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Peter Hambro Mining - Acquires laboratory business

December 2006

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Peter Hambro Mining has acquired an 80% interest in Russian laboratory research and scientific consulting business Irgirenet, for US$40m. Irgirenet, which is based in the city of Irkutsk, provides a range of services in the testing, development and optimisation of gold, precious metals and diamond projects. The company employs 285 staff, many with extensive gold mining experience and will provide Hambro with much needed boost to its own lab capacity as it strives to develop its burgeoning roster of projects. At first glance, Irgirenet’s exit PE of 36 times last year’s earnings seems high but it also owns certain properties, which makes it look very good value. This acquisition will hopefully ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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Peter Hambro Mining - Acquires laboratory business

December 2006

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