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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (28496)	11/5/2008 8:52:55 PM
From: LoneClone	Read Replies (1) \| Respond to of 193209

Russia-focused Peter Hambro boosts Q3 output, delays LSE main board listing miningweekly.com By: Esmarie Swanepoel Published on 5th November 2008 JOHANNESBURG (miningweekly.com) - Russian gold-miner Peter Hambro Mining’s (PHM’s) September quarter attributable gold production increased by 32%, the company reported that it remained on track to its full-year target. The third-quarter increase was mainly attributable to the consistent improvements in production at the company’s Pokrovskiy mine, as well as the commissioning of the new plant at the Pioneer mine, which came online during June/July this year. Preliminary production statistics for October also indicted that the two mines produced about 36 400 oz, with production from Pioneer almost doubling to 12 100 oz, compared with the September output of 6 600 oz. PHM said it was carefully reviewing its exploration, construction, and maintenance expenditure for 2009, with a view of increasing capital availability for its priority expansion and development projects, which would include Pokrovskiy, Pioneer, and the Malomir project. PHM executive chairperson Peter Hambro said that the company remained on track to meet its 2008 forecasted production of between 350 000 to 400 000 oz. “While we fully understand that we are in an industry that is suffering from significant escalation in operating costs, we remain confident that PHM will continue to operate in the lowest quartile of the global gold production cost curve. In the meantime, development of Pokrovskiy, Pioneer, and Malomir continues as planned.” Production at the Malomir project was set to start in the first half of 2010, while Pioneer’s second crushing and grinding line was set to come online in the first half of 2009. PHM further reported that the company had decided to postpone its application for admission of its ordinary shares to the official list of the UK Listings Authority, and to trade on the main market of the London Stock Exchange. “We have taken the decision to postpone the move of our listing and I am sure that, in the present difficult market conditions, it is the right one. We have waited to see if things would improve in the short term, but although there are now some signs of optimism returning, we are a long way from the conditions that previously prevailed,” said Hambro.