18th May 2005 07:00
Peter Hambro Mining PLC18 May 2005 18th May 2005 PETER HAMBRO MINING PLC 2004 ANNUAL REPORT & ACCOUNTS PETER HAMBRO MINING PLC today released its Annual Report for the financial yearending 31st December 2004. The Company's 2004 Annual Report, in addition to thePreliminary Announcement of the Annual Results reported first on 18th April,details: • the continued increase in profitability, production and balance sheet strength whilst costs have been held broadly constant; • the breakdown of the Group's growth in reserves and resources along with a review of work undertaken during 2004 and planned for the future; • a full environmental and social policy report as part of the investment in the Group made by the International Finance Corporation; • an update on the exploration work at Pokrovskiy & Pioneer including detail on the correlation of Russian reserves and resources to western standards; and • the completion of the Group's three new laboratories together amounting to what we believe is the largest assay capacity in Russia. Peter Hambro, Chairman, added: "As you will see from our annual report and accounts, the Group has had anothersuccessful year. I believe they also show that we remain well positioned for afuture of continued growth and, most importantly, profitability. This will bebased on the success of our operations, the strength of our balance sheet andthe continuing opportunities available to expand our resource base throughexploration, development and acquisition. Our plans to realise 1 million ouncesof gold production per year in 2009 remain on track supported by developments atPioneer, Pokrovskiy and Malomir. "In the notice convening the Annual General Meeting shareholders will see theproposal to reduce the share premium account of the company in order to allowthe Company to pay dividends sooner. The Board consider that, given thecontinuing success of our Russian operations, the payment of a dividend would betimely and compatible with our continued investment in the planned growth of ourbusiness" Copies of the Annual Report are being distributed to shareholders today. TheAnnual General Meeting is planned to be held at 12 noon on Tuesday 21st June2005 at 11, Grosvenor Place, London SW1X 7HH, notice of which will bedistributed in due course. The Annual Report is also available online at www.peterhambro.com. Additionalcopies may be requested directly from the Company and are available at theCompany's registered office, 11, Grosvenor Place, London SW1X 7HH. Enquiries: Jay Hambro / Alya Samokhvalova +44 (0) 20 7201 8900Peter Hambro Mining PLC Tom Randell / Maria Suleymanova +44 (0) 20 7653 6620Merlin This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
POG.L