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Peter Hambro Mining (POG)

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Thursday 25 June, 2009

Peter Hambro Mining

Results of AGM & Update

RNS Number : 5169U
Peter Hambro Mining PLC
25 June 2009
 





RESULTS OF AGM & UPDATE



25 June 2009


Peter Hambro Mining Plc (the "Company" or the "Group") announces that the Annual General Meeting of the Company was held at 12 noon today. All of the resolutions proposed, as set out in the notice of the meeting to shareholders dated 20 May 2009, were duly passed on a show of hands.


Full details of the proxy votes received from shareholders prior to the meeting for each resolution will be made available on the Company's website www.peterhambro.com.


Following the AGMa presentation was given to shareholders on the progress of the Group's production plans and development projects. The following comments were made about production and costs:


Production

  • Gold production for the first 5 months has been slightly above plan and the Pioneer project's Phase 2 is currently on track to commission in July, with ramp up to full production expected  during the third quarter. Subject to any unexpected commissioning problems, production for the full year is expected to be towards the upper end of the Company's forecast range of 460,000-510,000 oz (published on 6 March 2009). Further detail on production is expected to be published in the Company's trading update (20 July 2009).

Costs

  • Underlying unit production costs are in line with plan.  As forecast, production volume increases and the processing of high grade material that has been encountered have had a corresponding beneficial effect on unit costs-per-ounce.  

  • As part of the Company's stated aim to increase financial transparency, it has been decided that, in addition to publishing Gold Institute Standard (GIS) production costs, it expects to publish a more detailed and comprehensive production cost analysis. The 2009 Interim Statement, expected to be released on 27 August 2009, will contain this data for the first time.



In accordance with Listing Rule 9.6.2, two copies of the resolutions passed at the Annual General Meeting will shortly be available for inspection at the UK Listing Authority's Document Viewing Facility which is situated at 25 The North Colonnade, Canary Wharf, London E14 5HS.


 



Enquiries:


Peter Hambro Mining Plc

Alya Samokhvalova 

Charles Gordon 

Rachel Tuft



+44 (0) 20 7201 8900

Merlin

David Simonson 

Tom Randell 

Maria Suleymanova 


+44 (0) 20 7653 6620



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