Newmont Mining Corp said its gold sales would drop this year and next but would recover in 2008 and 2009 when projects in the United States, Ghana and Australia reach full production.
For the current year, Newmont said it expects equity gold sales - the portion of gold produced at its mines that it owns outright - of 5.6 million to 5.8 million ounces this year, dropping to between 5.2 million and 5.6 million ounces in 2007.
In July, the company forecast sales of 5.9 million to 6.2 million equity ounces of gold this year at costs of $290 to $310 per ounce.
Costs applicable to sales for the rest of the year are expected to be in line with the July guidance, Newmont said.
It said sales for 2006 would be hurt by the Uzbekistan government's appropriation of Newmont's 50 per cent stake in the Zarafshan-Newmont joint venture, lower output in Ghana because of power shortages, and the planned sale of the Holloway mine in Canada.
The loss of gold from the Zarafshan-Newmont venture, and lower production from Yanococha in Peru, will hurt 2007 sales, the company said.