THE world�s biggest gold producer, Newmont Mining Corp lowered its forecast for gold sales in 2006 to between 5.6-and 5.8 million ounces. The company attributed the decrease to the expropriation of 50 per cent of its business interest in Uzbekistan, lower production in Ghana caused by nationwide power shortages, and the expected sale of a mine in Canada. Costs applicable to sales for the remainder of 2006 are expected to be in line with previous guidance of $290 to $310 per ounce.

The company said the decline was only temporary and would increase after development projects in Nevada, Ghana and Australia achieve full production in 2008 and 2009.

In 2007, the company expects equity gold sales of between 5.2 and 5.6 million ounces. Costs applicable to sales for 2007 are expected to be approximately 20 per cent to 25 per cent higher than 2006.