Oct 23 (Reuters) - Newmont ( NEM ), the world's largest

gold miner, beat Wall Street estimates for third-quarter profit

on Thursday as record-high gold prices helped offset a drop in

its production levels.

Gold prices have repeatedly set new records this year as

investors turned to the safe-haven asset amid the uncertainty

triggered by U.S. President Donald Trump's tariff policies and

escalating geopolitical tensions.

Newmont ( NEM ) said it realized an average gold price of $3,539

per ounce in the three months ended September 30, up from $2,518

a year earlier.

The price rally helped cushion a 15% decline in gold output

to 1.42 million ounces during the quarter.

The company's production was impacted by lower ore

grades and planned maintenance at its Penasquito mine in Mexico

and Lihir mine in Papua New Guinea, along with the completion of

mining at the Subika open pit in Ahafo South in July.

Shares of the company were down 2.5% in extended trading

following the results.

The production decline followed a broader restructuring

effort after the company's $17.14 billion acquisition of

Australian miner Newcrest, with Newmont ( NEM ) selling non-core assets

to reduce debt.

All-in sustaining costs for gold fell about 2.8% to

$1,566 per ounce in the third quarter, reflecting stronger

pricing and operational efficiencies.

Newmont ( NEM ) expects capital spending to rise in 2026 as it

advances its key projects, including tailings work at Cadia and

a potential expansion at Red Chris.

The company last month appointed Natascha Viljoen, its first

female CEO, to succeed Tom Palmer.

The gold miner posted quarterly profit of $1.71 per share on

an adjusted basis, beating analysts' average estimate of $1.43,

according to data compiled by LSEG.