Peter Hambro Mining PLC
01 December 2006
1st December 2006
Peter Hambro Mining PLC
Regulatory update: Positive comments from Amur Region authorities
Further to the Company's announcement of 29 November 2006 concerning questions
raised over the company's licences by Rosprirodnadzor Moscow, Peter Hambro
Mining welcomes statements made by officials of the Amur Regional offices of
Rosprirodnadzor and Rostekhnadzor about their views on Peter Hambro Mining's
assets in the region, published in an interview with the Russian news service
Interfax 1st December 2006. These agencies in the Russian Far East are
responsible for inspecting and supervising the Group's major production assets.
It is Peter Hambro Mining's understanding that further inspections of some or
all of the Group's mining licences in Russia may well be instigated but the
company is pleased to note the positive comments from the officials of
Rosprirodnadzor and Rostekhnadzor in Blagovshensk, Amur Region. Interfax reports
to the effect that, following the routine inspection made in 2005, these
agencies have no further questions for Peter Hambro Mining about the fulfilment
of license conditions. The next routine inspection is scheduled to take place in
2007. The officials do not rule out spot inspections however.
The Company continues to welcome any and all official inspections of its
Public statements made by Rosprirodnadzor in Moscow suggest that it has
submitted, or is considering submitting, a paper to Rosnedra, (the Russian
Subsoil Agency of the Natural Resources Ministry,) the regulatory body that
determines on mining licence matters, and that this paper alleges certain
breaches of Peter Hambro's licences, at Novogodnee-Monto in the Yamal Region.
This paper covers two exploration licence areas within Peter Hambro Mining's
portfolio of approximately fifty licences.
While the public statements made by Rosprirodnadzor refer to a total of five
licences the Company understands that the comments relate to three licences
which are no longer any part of Peter Hambro Mining following the Company's
disposals of its minority interests in these assets as disclosed in the
Company's last annual report.
Peter Hambro Mining has still not received formal notification in relation
to such a paper, and is therefore not in a position to comment on any of the
All the Group's operations are regularly inspected from an environmental and
health and safety point of view. In this context, Peter Hambro Mining is not
aware of any material environmental or health and safety regulatory
infractions. However, Peter Hambro Mining will of course work with the relevant
regulatory authorities to address any concerns that are raised with the Company.
The Company's understanding is that before any decision would be made by the
competent authorities in relation to any of its mining licences the Company
would be involved in a process under which it could challenge and / or remedy
any alleged breaches before any punitive action is taken by the authorities
Commenting on the above, Mr Peter Hambro, Executive Chairman said:
"It is reassuring that the authorities with whom we work at the local level
speak positively about our operations since we have a long history of working
with the Ministry of Natural Resources and the relevant regulatory authorities
in Russia at both local and federal levels. In connection with the recent media
reports we look forward to working with the authorities to clarify any issues
they wish to address."
Peter Hambro, Executive Chairman +44 (0) 207 201 8900
Peter Hambro Mining Plc
Tom Randell / Maria Suleymanova +44 (0) 207 653 6620
This information is provided by RNS
The company news service from the London Stock Exchange