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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: goldsheet who wrote (70860)	5/31/2001 4:15:21 PM
From: long-gone	Read Replies (1) \| Respond to of 116814

lower production? All Headlines <news.gsp?s=NEM> Newmont Mining to begin development of two gold fields in Uzbekistan TASHKENT, Uzbekistan, May 30, 2001 (AP WorldStream via COMTEX) -- U.S. company Newmont Mining Corp. plans to begin development of two gold fields in the Central Asian country of Uzbekistan, the company announced Wednesday. An agreement between the Denver-based corporation and Uzbekistan's Zarafshan company for the development of Kyzylmasai and Kochbulak fields, some 80 kilometers (50 miles) southwest of the capital Tashkent, is expected to be signed in September, said the head of Newmont Mining's Uzbekistan branch, Bakhrom Salakhitdinov. Under a previous agreement, Zarafshan-Newmont has extracted more than 65 metric tons (71.5 short tons) of gold at the Muruntau quarry, in the Kyzylkum desert, since the joint venture was founded in 1995. This year's production at the field is expected to be around 12.5 metric tons (13.75 short tons) of gold, down from 15.4 metric tons (16.94 short tons) last year, as the reserves are gradually depleting, according to the company. While no official figures are released, Uzbekistan's total gold extraction last year is estimated at 80 metric tons (88 short tons). The country is the world's sixth-largest gold producer. The government wants annual gold production to reach 125 metric tons (137.5 short tons) by 2005. Copyright 2001 Associated Press, All rights reserved siliconinvestor.com