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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers
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To: marcos who wrote (17416)8/3/2006 12:40:18 AM
From: Proud Deplorable  Read Replies (2) of 78410
 
Newmont Mining says some gold, assets seized by Uzbekistan

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WASHINGTON (MarketWatch) -- Newmont Mining Corp. (NEM) said Wednesday that some gold and assets of its joint venture in Uzbekistan were seized by that country's tax authorities, and that the joint venture's ability to operate normally has been impaired.
The Zarafshan-Newmont joint venture's gold shipments out of the country were halted, Newmont said in a filing with the Securities and Exchange Commission, and as a result, the company's London bank account containing $14 million was frozen by the European Bank for Reconstruction and Development. The join venture has an outstanding debt obligation with the bank of about $20 million.
The seizure was a result of the joint venture's losing an Ukbekistan economic court case in June. The court ruled that the joint venture owed $48 million in back taxes.
Newmont said it will appeal the ruling, and that the joint venture has an Uzbekistan government decree that protects it from changes in the country's tax laws.
Newmont owns a 50% share of the joint venture and sold 122,700 ounces of gold from it in 2005. Newmont sold 1.84 million ounces of gold from all its operations in 2005, according to past SEC filings.
Newmont's share in the joint venture represented 1.69 million ounces of the company's proven and probable gold reserves as of Dec. 31, 2005.
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