BUZZ-Newmont, Barrick fall in 2024 as costs weigh in
Shares of Newmont NEM.N and Canada's Barrick Gold ABX.TO, the top two gold miners, fell in 2024 despite bullion's more than 27% rise
The two gold miners were hit by rising costs, primarily on labor as well as production issues across continents
Spot gold prices XAU=, however, touched record high this year, banking on lower interest rates as well as safe-haven demand amid rising global tensions
Newmont is down 10.9% in 2024, a third successive yearly decline, as co struggled with production issues at Nevada mines and newly acquired assets while costs rose
Barrick's output in Nevada also declined while it remained locked in dispute with Mali over the miner's Loulo-Gounkoto gold mine complex
Toronto-listed shares of the miner has fallen 7.4% this year
However, Morningstar analysts have said current valuations of Barrick and Newmont are relatively "cheap" amid rising gold prices
(Reporting by Sourasis Bose in Bengaluru)
((Sourasis.bose@thomsonreuters.com))
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