The majority of select top gold miners recorded increased all-in sustaining costs in the first quarter compared with the previous quarter as attributable production slipped, according to S&P Global Market Intelligence data.

Costs rose for 11 of the 15 analyzed gold miners in the first quarter, and the weighted average mean across the group increased 5.5% to $1,289 per ounce of gold, compared with the fourth quarter of 2022. The analysis comprises gold producers with more than 500,000 ounces of attributable 2022 production that reported output and all-in sustaining costs (AISC) for the first quarter of 2023.

Evolution Mining Ltd.'s AISC increased 22.1% quarter over quarter to $882/oz in the first quarter, representing both the largest percentage increase and the lowest cost among the mining companies analyzed. During the March quarter, Evolution's costs spiraled due to a weather event at its Ernest Henry mine in Queensland, Australia, in early March that reduced gold production by about 6,400 ounces.

B2Gold Corp. followed with an 18.8% jump in AISC to $1,060/oz for the quarter, and AngloGold Ashanti Ltd.'s costs increased 13.9% to $1,619/oz compared with the prior quarterly period.

Ten of the 15 miners posted year-over-year decreases in attributable 2022 gold production. Output from the largest gold producer, Newmont Corp., held relatively flat year over year but decreased slightly, by 0.3% to 5.96 million ounces.

Barrick Gold Corp., the second-largest producer in the analysis, reported a 6.7% decrease in 2022 gold production with 4.14 MMoz. The company said the decline was due to factors including infrastructure issues at Turquoise Ridge in Nevada and the replacement of a rock winder at the Kibali mine in the Democratic Republic of the Congo.

Third-largest producer Agnico Eagle Mines Ltd. booked the largest production increase in 2022 with a 50.3% jump to 3.14 MMoz. Iamgold Corp. had the second-largest increase with an 18.6% rise to 713,000 ounces.

Canada's Equinox Gold Corp. booked the highest first-quarter AISC among the reviewed gold producers at $1,658/oz. AngloGold Ashanti came in second with $1,619/oz and Harmony Gold Mining Co. Ltd. was third with an AISC of $1,588/oz.

Four mining companies booked drops in AISC compared with the previous quarter, with Pan American Silver Corp. logging the largest decline of 20.4%, followed by Iamgold with a 10.6% decrease and Agnico Eagle with an 8.6% drop.

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