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

Monday 20 July, 2009

Peter Hambro Mining

Trading Update

RNS Number : 9131V
Peter Hambro Mining PLC
20 July 2009
 



20 July 2009

Trading Update

Peter Hambro Mining Plc ("PHM" or the "Group") issues this trading statement as an update and in advance of its interim results for the six months to 30 June 2009 which are expected to be issued on 27 August 2009.

Highlights

Production Update:

  • Total first half attributable gold production¹ of c.222,600oz, up 54on the same period last year. Historically, production during the first half of the year is lower than the second half due to more significant contribution from alluvial and heap-leach operations in the second half. Production in H2 2009 will be additionally boosted by the commissioning of the second processing line at Pioneer; 

  • Pioneer deposit's first half gold production of 118,100oz² (compared with 38,800oz² in H1 2008) reinforces the Group's confidence in delivering its full year production target of approximately 500,000oz;

  • Pioneer deposit's expansion works remain on track with the second mill expected to ramp up to full capacity in September 2009;

  • Pokrovskiy deposit's first half gold production was 91,700oz² (compared with 92,100oz in H1 2008), in line with the Group's forecasts;

  • PHM's joint ventures and alluvial operations contributed a further c.12,800oz (compared with c.13,700oz in H1 2008) to total production for the first half;

  • The Group sold 210,000oz of gold in H1 2009 (versus 118,800oz in H1 2008). Joint ventures do not form part of the Group's gold revenues and are therefore excluded from the gold revenue numbers.


Gold Price and Costs

  • Unit costs at the Pokrovskiy and Pioneer deposits for the first half of the year were in line with the Group's internal forecasts for the first six months of the year;

  • Average realised gold sales price of US$917/oz, up c.2% on the same period last year;

Exploration and Development

  • Malomir project on track for commissioning in the second half of 2010;

  • Kuranakh's Olekma iron ore processing plant on track for commissioning at the end of 2009;

  • Group exploration activities have produced promising results in the first half which are expected to be published in detail with the Group's interim results on the 27 August 2009.

¹Total attributable gold production, as stated throughout this document, is comprised of 100% of production from the Group's subsidiaries and the relevant share of production from joint ventures. The Company's direct and indirect interest in Pokrovskiy Rudnik (and any interest held by Pokrovskiy Rudnik) is 98.61%.


²In H1 2009, some of the gold from Pioneer deposit was processed through Pokrovskiy mill. Pioneer gold processed through Pokrovskiy mill is included in the Pioneer deposit figures. Figures for H1 2008 are restated accordingly. 


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

"The increase in gold production during the first half of 54% compared to the same period a year ago is in itself very pleasing and gives us considerable confidence about our production growth plans at Pioneer and Malomir.

"We have remained resolute in our efforts to manage costs and guard our position as a low cost producer and I am pleased to report a solid performance in this respect. In our iron ore business, the Olekma processing plant is on track for commissioning at the end of 2009 and we are pleased to see some signs of recovery in the iron ore market." 











Table 1: Total Attributable Gold Production

Summary Production 

6 months to 30 June


2009

2008

Var. %

Mine

'000oz

'000oz


Pokrovskiy deposit³

91,700

92,100

(0.4%)

Pioneer deposit³

118,100

38,800

204.4%

JV and Alluvials

12,800

13,700

(6.6%)

Total

222,600

        144,600

53.9%

³In H1 2009, some of the gold from Pioneer deposit was processed through Pokrovskiy mill. Pioneer gold processed through Pokrovskiy mill is included in the Pioneer deposit figures. Figures for H1 2008 are restated accordingly. 


Pokrovskiy deposit

All of the Pokrovskiy deposit's operations performed in line with expectations in the first half, yielding 91,700oz of gold (excluding Pioneer ore processed via the Pokrovskiy mill). This figure is in line with the corresponding period in 2008 and the Company's plan. In the first half of 2009, part of the mining fleet from the Pokrovskiy mine was relocated to Pioneer to meet increasing volumes there. 


Recovery rates at the RIP plant in the first half were slightly lower due to the significant proportion of primary material in the blend for the mill. Some of the decrease in ore (-24% versus H1 2008) stacked at heap leach pads was due to unfavourable weather conditions in May and June.


Table 2: Pokrovskiy Mining and Processing Operations

Pokrovskiy Mining Operations



6 months to 30 June


Units

2009

2008

Var. %

Mining





Total Material Moved

`000 m³

2, 641

2,899

(8.9%)

Ore mined 

t `000

972

1,059

(8.2%)

Average grade

g/t

2.8

3.2

(12.5%)

Gold content

oz `000

87.5

107.5

(18.6%)

Pokrovskiy Processing Operations



6 months to 30 June


Units

2009

2008

Var.%

Resin in Pulp Plant





Ore from pit

t `000

572

632

(9.5%)

Average grade

g/t

3.9

4.3

(9.3%)

Ore from stockpile

t `000

263

125

110.4%

Average grade

g/t

3.9

3.6

8.3%

Pioneer Ore 

t `000

35

81

(56.8%)

Grade

g/t

10.0

15.8

(36.7%)

Total milled

t `000

870

837

3.9%

Average grade

g/t

4.2

5.3

(20.8%)

Gold content

oz `000

116.2

142.4

(18.4%)

Recovery rate

%

83.9%

86.7%

(3.2%)

Gold recovered

oz `000

97.5

123.5

(21.1%)

Heap Leach





Ore stacked

t `000

311

410

(24.1%)

Average grade

g/t

0.8

0.8

-

Gold content

oz `000

8

11

(27.3%)

Recovery rate

%

44.0%

39.0%

12.8%

Gold recovered

oz `000

3.6

4.3

(16.3%)

Total





Gold recovered

oz `000

101.1

127.8

(20.9%)

including





Pokrovskiy

oz `000

91.7

92.1

(0.4%)

Pioneer

oz `000

9.4

35.7

(73.7%)


Pioneer deposit

During the first half, mining volumes were increased almost threefold compared with the same period in 2008 in order to provide uninterrupted feed for the current increased capacity rate of the Pioneer mill and to prepare for the mill's further expansion in the second half of 2009. Consequently, the mining fleet was also expanded with additional excavators, bulldozers and 90 tonne pit trucks.


The new plant performed consistently and in line with its internal design parameters.


The Andreevskaya deposit continued to produce high grade material throughout the first half of the year and thus the decision was taken to process all ore through the sorption plant without using the heap-leach operations in order to optimise gold recoveries.


Table 3: Pioneer Mining and Processing Operations

Pioneer Mining Operations   6 months to 30 June   


Units

    2009     2008    Var. %

Total Material Moved

`000 m3

3,503

1,258

178.5%

Ore Mined

`000 t

399

174

129.3%

Grade

g/t

10.1

9.5

6.3%

Gold

`000 oz

129.0

52.8

144.3%

Pioneer Processing Operations4



6 months to 30 June


Units

2009

2008

Var.%

Ore from pit

t`000

60

-

-

Average grade

g/t

3.7

-

-

Ore from stockpile

`000

261

88

196.6%

Average grade

g/t

13.1

2.5

424.0%

Total milled

`000

321

88

264.8%

Average grade

g/t

11.3

2.5

352.0%

Gold content

oz `000

116.6

7.1

1,542.3%

Recovery rate

%

93.2%

43.7%

113.3%

Gold recovered

oz `000

108.7

3.1

3,406.5%

4Does not include material processed by the Pokrovskiy mill

Pioneer development 

During the first half, the second mill and associated equipment were installed and testing of mills and pumps has commenced.


Construction of all facilities required by the increased capacity of the mine (accommodation, canteen, office buildings and workshops) has also been completed.


Alluvial Production 

The Group`s alluvial mining operations, OAO ZDP Koboldo, ZAO Amur Dore and OOO Elga, produced c.5,400 oz of gold in the first half of the year, which was c.13% increase on the same period in 2008. Extensive exploration was carried out at seven new sites with potential to add to current gold reserves.


Joint Ventures 

Omchak Joint Venture

Omchak produced c.14,000oz of gold in the first half of 2008, in line with expectations.  PHM`s attributable share of production was c.7,000oz . 

Omchak also carried out exploration at three projects in the Chita Region in accordance with approved plans and licence conditions. 

 

Amur Region Joint Ventures

In the first half of 2009, OOO Odolgo JV (formerly the Rudnoye JV) produced c.900oz with PHM having a 50% share.

Project update

Malomir

The rapid development of the Malomir project continued in the first half of 2009. The project's powerlines and all main internal roads were completed with construction of other support facilities also progressing according to plan. The sites for the plant and tailings dam havbeen prepared and construction of the main plant area has started


A new mining fleet has been delivered and in August 2009, advanced stripping will commence at the Quarzitovoye deposit. Further deliveries are due by October and with contracts already signedit is expected that all remaining equipment will be delivered to the site between November 2009 and March 2010.

Kuranakh

Construction has continued at the Olekma process plant site. The concrete foundation plinths are complete and the majority of the larger equipment has been installed including the ball mills, thickeners and driers. All of the remaining equipment necessary for completion of the plant has been delivered to the site and the heating plant, currently under construction, will be operational by winter. The plant is on schedule for commissioning in the second half.

Conference Call 

There will be a conference call today to discuss the announcement at 14:00 (London time). 


Details to access the conference call are as follows: 

The Dial-in number in the UK will be: 0800 953 0937

The Dial-in number is Russia will be: 8108 002 097 2044 

Elsewhere, the Dial-in number will be: +44 (0)1452 569 103 


The Conference ID in all cases will be20217449




Enquiries:

Peter Hambro Mining Plc

Alya Samokhvalova - Group Head of External Communications

Charles Gordon - Investor Relations Officer

Rachel Tuft - Investor Relations Officer

+44 (0) 20 7201 8900


Merlin

David Simonson 

Tom Randell 


+44 (0) 20 7653 6620



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