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

Friday 31 March, 2006

Peter Hambro Mining

2005 Trading Update

Peter Hambro Mining PLC
31 March 2006



31st March 2006

                               Peter Hambro Mining Plc
                               2005 Trading Update

Further to the production update provided in January 2006 and in advance of the
Group's preliminary results announcement due to be released in April 2006, Peter
Hambro Mining plc ("PHM" or the "Group") is today issuing an unaudited trading
update for 2005.

Business and operating cost update

PHM is in a period of substantial expansion and the business remains on track to
achieve the 2009 "Million Ounce" target.  PHM's estimate of the economic value
of the Group's operations remains substantially unchanged to that set out in the
January 2006 announcement.  In relation to that announcement, PHM presented unit
cost estimates for the Pokrovskiy Flanks, Pioneer and Malomir deposits based on
actual costs experienced in the first eleven months of 2005 - these estimates
remain unchanged.

However as is common throughout the extractive industry globally, material and
input costs at Pokrovskiy mine and for our Omchak joint venture have experienced
upwards pressure from external factors.  For Pokrovskiy, fuel, energy and plant
consumables prices have increased by 36%, 26% and 30% respectively.

The inflationary pressures that the Group continues to experience will have to
be balanced against the Rouble price of gold and economies of scale.  The
balance of these factors will determine the long-term profitability of the
Group's assets.  In this connection it should be noted that: the Rouble price of
gold has risen by c.38% since 1 January 2005.  The Group is actively
implementing cost optimisation programmes and would hope to benefit from
economies of scale with the amount of material to be moved in 2009 expected to
be six times that moved in 2005.

As a result of tight internal cost control, the preliminary estimate of the 2005
Gold Institute Standard ("GIS") Cash Operating Cost for Pokrovskiy is c.US$125/
oz. - a rise of c.17% compared to 2004.  The cash cost estimate is c.16% below
our previously reported cash operating cost per ounce for the first six months
of 2005.

Omchak suffered particularly from a rise in input costs since it is partly an
alluvial operator with c.40% of its costs are fuel and energy related.  It also
experienced significant foreign exchange translation losses.  Omchak's
preliminary GIS total cash costs are expected to have increased by c.17% to
c.US$360/oz for 2005.


Accounting and financial update

In previous years, the majority of costs incurred in delivering our expansion
programmes have been capitalised by the Group. In 2005, given that large scale
trial mining has commenced at Pioneer, certain costs will, however, be charged
against 2005 earnings as follows:

• US$2.5m increase in payroll expenses relating to staffing and training
  for expansion projects (164 personnel active within Pokrovskiy but working
  toward Pioneer, Malomir and the Pokrovskiy flanks development);

• US$2.3m cost of Pioneer trial mining (including c.US$1m of
  depreciation of Pioneer assets); and

• US$0.5m cost of repair work to equipment utilised at Pioneer.

In addition, the debt service costs of the US$140m convertible bond, amounting
to c.US$4.2m, have had a negative impact on the Group's profit for 2005.

On the basis of current estimates the combined effect of the factors described
in this announcement is expected to lead to the reported net profit of the Group
for 2005 being c.15% below that of 2004.  It is intended that the Group's
preliminary results will be published on Monday April 24th 2006.


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

"The Pokrovskiy mine is reported to be Russia's lowest cost gold producing major
mine.  2005 has seen the commencement of PHM's large expansion programme leading
our million ounce gold production in 2009.  Until 2005 the Group's unit
operating costs had remained relatively constant for the past 3 years, as
inflationary pressures were matched by cost optimisation programmes and
economies of scale.

However our preparation for further expansion, combined with significant input
cost increases for all key raw materials, have impacted the earnings of an
otherwise excellent year in which gross sales rose by c.33%.

Cost control and asset optimisation remain key priorities and unit costs in the
future will benefit as production levels increase towards our million ounce
target."


Enquiries:

Alya Samokhvalova or Marianna Adams               +44 (0) 207 201 8900
Peter Hambro Mining                               www.peterhambro.com

Tom Randell or Maria Suleymanova                  +44 (0) 207 653 6620
Merlin







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