Gabriel Resources nu are resurse cit Newmont, este doar un pitic mic care vrea
sa dea un tun mare !
Aug. 16, 2006, 6:43AM
Newmont Uzbek Venture Declared Bankrupt
© 2006 The Associated Press
TASHKENT, Uzbekistan - An Uzbek court has declared bankrupt the local joint
venture of Newmont Mining Corp., a government-run newspaper reported Wednesday,
likely ending the U.S. company's gold operations in Uzbekistan.
The Zarafshan-Newmont joint venture owned by Newmont and the Uzbek government
was declared bankrupt last Thursday over back taxes of $48 million, according
to a statement published in the Narodnoye Slovo newspaper.
The Uzbek Anti-Monopoly State Committee said in the statement that the mining
venture's creditors would meet on Sept. 19, and that it had appointed a
temporary manager. Newmont officials in Uzbekistan were not available for
Colorado-based Newmont, one of the world's largest gold producers, said last
week that Uzbek authorities were trying to seize its part of the venture. It
complained of officials opening a criminal probe into its operations and
staffers, freezing its bank accounts and blocking shipments from the venture's
Muruntau mine, 250 miles west of the Uzbek capital, Tashkent.
In recent months, President Islam Karimov's government has hounded
foreign-funded aid groups and media outlets, forcing many to leave the tightly
controlled Central Asian state.
Relations with the United States soured after Washington joined with European
countries in calling for an independent probe into the bloody crackdown on last
year's uprising in the eastern city of Andijan.
When Newmont started the venture in 1995, Karimov welcomed it, promising a
"regime of special favors" and tax privileges.
The venture produced gold from stockpiles generated by one of the world's
largest open pit gold mines. The company says direct economic benefit to
Uzbekistan from the venture has exceeded $500 million.
Based in Denver, Newmont has operations in Nevada, Australia, Peru, Indonesia,
Canada, Uzbekistan, Bolivia, New Zealand and Mexico.
The Uzbekistan dispute is the third international trouble that Newmont has
faced recently. The other two involve a jobs protest in Peru and the ongoing
trial of a Newmont executive in Indonesia.
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