Gold prices are at record highs. But disappointing results at the world’s largest miner of the yellow metal signals companies may be struggling to capitalize on sizzling demand.
Newmont Corp. shares plunged the most in more than 25 years, tumbling 15% after the Denver-based company posted earnings, revenue and profit margins that fell short of analysts’ estimates in the third quarter, dragged down by higher costs for labor, diesel and other operating expenses. Top rivals Barrick Gold Corp. and Agnico Eagle Mines Ltd. also saw their shares drop.