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”).


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.


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.


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.


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.


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.


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.


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.


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.


If you want more information or have any questions or comments relating to our privacy policy please email [email protected] in the first instance.

 Information  X 
Enter a valid email address

Peter Hambro Mining (POG)

  Print      Mail a friend       Annual reports

Thursday 10 July, 2003

Peter Hambro Mining

Re Joint Venture

Peter Hambro Mining PLC
10 July 2003

For release on 10th July 2003

                            PETER HAMBRO MINING PLC

  Establishment of Joint Venture ZAO "Omchak" in Magadan Region of Russia with
                           Susumanzoloto and Shkolnoe

                  Acquisition of 100% of Kolyma Bank in Magadan

Establishment of Joint Venture

Further to the announcement on 17 February 2003, Peter Hambro Mining PLC ("PHM")
announces that it has completed formalities with OAO Susumanzoloto and OAO
Shkolnoe to establish ZAO Omchak ("Omchak"), a joint venture - in the form of
closed joint stock company - in the city of Magadan in the far north east of the
Russian Federation.

The Russian participants in Omchak have agreed to contribute controlling stakes
in two operating gold mining companies in the Magadan region - ZAO Nelkobazoloto
and OAO Berelekh for their 50 per cent interest in Omchak. Nelkobazoloto is part
of the gold mining company Shkolnoe, and Berelekh is part of the Susumanzoloto
mining group which is owned and operated by Mr. Vladimir Khristov, a well known
gold miner in the Magadan Region. The Russian participants have guaranteed a
minimum dividend flow to the joint venture for the next 5 years of US$ 7.2

PHM has agreed to contribute US$7.2 million in cash for its 50 per cent.
interest and has received an independent valuation from Micon and NBL Gold.

Peter Hambro, Dr. Pavel Maslovsky and Mr Sergei Ermolenko will join the board of
Omchak as representatives of PHM and Mr Khristov and two others will represent
the Susumanzoloto interests. Mr Khristov will act as Chairman of the Board.

As previously announced, one of the principal purposes for creating the joint
venture is to enter a bid to purchase the Russian Government's 38% stake in the
Matrosov Mine in the Magadan region, which is expected to be put up for auction
in the early autumn of 2003. The main asset of the Matrosov Mine is a licence
for the Natalkinskoye hard rock deposit.

Acquisition of 100% of Kolyma Bank

In addition, and as part of PHM's increased involvement in Magadan and Chukhotka
Regions, PHM's 97.7% subsidiary, JSC Pokrovskiy Rudnik, has acquired 100% of
Kolyma Bank in Magadan for approximately US$ 3.7 million. Kolyma Bank has 6
branches in Magadan and 3 in Chukhotka and specialises in supplying finance to
the gold mining industry in these areas. Profits of Kolyma Bank for 2002
amounted to US$ 400,000. The vendors have warranted quality of the bank's loan
book for a period of 1 year and will deposit the acquisition consideration at
the bank for this period in support of the warranty.

Mr. Khristov will act as Chairman of the Kolyma Bank and day to day management
will be overseen by ExpoBank, Moscow, which in a separate agreement has agreed
to acquire Kolyma Bank from Pokrovskiy Rudnik within 12 months at the same

Peter Hambro, the Chairman of Peter Hambro Mining plc, commented:

"This is Peter Hambro Mining's first major step in gold mining outside our home
base in the Amur Region and the potential to develop these assets is promising.
If we were to be successful in the Matrosov Mine auction this would expand our
operations even further.

The strategic alliance with Mr Khristov and the Susumanzoloto gold mining group
is also an important step for us. In addition, Kolyma Bank's gold lending
activities are expected to generate a number of expansion leads for the group.


Alya Samokhvalova                           Peter Hambro Mining PLC

                                            +44 20 7393 0102

David Simonson / Nicola Davidson            Merlin Financial

                                            +44 20 7606 1244/+44 7711 709170

Peter Hambro Mining plc - General background information

Peter Hambro Mining is a London-based mining company, whose principal assets are
97.7% of JSC Pokrovskiy Rudnik ("JSCP") and 100% of the Tokur Deposit. JSCP
operates 2 gold deposits in the Amur Region of Russia. Its principal deposit is
the Pokrovskiy mine, which is expected to produce c.120,000 ounces in 2003 and
has been operating since 1999 reporting cash costs of US$136 per ounce in 2002.
Pokrovskiy has reported reserves and resources of 2.9 million ounces. JSCP's
other gold deposit is located some 35km from Pokrovskiy and is called Pioneer.
Pioneer is at an advanced stage of exploration and recently reported reserves
and resources of 9.4 million ounces - including a high grade zone of 635,000
ounces at 14 grammes per tonne.

Peter Hambro Mining recently announced the acquisition of the Tokur Deposit.
Tokur is located in the Amur Region some 450km from the Pokrovskiy mine and is
served by road and rail connections. Independent resource estimates for the
deposit indicate reserves and resources 8.1 million ounces. Completion of the
Tokur acquisition took the Group's estimated total reserves and resources for
the Group to approximately 19 million ounces.

Additionally Peter Hambro Mining PLC recently announced the launch of a
sponsored ADR programme with The Bank of New York.

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

a d v e r t i s e m e n t