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14

Russian Gold Mine Indeed

British Gold explorer Peter Hambro Mining Plc predicts good prospects in the year ahead

British Gold explorer Peter Hambro Mining Plc predicts good prospects in the year ahead after efficient production at its main Russian mine helped to double 2003 profit.
Peter Hambro, which has its biggest mining assets in Russia's far east said total reserves and resources increased to more than 55 million ounces in the year to December 31 from 12.4 million ounces the previous year.
Retained profit grew to $10.38 million from $5.10 million in 2002.
Its main Russian Pokrovskiy mine was running slightly better than its one million tonne per year capacity and the firm expected production there to increase to 204,000 ounces in 2004 from the 120,000 ounces it produced in 2003, its first full year of operation.
"Our priority remains the increase of production," Chief Executive Peter Hambro said in a statement, adding that this would not be a speedy process.
The shares, listed on London's junior Alternative Investment Market, rose 1.2 percent to 532-1/2 pence in early trade, valuing the company at 341 million pounds ($630 million).