I was wondering what was going on with NEM myself. I found this article from NewsWatch today. It looks like they’re going to be having problems for awhile…
“NEW YORK (MarketWatch) — Newmont Mining Corp. Wednesday said it expects equity gold sales to temporarily decline before increasing once development projects in Nevada, Ghana and Australia reach full production rates in 2008 and 2009. Denver-based Newmont now expects equity gold sales of 5.6 million to 5.8 million ounces for 2006 and of 5.2 million to 5.6 million ounces for 2007. The company cited lost sales from the Zarafshan-Newmont joint venture and lower than expected production from the Yanacocha project in Peru for the decline. Newmont also said it expects costs related to sales for 2007 to rise between 20% and 25% from its anticipated 2006 level of between $290 and $310 per ounce. The company also said it expects to generate pre-tax gains of about $295 million from the sale of its Black Gold heavy oil property in Canada and the Martabe project in Indonesia. It expects the gains to be partially offset by a $94 million non-cash write-off of the Zarafshan-Newmont joint venture due to the Uzbek government’s expropriation of the company’s assets. The company also agreed to acquire a 40% interest in Shore Gold Inc.’s Fort a la Corne joint venture, located in Saskatchewan, Canada, for $153 million.”
Take a look at some of the other players like NXG, SA and EGO. They’re not having any problems and are making gains.