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Average realized gold prices fell 2.2% to $1,758 per ounce in the quarter from a year earlier, while the all-in-sustaining cost for gold, an industry metric that reflects total expenses associated with production, rose 15% to $1,215 per ounce.

For 2023, Newmont has given production guidance between 5.7 and 6.3 million gold ounces and guided for all-in sustaining cost between $1,150 and $1,250 per ounce.

Miners had to grapple with higher fuel costs, as well as labor shortages in 2022.

On an adjusted basis, the company posted a net income of 44 cents per share for the October-December quarter, compared with the average analyst estimate of 46 cents. Revenue for the quarter fell by 6% to $3.2 billion compared to the year before.

Earlier this month, Newcrest Mining Ltd rebuffed Newmont’s $16.9 billion takeover bid, but left the door open for a better offer.

A source familiar with management’s thinking previously told Reuters that Newmont was open to sweetening its offer.

Denver, Colorado-based Newmont said attributable gold production for the fourth quarter edged up to 1.63 million ounces from 1.62 million ounces in the previous year’s quarter.