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Friday, 16th April 2004 (7083 views)

Gold explorer Peter Hambro Mining Plc has reported that retained profit jumped to $10.38 million last year, from $5.10 million in 2002, largely due to on-target production at its main Russian Pokrovskiy mine.<BR/><BR/>The company announced that it expected to have a good 2004 after doubling profits in 2003 and said its main Russian mine was running slightly better than its one million tonne per year capacity. Peter Hambro predicts production at the mine will increase to 204,000 ounces in 2004, from the 120,000 ounces it produced in 2003, its first full year of operation.<BR/><BR/>High metals prices have helped mining stocks perform better than expected in the past year and profits at Peter Hambro Mining leapt 73 per cent during 2003, while turnover increased from $22.7 million to $43.7 million and pre-tax profit rose from $9.4 million to $16.3 million. Shares in the mining firm jumped by 4.1per cent to 547.5p following the announcement.<BR/><BR/>The British company, which has its biggest mining assets in the far east of Russia, said total reserves and resources increased to more than 55 million ounces in the year to December 31st, up from 12.4 million ounces the previous year. <BR/><BR/>"Our priority remains the increase of production," Chief Executive Peter Hambro said in a statement. <BR/><BR/>Peter Hambro Mining signed a joint venture last month with Australian firm Rio Tinto, the world's second-biggest miner, to explore gold in potentially lucrative far eastern Russia.

 

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