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Peter Hambro Mining - Substantiall higher grades of gold found at Pioneer deposit

November 2004

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.

  • Epic Code:
  • POG
The shares have powered ahead by over 70p this month not just because interim results matched its trading statement in July, but morebecause of burgeoning excitement that its Pioneer deposit may hold substantially higher grade gold than first thought. For the six months ended 30 June, pretax profit increased 53% to US$4.4m, on turnover up 61% to US$28.1m. The flagship Pokrovskiy mine produced 74,332 oz of gold, a 56% increase year on year and remains on track to produce its target of 204,000 oz for the year, while cash operating costs fell 7% to US$130. The group has also achieved production capacity of 1.5m tonnes ore per year (up from 1.0 tonnes) at its recently upgraded heap-leach plant. The only disappointmen ...

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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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