18th Apr 2005 07:00
Peter Hambro Mining PLC18 April 2005 Preliminary results for the year ended 31 December 2004 Peter Hambro Mining PLC announces its preliminary results for the year ended 31December 2004. Financial Highlights:US$ '000 2004 2003 change------------------------ ----------- ----------- --------Turnover (inc. share of Joint Ventures) 85,502 54,260 +58%Operating Profit 22,703 13,795 +65%Retained Profit for the Year 15,318 10,383 +48%Earnings per ordinary share (US$) 0.22 0.18 +22%Shareholders' Funds 200,134 115,633 +73%Net Cash pre leasing/sales&lease back 21.7 (16.5) - Operating Highlights 2004 2003 change------------------------ ----------- ----------- --------Attributable Gold Production 209,000 oz 148,789 oz +40%GIS Cash Operating Costs (US$/oz) 106.9 104.5 +2%GIS Total Cash Costs (US$/oz) 134.7 131.6 +2% -----------------------------o0o------------------------------ Peter Hambro, Executive Chairman, said: - "A 58% increase in turnover together with a 65% increase in operating profit isa remarkable result for the year; and thanks and congratulations are due to allmembers of the team responsible for such success. The result was achieved by increasing production from the resin-in-pulp plant -up by 25% to 132.7 thousand ounces of gold - and by controlling Gold InstituteStandard operating costs - up only 2% to $106.9 per ounce of gold. Savings fromeconomies of scale, together with new equipment, improved blasting techniquesand optimisation of mining operations outweighed increases in input costs. The Group's engineering and construction team again excelled themselves byimplementing the 50% increase in processing capacity of the resin-in-pulp plantto 1.5 million tonnes per annum; on time and on budget and without disruptingproduction of the existing facility. The increased capacity came on stream inOctober 2004, at a capital cost of c.US$4 million, and its full effect onproduction should have an impact in 2005. It is planned that a further increase in production capacity will be implementedduring 2005, with an expected similar capital cost and that this will take theannual through-put of the plant to 2.2 million tonnes per year, starting in2006. It should be noted that the excellent results were achieved from only 38% of theplanned 100,000 tonne high-grade sample from Pioneer. The trial mining test wassuccessful and we discovered that the ore was amenable to gravity separation.The 37,700 tonnes of ore delivered to the mill had an average grade of 8.36 g/t,a significant proportion of which was contained in visible particles. These areheavier than those normally treated in the plant. The extra weight reducedrecovery to 67% as the material was temporarily trapped in the mill liners andspiral classifier bed. However the resulting increase in gold-in-circuit waslargely recovered in January and February 2005. Pokrovskiy Rudnik management are considering the possible inclusion of a gravityseparation circuit in the plans for the production increase at the plant. The joint ventures have performed well and for 2004 the Group's share of theresults of the Omchak joint venture with Susumanzoloto increased to 65%. TheRudnoye joint venture contributed production for the first time. It is stillearly days for the Chagoyansk collaboration with Rio Tinto but aeromagneticsurveying and reinterpretation of recently acquired historic geochemical andother data indicate the possibility of a 10 million ounce deposit. The Group's forecast, which has always been successfully met in the past, ofattributable gold production for 2005 is 271,000 ounces. The Group's laboratory capacity was insufficient to handle assaying both samplesemanating from increased material moved and the wealth of exploration samples,and consequently production grade-control was prioritised. The 75,000 back-logof samples this caused has delayed drill result input into the reserve andresource calculation process. Happily this backlog is now reduced to 10,000 asthe Group's new laboratory facilities - some of the largest in Russia - are nowon stream. Because of the backlog, publication of the full reserve and resource statementfor Pokrovskiy and Pioneer is planned for mid-summer and it is expected thatthis will include Micromine-based JORC Code numbers for Pioneer for the firsttime. In spite of the delay, it is still pleasing to note that explorationresults to hand show an increase in C category reserves of 32% to 7.4 millionounces and overall reserves and resources by 43% to 78 million ounces. Howeverit should be noted that much of this increase comes from acquisitions madeduring the year. Consolidated Profit and Loss Account for the year ended 31 December 2004(expressed in US $'000s) 2004 2003 $'000 $'000 Turnover: group and share of joint ventures 85,502 54,260Less: share of joint ventures' turnover (23,394) (10,605) -------- --------Group turnover 62,108 43,655Net operating expenses (39,405) (29,860) -------- -------- Operating profit 22,703 13,795 Profit on disposals of discontinued operations - 930 Share of operating profit in joint ventures 4,829 3,690Amortisation of goodwill in joint ventures (954) (391) -------- -------- Profit on ordinary activities before interest and other 26,578 18,024income Interest payable and similar charges (3,661) (2,536) Other income 1,387 769 -------- -------- Profit on ordinary activities before taxationGroup 20,916 13,082Joint ventures 3,388 3,175 -------- -------- 24,304 16,257 Taxation on profit on ordinary activities (8,253) (5,270) -------- -------- Profit on ordinary activities after taxationGroup 13,801 8,738Joint ventures 2,250 2,249 -------- -------- 16,051 10,987 Minority interestsGroup (326) (193)Joint ventures (407) (411) -------- -------- Profit retained for the year 15,318 10,383 -------- -------- Earnings per ordinary share $0.22 $0.18Diluted earnings per ordinary share $0.21 $0.17 Consolidated Balance Sheet as at 31 December 2004(expressed in US $'000s) 2004 2003 $'000 $'000Fixed AssetsIntangible assetsGoodwill (2,776) -Other intangible assets 80,653 71,173Capitalised exploration and development expenditure 10,251 2,159Advanced stripping 1,597 -Tangible assetsProperty, plant and equipment 60,579 39,163 Investments 1,399 2Investments in joint ventures:Goodwill 2,821 2,969Share of gross assets 21,366 14,445Share of gross liabilities (10,188) (8,135)Loans 3,400 2,614 ------- ------- 169,102 124,390Current AssetsStock and work in progress 15,697 11,355Debtors 17,818 13,621Cash at bank and in hand 25,854 14,827 ------- ------- 59,369 39,803 Creditors, amounts falling due within one year (15,641) (42,144) ------- ------- Net Current Assets/(Liabilities) 43,728 (2,341) ------- ------- Total Assets less Current Liabilities 212,830 122,049 Creditors, amounts falling due after one year Due to former shareholders of subsidiary (3,486) (3,284)Long-term borrowings (4,655) -Finance lease liabilities falling due after one year (243) (895) ------- ------- (8,384) (4,179) Provision for liabilities and charges (2,182) (1,504) ------- ------- Net Assets 202,264 116,366 ------- ------- Capital and ReservesShare capital - ordinary shares 1,193 1,010Share premium 154,252 85,252Merger reserve 8,755 8,755Contingent reserve on acquisition 6,304 6,304Share incentive reserve 40 40Profit and loss account 29,590 14,272 ------- ------- Equity shareholders' funds 200,134 115,633 Minority interests 2,130 733 ------- ------- 202,264 116,366 ------- ------- Consolidated Statement of Cash Flow for the year ended 31 December 2004(expressed in US $'000s) 2004 2003 $'000 $'000 Net cash inflow from operating activities 20,532 11,785Returns on investmentsand servicing of financeInterest received 892 463Interest paid (2,965) (3,721)Interest element of finance leases (1,111) (301)Dividends paid to minority shareholders (113) (140) ------- ------- Net cash outflow from returns on investments and servicing of finance (3,297) (3,699) Taxation Paid (4,223) (3,264) Capital Expenditureand Financial InvestmentPurchase of tangible assets (20,393) (8,539)Expenditure on research and development (9,181) (2,144)Investments acquired - (3,736)Proceeds on sales of investments 2 4,562Proceeds on disposal of tangible assets 25 -Loans issued (1,894) (3,804)Loans issued to joint venture undertakings (480) (340) ------- ------- Net cash outflow on capital expenditure and financial investment (31,921) (14,001) Acquisitions and DisposalsPurchase of subsidiary undertakings (11,785) (6,002)Cash acquired with subsidiaries 103 179Proceeds from sales of subsidiary undertakings 2,112 (22)Investments in joint ventures (3,817) (3,623) ------- ------- Net cash outflow on acquisitions and disposals (13,387) (9,468) Cash outflow before Financing (32,296) (18,647) Financing ActivitiesCapital element of finance leases (6,114) (1,099)Receipts from borrowings 56,376 59,254Repayments of amounts borrowed (76,124) (51,728)Net receipts from issuing shares 69,185 25,659 ------- ------- Net cash inflow from financing activities 43,323 32,086 ------- ------- Increase in cash at bank and in hand 11,027 13,439 ------- ------- Analysis of consolidated Net Cash as at 31 December 2004 Other Exchange At 1 Jan. 04 Cash Flow non-cash movement At 31 Dec. 04 changes $'000 $'000 $'000 $'000 $'000 -------- -------- -------- -------- --------- Cash in handand at the bank 14,827 11,027 - - 25,854 Debt due withinone year (31,295) 27,298 - (141) (4,138) -------- -------- -------- -------- ---------Net Cashpre leasing / sales & lease back (16,468) 38,325 - (141) 21,716 -------- -------- -------- -------- ---------Finance leases /sales & lease back (2,007) (1,436) (5,002) - (8,445) -------- -------- -------- -------- ---------Net Cash inc.leasing (18,475) 36,889 (5,002) (141) 13,271 -------- -------- -------- -------- --------- Post Balance Sheet Items The Group has entered into the following transactions which have a materialaffect on the Group's assets:- As foreseen in the December 2004 announcement, in April 2005 PHM succeeded in meeting the stringent requirements of the World Bank environmental and social guidelines sufficiently such that the IFC invested US$15 million by subscribing for 1,448,545 of new PHM shares and has been granted an option to subscribe an additional US$15 million at a 25% premium. The recently subscribed funds have significantly increased PHM's net cash balance.- The Group announced in February 2005 that it had been successful in the auction of the licence over the Malomir gold property. PHM paid RuR22m (c.US$0.79m) for the licence. Further to the acquisition cost of the licence, the Group's exploration budget has been amended as work and funds are directed towards developing Malomir as it is a key development target for the Group. Operating Highlights •Attributable gold production during 2004 increased by 40% to c.209,000 ounces •Successful completion of 50% expansion of Pokrovskiy plant capacity. This lead to a decision to undertake a further interim expansion to increase capacity to 2.2 million tonnes a year to be commissioned in the second half of 2006 at a cost of c.US$4m •Almost constant cost per ounce profile in an environment of increasing input costs •Generation of JORC standard reserves and resources of Pokrovskiy pit shell demonstrating reliability of Russian system of classification •Doubling of attributable production from Omchak Joint Venture Production Attributable total gold production for 2004 increased by 40% to c.209,000 ounces(2003 production: c.149,000 ounces). The increase represents a 3% improvement onthe Group's forecast for the year, released in April 2004. Ore processing at Pokrovskiy produced c.154,000 ounces, a 27% increase over 2003levels. This was facilitated by:- Pokrovskiy's new milling circuit, which enlarges the through-put capacity by 50% to 1.5 million tonnes per annum, was commissioned as planned in October 2004.- New mining equipment (including ten Belaz 45 tonnes capacity dump trucks and two Komatsu-Demag hydraulic excavators with shovel capacities of 10 and 5.7 cubic metres respectively) allowed the mining operations to fulfil the demands of the expanded plant and a general optimisation of mining operations.- Implementation of a double-stacking technology in heap leach operations increased the recovery rates in this process from 45% in 2003 to up to 60% in 2004.- Use of a Micromine computer geological model for operational planning of mining works, which increased efficiency of the deposit development. The Group has a 2009 production target of 1 million ounces. The Group'sattributable 2005 production target is 271,000 ounces with Pokrovskiy increasingproduction by 15% to contribute 176,800 ounces to the total. It is intended toprovide further details on this forecast in the Group's Annual Report &Accounts. The successful commissioning of Pokrovskiy's planned 50% increase in millingcapacity to 1.5 million tonnes per year took place in October 2004 at a cost ofc.US$4 million. As an interim step towards the delivery of PHM's 2009 target ofone million ounces per annum production, the Group has decided to construct afurther production line at the Pokrovskiy RIP plant. This construction has anestimated cost of c.US$4m and would take total Pokrovskiy milling capacity to2.2 million tonnes per year during the second half of 2006. The existing millbuilding was designed with further expansions in mind - the key foundations havealready been put in place and there is ample space for the equipment. The Groupis considering the merits of including a gravity separation circuit at the headof this production line in order that further high grade Pioneer ore can betreated effectively at Pokrovskiy. PHM Mining Schedule Units 2004 2003Pokrovskiy deposit Total material moved '000 m3 4,540 3,831 Including advanced '000 m3 1,028 - stripping Ore mined '000 tonnes 1,045 1,053 Grade g/t 3.4 3.5 Gold '000 oz 113.7 116.9 Including rich ore '000 tonnes 608 656 Grade g/t 4.5 4.5 Gold '000 oz 88.5 95.4Pioneer deposit Total material moved '000 m3 228 - Ore mined '000 m3 43 - Grade g/t 7.6 - Gold '000 oz 10.4 - Pioneer Bulk SampleThe trial mining of ore from the Pioneer deposit, using the Pokrovskiy mill, wascarried out successfully. The results have allowed the Group to develop thepre-feasibility study on the Pioneer deposit. The study showed there was significant content of visible, large gold particlesin the ore and, during processing at the Pokrovskiy mill, these were found toaccumulate and remain in the milling process rather than flow with the invisibleparticles to the leach tanks. This anomaly made the gold recovery slower thanexpected during the period. Accordingly the gold in the process circuit, forwhich PHM does not take an accounting credit, was unusually high at the yearend. This gold in circuit increased gold production during the first quarter of2005 accordingly. The key findings of the study are as follows:- Pioneer ore is susceptible to milling and processing in a similar manner to that used at Pokrovskiy- The coarser grained fraction is amenable to gravity separation, a well proven and low cost method of extracting gold from ore which should allow an overall recovery process with a similar rate to that at Pokrovskiy.- The initial results from processing led the Group to curtail the size of the bulk sample from 100,000 tonnes. The potential addition of a gravity circuit in the interim expansion planned at the Pokrovskiy mill would allow processing of the Pioneer high grade orebody. PHM Processing Schedule Units 2004 2003Resin In Pulp plant Ore from Pokrovskiy pit '000 tonnes 673 661 Grade g/t 4.2 4.4 Gold 000 oz 90.6 93.1 Ore from stockpiles '000 tonnes 454 202 Grade g/t 3.1 3.6 Gold '000 oz 45.5 23.4 Pioneer (bulk sample ) '000 tonnes 38 - Grade g/t 8.4 - Gold '000 oz 10.1 - Total milled '000 tonnes 1,165 863 Grade g/t 3.9 4.2 Gold '000 oz 146.2 116.6 Recovery % 90.7 90.9 Gold recovered '000 oz 132.7 106.0 Heap leach Ore stacked '000 tonnes 620 503 Grade g/t 1.8 2.1 Gold '000 oz 35.3 34.1 Recovery % 60.0 44.8 Gold recovered '000 oz 21.3 15.3 TOTAL Total gold recovered '000 oz 153.9 121.2 Pokrovskiy Rudnik - Operating Cost Analysis 2nd half 2004 2004 2003 US$/oz US$/oz US$/oz Per Russian Operating Costs Reporting Pokrovskiy Operating Cost n/a 135.8 136.0 Per Gold Institute Standard for ReportingProduction Costs Direct mining expenses * 55.8 73.0 80.3 Third-party smelting, refining and transportation 6.2 6.1 3.7 By-product credits (0.2) (0.2) (0.3) Other 30.4 28.0 20.8 Cash Operating Costs 92.2 106.9 104.5 Royalties 22.3 22.7 22.1 Production taxes 3.9 5.1 5.0 Total Cash Costs 118.4 134.7 131.6 Non-cash movement in stock 15.2 12.4 7.6 Depreciation/Amortisation 36.3 37.2 35.8 Total Production Costs 169.9 184.3 175.0 * includes processing costs Operating costs per ounce have remained relatively constant when compared to the10% increase of input costs. This was achieved thanks to the increasedproduction rate at the RIP plant, together with constant production supportcosts and mining optimisation that allowed a reduction of 10% in direct miningexpenses. An increase in fixed costs, which is reflected in the "Other" line of the abovetable, is primarily a result of the additional insurance costs for the heavymine equipment (excavators, pit haulers and bulldozers) and the third millingcircuit at the RIP plant. Other portions of increased costs relate to theincreased number of employees and associated items that are currently includedwithin the Pokrovskiy mine cost base but are more related to exploration anddevelopment at the Company's other assets. The Company's aim is to separatethese costs by asset during 2005. Omchak JV Production Report Nelbazoloto-Shkolnoye Deposit *-------------------------------------- -------- -------- -------- 2004 2003 2002Ore mined '000 tonnes 50.9 42.5 40.5Ore processed '000 tonnes 65.0 56.6 35.6Ounces produced '000 oz 27.4 36.6 20.3 -------- -------- -------- Berelekh *-------------------------------------- -------- -------- -------- 2004 2003 2002Waste Rock stripped m3 '000 9,310.5 9,547.0 9,675.0Sands processed m3 '000 3,764.2 3,589.0 3,733.0Ounces produced Oz '000 61.5 59.9 62.4 -------- -------- -------- Total Oz '000 88.9 96.5 82.7 -------- -------- -------- Attributable to Peter Hambro Mining 57.0 28.1 n/a -------- -------- -------- * Production figures are for 100% of each asset . PHM's share is set out below. The Omchak joint venture assets, located in the Magadan Region produced c.88,900ounces of which PHM's attributable share was c.57,000 ounces. PHM's interest inOmchak increased from 50% to 65% with effect from April 2004, in accordance withthe terms of joint venture agreement. Exploration & Development PHM Group Reserves & Resources SummaryAs at 1-1-05 Category Ore Gold Content '000 t kg oz'000 Reserves B+C1+C2 512 6,857 220 C1+C2 81,434 170,800 5,491 C2 24,164 51,422 1,653 TOTAL 106,110 229,079 7,365 Resources P1 75,204 181,038 5,821 P1+P2 298,762 502,478 16,155 P1+P2+P3 205,109 599,600 19,278 P2 110,650 391,500 12,587 P2+P3 148,060 367,265 11,808 P3 56,750 152,500 4,903 TOTAL 894,535 2,194,381 70,551 Reserves & Resources TOTAL 1,000,645 2,423,460 77,916 The 2004 exploration programme included the mobilisation of 10 drill rigs,generating a total of over 53,000 metres of core samples along with 133,000cubic metres of trench samples. As a result of the considerable backlog of assaying created prior to theexpansion of the Group's analytical facilities, the update of reserves andresources at Pokrovskiy and Pioneer to Russian and JORC standards are now onlyexpected to be available in July 2005. Exploration assets The Group has reclassified its exploration portfolio into three regions:- Pokrovskiy/Pioneer;- Amur North East Belt; and- Yamalzoloto. Pokrovskiy/Pioneer Planning of exploration activities centred on supporting the Group's ambition todevelop these two sites into one operatiing unit capable of producing 1 millionounces per annum from 2009. The scope of exploration works during 2004 wasfocused on collecting sufficient information to enable PHM to make productiondecisions in the second half of 2005. Pokrovskiy At the Pokrovskiy main orebody a total of 74 drillholes (5,718m) were drilled onclose spacing, leading to an increase in reserves of 45,000 ounces. The JORC reconciliation of reserves at Pokrovskiy pit-shell (published December2004) was undertaken as part of the implementation of a Micromine model for thedeposit. Under the JORC system there is a 34% increase in the quantity of goldin the mineable reserve when compared to Russian standards and the ore tonnagemore than doubles. This comparison clearly demonstrates that the Russian reserveevaluation, used by PHM is conservative. Work at the areas referred to as "Pokrovskiy flanks" was hindered due to themarshy condition of the terrain but considerable amounts of data was stillobtained. A total of 9,873m was drilled and a further 1,200m3 trenched, in aneffort to define better the previously estimated 7.6 million ounces of goldresource of P Category. Four main areas have been identified - Zeyskoye,Glavnoye, Nadvigovy and Verkhne-Sergeevskiy. An extensive drill programme isstill active but the data is still not sufficiently advanced to support thedeclaration of an enhanced resource in these areas at this time. Pioneer At Pioneer, during late 2004 the Group commenced trial mining in the vicinity ofthe Bakhmut / Apophysis No 1 area of Pioneer, which had previously beenidentified as a high grade area. Much of the exploration effort at Pioneer wastherefore in support of this trial mining. A total of 11,142m of drilling wascarried out on Pioneer with 66,000m3 of trenching, yielding 17,091 samples. Further examination of the Bakhmut / Apophysis No 1 area has led to thedelineation of a further 2 sub-parallel offshoots. Apophysis No 1 is nowbelieved to approximate a "tadpole" shape structure in plan, approximately50-55m long (cut-off grade 1g/t on a 280m long structure), 80% of which would betermed the "body", to a depth of 240m. Grades in the 42m wide "body" reach ashigh as 513g/t with an average of 9.3g/t, while the "tail" grades up to 140g/twith an average of 4.5g/t. However, analysis of larger scale samples shows thatthe assay technique used underestimates the gold content, with the actualrecovered gold in the larger tests being 80% greater than that estimated fromthe present sampling method. It is thus planned to re-sample representativeareas to re-determine grade. During 2004 PHM the Group's laboratory capacity was enhanced in order to matchthe quantity of exploration samples. The laboratory expansions were completedonly in January 2005 and there is still a large backlog of exploration sampleanalysis. Amur North East Belt - Tokur/Malomir/ Voroshilovskoye This group of deposits is located on the Mongolo-Ochotsky geological belt with adistance of c.60 km between them. Likely synergies of developing these threeprojects together as a group lead the company to consider them as oneoperational unit. Malomir Further exploration works have been undertaken on the flanks of Malomir during2004 which allowed further extension of the Diagonal or Malomirskoye orezones tothe north-west by 2-4 km. In February 2005 Pokrovskiy Rudnik won an auction forthe exploration and mining licence for the centre of Malomir deposit, therebyadding another 35 km2 to the existing license for the flanks which covers 37 km2. Voroshilovskoye Exploration works on the Voroshilovskoye deposit were focused on the area of theprevious working. These include: - • 9 trenches with an interval of 160-180 m (32,000 m3)• 34 drill holes (6,078m) on an area of 16 km2 (40% of the licensed territory)• Detailed geochemical and geophysical exploration works were undertaken• 7,707 samples were taken, of which 60% have been analysed to date. Based on this work, a resource estimate of 2.5 million ounces in P2 and P3categories was made. Tokur The Tokur deposit was explored by €32 drillholes (3,552m) €15 trenches (9,500m3) •Detailed geophysical and geochemical work was carried out on 30 km2 €4,993 trenching and core samples and 6,000 small coring geochemical samples were taken of which 80% were analysed to date. As a result of this work the Glavniy fault ore-zone was undertaken on two areasof 2.8 km and 1.0 km at intervals of 40-320m. The zone was not tested below adepth of 100m.. As a result of exploration works during the period, part of theP1 resource in the Glavniy fault was upgraded from category P1 to category C2. Yamalzoloto Novogodnee Manteau was acquired in April 2004. This project is located in theYamal district, inside the Arctic Circle and some 2 hours flying time fromMoscow. Exploration expenditure on this project to date has been approximately US$4.5million, covering: - €16,000m of drill holes, €10,000 m3 of trenching and €13,000m of lithogeochemistry, as well as associated test work. The results of this work (which include: the discovery of additional resourcesand new ore bodies in the licence area; potential move to open pit mining; andcommercial quantities of other metals such as cobalt and iron ore) areencouraging. The Group commissioned a report on Yamalzoloto from SRK, the UK based miningconsultants, in January - due to the constant flow of new information from theextensive ongoing exploration work, the remit of the report has been expandedand work is ongoing. Portfolio Assets - selected highlights Chagoyansk The Chagoyansk deposit is the subject of a collaboration with Rio Tinto. During2004 the licensed area was surveyed by aero-geophysics at a scale 1:10,000.Several structures with potential to be mineralised zones were identified fromthis study. Furthermore the assaying of historic drill samples and study ofhistoric data has supported the company's belief in existence a substantialdeposit. A drill and trench programme has been agreed for 2005 and is underway.Work to date has supported the establishment of a prognostic P2 resource atChagoyansk. Odolgo Exploration works in 2004 focused on establishing reserves required for trialmining on this area. The central part of the ore-zone was explored in detail atintervals of 300m. Gold on this deposit is coarse with irregular distributionmeaning that large-scale sampling is needed for analysis. Annual Report & Accounts The Group intends to publish and distribute the Company's Annual Report andAccounts for the year ended 31 December 2004 on 18th May 2005. This report will contain a more detailed analysis of the work undertaken by theGroup during the period, notes to the accounts and a breakdown, by deposit, ofthe Group's Reserves and Resources and production. Conference CallThere will be a conference call on Monday April 18th 2005 at 11am (London time)and the dial in numbers are as follows: UK Dial in: 0845 245 3471International: +44 (0) 1452 542 300 To replay the call after the event please dial.UK Dial in: 0845 245 5205International: +44 (0) 1452 55 00 00Replay Access: 5584700# Enquiries: Alya Samokhvalova +44 20 7201 8900Director of External Communications, Peter Hambro Mining plc Tom Randell / Maria Suleymanova +44 20 7653 6620Merlin This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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