- Agnico Eagle, the world's second-largest gold producer, warned that rising diesel prices could raise gold production costs by as much as $80 per ounce next year.
- The company expects elevated diesel prices to add about $50 to $60 per ounce to Q4 costs, up from roughly $30 per ounce in the prior period, according to CFO Jamie Porter on a Thursday analyst call.
- Miners rely heavily on diesel to power trucks and other equipment, which makes fuel prices a direct input to mining cost inflation.