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Miners have been dealing with labor disruptions and movement restrictions since the emergence of the Omicron coronavirus variant.
Newmont in February warned that Omicron-related issues could impact its gold production by as much as 150,000 ounces in the first quarter.
The Denver, Colorado-based company said its attributable gold production was 1.34 million ounces in the quarter, a year-over-year decrease of 8%.
Its all-in sustaining costs for gold, an industry metric that reflects total expenses associated with production, grew to $1,156 per ounce from $1,039 a year ago.
The company’s net income attributable to stockholders from continuing operations fell to $432 million, or 54 cents per share, in the quarter ended March 31, from $538 million, or 67 cents per share, a year earlier.
Newmont also incurred $17 million in COVID-specific expenses.
