By Sourasis Bose

(Reuters) -Canada’s Barrick Gold missed Wall Street estimates for third-quarter profit on Thursday, weighed down by higher costs and lower production at its Nevada mines.

Total gold output at Nevada Gold Mines fell to 385,000 ounces in the July-to-September quarter, compared with 401,000 ounces in the preceding three months, the company reported in October.

Meanwhile, all-in sustaining costs (AISC) for gold, an industry metric reflecting total expenses, rose to $1,507 per ounce in the quarter, from $1,255 per ounce last year.

Copper AISC rose 10.5% year-over-year, even as it declined quarter-over-quarter.

U.S.-listed shares of the company slipped 1.5% in premarket trading.

Newmont, the world’s biggest gold miner, also reported a rise in costs in the third quarter due to higher contractual labor costs.

Toronto-based Barrick said it was on track for an improved performance in the fourth quarter and expected to reach its 2024 annual production forecast in the range of 3.9 million ounces to 4.3 million ounces.

“The low end of guidance is within reach, in our view, however, heavy lifting required in Q4,” TD Cowen analysts said in a note.

Barrick’s realized price for gold rose 29.4% to $2,494 per ounce during the quarter, tracking a rally in bullion prices following a 50-basis-point rate cut by the U.S. Federal Reserve as well as safe haven demand due to the conflict in the Middle East.

Barrick said full-year production at its Loulo-Gounkoto project in Mali – where it is currently locked in a dispute with the government – would be at the top end of its forecast.

On an adjusted basis, the world’s second-largest gold miner reported a profit of 30 cents per share for the quarter ended Sept. 30, compared to analysts’ average estimate of 31 cents, according to data compiled by LSEG.

(Reporting by Sourasis Bose in Bengaluru; Editing by Sriraj Kalluvila and Pooja Desai)