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Wednesday, 27th September 2006 (3225 views)

The world's largest gold producing company, Newmont Mining, has said it expects its gold sales to drop over the next two years before it expects to experience a recovery in 2008 and 2009.

Newmont said that some of its major new developments in Ghana, the United States, and Australia are not projected to be in full production for at least two years and as a result its overall sales would fall until then.

Equity gold sales – the portion of gold Newmont produces at its wholly-owned mining sites – are expected to fall from 5.6 to 5.8 million ounces this year to somewhere between 5.2 and 5.6 million ounces in 2007.

The loss of production from Newmont's Holloway mine in Canada, which it plans to sell, and the acquisition of the company's 50 per cent stake in an Uzbekistani mine by the national government there will curb its 2007 figures.

However, the company's previous forecasts of production levels this year, which were published in July, are still on track to be met, Newmont said.

 

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