Kazakh progress for Hambledon
Article Date: Jul 07 2008
Hambledon Mining reports ‘good progress’ at its Sekisovskoye gold operation in Kazakhstan.
Gold production at Sekisovskoye, where the AIM-quoted company had targeted 40,000 oz a year rising to an eventual 100,000 oz annually, was interrupted in February when a boiler ruptured. Now chief executive Nick Bridgen says North London-based Hambledon ‘continues to progress towards optimising production’ there, adding ‘we expect to achieve the annualised production rate shortly and remain on course to become cash generative in the second half of the year’.
He expects this to come about following technical changes necessitated by unpredicted differences in ore grades and rock materials. Elsewhere, at Ognevka, a 1.6 million copper and precious metals tailings project, Bridgen says further test work is under way to improve recovery rates.
Floated at 5p four years ago, Hambledon shares reached 21.75p last October before the problems at Sekisovskoye sent them reeling. Now 9p, up 0.25p this morning, they value the company at £42.3 million.
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