Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

  • FEAnalytics.com
  • FEInvest.net
  • FETransmission.com
  • Investegate.co.uk
  • Trustnet.hk
  • Trustnetoffshore.com
  • Trustnetmiddleeast.com

For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email publishing@financialexpress.net in the first instance.

 Information  X 
Enter a valid email address

Peter Hambro Mining (POG)

  Print      Mail a friend       Annual reports

Thursday 29 September, 2005

Peter Hambro Mining

Acquisition

Peter Hambro Mining PLC
29 September 2005


                   Acquisition of 74.9% stake in YamalMining

29 September

Peter Hambro Mining plc ("PHM" or the "Group") announces that it has subscribed
for 74.9% of the shares of OAO "Yamalskaya Gornaya Kompania" ("YamalMining").
The consideration, payable in Roubles, is c.US$10.8 million.  The Group
announced in the interim results, published on 22nd September 2005, that
discussions were ongoing and expected to be finalised in October.

YamalMining owns a number of attractive assets in the Yamal Nenetsk Autonomous
District ("Yamal District").  These include:

   •The 10% of OAO "YamalZoloto" ("YamalZoloto") not already owned by the
    Group.  YamalZoloto is the company currently owning all of the Group's
    interests in the Yamal District of Russia (see 2004 Annual Report & Accounts
    for more information);

   •Further exploration licences close to PHM's YamalZoloto licence area.
    Details of the resources already identified in these licence areas are set
    out below.

   •A 24% stake in a profitable local chrome exploration and extraction
    business.

Both YamalZoloto and YamalMining are located within the Polar Arctic Circle and
are headquartered in Salekhard, the capital of the Yamal District, which is one
of Russia's largest natural gas producing regions.

PHM believes the acquisition considerably strengthens the Group's position in
the region and adds to the Group's resource base without a significant drain on
the Group's cash, since the consideration is being paid as a subscription into
YamalMining which becomes a Group company.

Commenting on the announcement, Peter Hambro, Executive Chairman of PHM, said:

"In April 2004, with our stake in YamalZoloto, we invested for the first time in
the Yamal District.  We have used the same business model that we have used for
over 11 years in the Amur region, which involves the acquisition of high quality
assets that are supported by local expertise and rely on excellent
infrastructure.

Exploration results from our existing licences in the Yamal District -
Novogodnee Monto deposit and PetroPavlovsk ore occurrence, both physical and
analytical, have been encouraging.  A feasibility study on the development of
Novogodnee Monto is expected in early 2006.

Exceptionally easy access to the railway, some 400 metres away from the
YamalZoloto licence area, and to the airport make this area one of the most
accessible mining areas in Russia.

We believe that the new investment, which gives us an increased share in our
existing assets in this region, additional resources and the potential to expand
our exploration activity in a new area, shows our belief that the region will be
a very exciting one for Peter Hambro Mining's future growth."

YamalMining's Exploration Licences

YamalMining owns a number of early stage exploration licenses for polymetallic
ore occurrences and anomalies on the territory of the Yamal District in close
proximity to the area covered by the Novogodnee Monto licence  (owned by the
Group though YamalZoloto).

The Group's exploration team believe there is good potential for upgrading of
the early stage Russian P category resource deposits to C category reserves by
additional exploration and feasibility study work.

On the basis of the information available to date the parts of the licence
territory which we believe to have the most potential are as follows:

1. Ozerno-Pyatirechenskaya zone (ore subzones Ozernii and Pyatirechenskii)
   (c.80 km South of YamalZoloto licence area)

Exploration of the first zone shows mineralisation of chalcopyrite and
pyrrhotite, and to the lesser extent by magnetite, pyrite, millerite,
cobaltiferous pentlandite, sphalerite and galena.

Six drill holes 400 m. in length intersected lenticular orebodies up to 20m in
thickness followed to a depth of 150m.

Sample analysis shows :-

Copper grades of                                       1.16%,
Zinc                                                   0.1%,
Iron oxide                                             12%.


20 samples analysed indicated the following approximate grades:

Platinum                                    0.2 g/t
Gold                                        0.4 g/t
Palladium                                   0.2 g/t
Silver                                      4.5g/t


Copper reserves in the explored area have the potential to be qualified as 150
000 tonnes of C2 type.


P2 Resources in this zone are currently estimated as follows:

Copper                          1.5m tonnes
Titanium                        300,000 tonnes
Iron                            10m tonnes
Cobalt                          55,000 tonnes
Gold                            60 tonnes
Silver                          600 tonnes
PGM                             30 tonnes


2. Rudnogorskii zone (ore subzones Rudnaya Gorka 3 and Rudnaya Gorka 1 )
   (c.80km South of YamalZoloto licence area)

The Rudnogorskii Zone skarn-magnetite occurrences are located 10-15km to the
east of Ozerno-Pyatirechenskaya zone within a volcano-plutonic belt as a series
of magnetite ore occurrences and deposits with a geological structure very
similar to the Novogodnee Monto type. These occurrences are represented by
sulphide magnetite skarns and metasomatite zones with sulphides.

Rudnaya Gorka 3  is located on the watershed of the river Tan'yu and El'kashor.
Exploration was carried out in 1952 and discovered a sulphide-magnetite deposit
represented by lenticular and tabular ore bodies with three bodies 50 meters in
length and 3 meters thickness and two bodies 150m x 6m and 25m x 4m.
Aeromagnetic surveying suggested a complex  copper-gold-platinum-palladium ore
structure.

Results of 65 trench samples and 60 point samples indicate the presence of high
concentrations of

Copper                            up to 1.41%
Gold                              up to 2.15g/t
Palladium                         up to 1.66 g/t
Platinum                          up to 0.26 g/t


with a considerable correlation between the distribution of precious metals and
base metal sulphides.

P2 resources in this zone are currentlyestimated as follows:

Copper                                            1m tonnes
PGM                                               40 tonnes
Iron                                              10m tonnes
Titanium                                          700 tonnes
Vanadium                                          1.5m tonnes
Gold                                              40-50 tonnes
Magnetite ores (P2+P3)                            345m. tonnes


3. Shuchinskaya metallogenic zone (c.100 km North of YamalZoloto licence area)

Magnetite-skarn deposits of Shuchinskauya metallogenic zone (associated with the
Nerutsvakha ore deposit) include the deposit Yun'-Yaga and 18 ore occurrences
around it containing C2 reserves of iron oxide of 72m tonnes and P1 and P2
resources of 139m tonnes.

The Sibileinaya ore occurrence P2+P3 category is estimated at 219m tonnes of
iron oxide. The mineralisation was not systematically analysed for gold, but
isolated samples with grades of 10.5g/t, 7.6g/t., 5.3g/t indicate the presence
of gold mineralisation.  By analogy with other deposits of a similar type, it
can be estimated that this represents a P3 category resource of 400 tonnes of
gold.


Chromite Company

YamalMining owns 24% of the issued capital of OAO "Kongor-Chrom", a chromite
concentrate mining company, the majority shareholder of which is OAO
"Chelyabinskii Elektrometallurgicheski Kombinat" the main buyer of the
concentrate.

OAO "Kongor-Chrom" in 2004 mined c.300,000 tonnes of chromite ore per annum
(with planned expansion to 1 million tonnes per annum) with grades of 0.25-45%
and enriches it to 40-50% by preliminary crushing, selection, dry
electromagnetic separation and wet gravitation.

Brief details supplied to PHM are:

   •The cost per tone of concentrate ranges from US$60-$80/t

   •The market price of 40% concentrate is US$130/t

   •The reserves/resource base is at C1 30m tonnes and P2+P3 400,000m tonnes


Enquiries:

Investor Relations, Peter Hambro Mining

Alya Samokvalova (Director of External Communications) / Marianna Adams

+44 (0) 20 7201 8900

Merlin

Tom Randell / Maria Suleymanova

+44 (0) 20 7653 6620


                      This information is provided by RNS
            The company news service from the London Stock Exchange