging inflation dimmed the yellow metal's luster for investors.
Average realized price for gold fell 2.8% to $1,722 per ounce from a year earlier, the company said, while all-in sustaining costs (AISC), an industry metric that reflects total expenses, rose 22.7% to $1,269 per ounce.
The Toronto, Canada-based miner said gold production fell to 988 thousand ounces from 1.09 million ounces, while copper production rose to 123 million pounds from 100 million pounds.
All-in sustaining costs for copper rose to $3.13 per pound from $2.60 per pound.
Despite the short-term operational challenges and rising input costs, the company remains on track to achieve its 2022 production guidance, Chief Executive Officer Mark Bristow said in a statement.
Barrick's net earnings fell to $241 million, or 14 cents per share, in the quarter ended Sept. 30, from $347 million, or 20 cents per share, a year earlier.
Larger rival Newmont Corp on Tuesday reported a 56% drop in quarterly profit, largely due to lower gold sales volumes and higher labor, energy and raw materials costs.
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