Newmont Mining (NEM) Sees Decline in Equity Gold Sales
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Newmont Mining Corporation (NYSE: NEM) announced that equity gold sales are expected to temporarily decline before increasing after development projects in Nevada, Ghana and Australia achieve full production rates in 2008 and 2009.
For 2006, the Company now expects equity gold sales of between 5.6 and 5.8 million ounces, primarily as a result of the expropriation of the Company's 50% interest in the Zarafshan-Newmont Joint Venture in Uzbekistan, lower production in Ghana caused by nationwide power shortages, and the expected sale of the Holloway mine in Canada. Costs applicable to sales for the remainder of 2006, however, are expected to be in line with previous guidance of $290 to $310 per ounce.
In 2007, the Company expects equity gold sales of between 5.2 and 5.6 million ounces, primarily as a result of lost sales from the Zarafshan- Newmont Joint Venture and the previously announced lower expected production from Yanacocha in Peru. Costs applicable to sales for 2007 are expected to be approximately 20% to 25% higher than 2006, primarily as a result of higher costs at Yanacocha.
For 2006, the Company now expects equity gold sales of between 5.6 and 5.8 million ounces, primarily as a result of the expropriation of the Company's 50% interest in the Zarafshan-Newmont Joint Venture in Uzbekistan, lower production in Ghana caused by nationwide power shortages, and the expected sale of the Holloway mine in Canada. Costs applicable to sales for the remainder of 2006, however, are expected to be in line with previous guidance of $290 to $310 per ounce.
In 2007, the Company expects equity gold sales of between 5.2 and 5.6 million ounces, primarily as a result of lost sales from the Zarafshan- Newmont Joint Venture and the previously announced lower expected production from Yanacocha in Peru. Costs applicable to sales for 2007 are expected to be approximately 20% to 25% higher than 2006, primarily as a result of higher costs at Yanacocha.
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