Newmont’s (NEM) Third Quarter Results Are Disappointing: Why?

Newmont is a gold mining company that, in addition to gold, explores metals such as silver, copper, and lead. At the time of writing, NEM stock is worth $ 57.56. This is the price, which has not yet been impacted by the third-quarter results, however, it’s expected to fall after the opening of trading. On Friday, the worth reached a monthly high of $ 59.17, but slowly commenced declining in the following working days.
For this quarter, the company produced less bullion than expected. The volume of production was only 1.45 million ounces, instead of the expected 1.6 million oz. Profit was also lower than supposed, and costs were $ 1,120 per ounce. The reason for this was the pandemic and problems in the supply chain. Given these sad challenges, which are impacting nearly every company in the world, Newmont informed it has cut its anticipated annual volume by 500,000 oz to 6 million oz.