Newmont yesterday announced an improved 2018 production outlook of 4.9-5.4 million ounces of gold, compared with its previous guidance of 4.7-5.2Moz.
Barrick meanwhile recently reduced its 2017 guidance to 5.3-5.5Moz from an earlier 5.6-5.9Moz and had put its 2018 guidance at 4.8-5.3Moz back in February, prior to selling its 50% stake in the Veladero gold mine in Argentina which had been one of its core operations.
Shares in Newmont, which is also targeting a 50% dividend increase, closed about 1% lower in New York and Barrick eased a similar amount in Toronto.
Spot gold was lower than yesterday, falling below US$1,260 an ounce on the spot market earlier as the US dollar remained steady.
However Australian gold bugs were undaunted, sending miner St Barbara (AU:SBM) up more than 3% as it invested A$5 million (US$3.8 million) in junior gold explorer Catalyst Metals (AU:CYL).