Companies: POG   

Russian gold producer Peter Hambro Mining has increased first-half pre-tax profits 75 per cent to £15.9 million.

The AIM-quoted company, which weathered last year's attack over environmental issues from regulator Oleg Mitvol, increased its total attributable gold production 24 per cent to 134,300 oz in the six months to June. Peter Hambro, which is focused on the Amur region of Eastern Russia, achieved an average realised gold price of $642 (£317.2) an oz, up 14 per cent year on year.

The bulk of the production came from the Pokrovskiy mine, which lifted output 25 per cent to 116,800 oz and cut total production costs one per cent to $249.9 an ounce, while another 11,400 attributable oz came from the company's half share in a joint venture, Omchak.

Pioneer, Peter Hambro's second mine, started production on schedule earlier this month.

Growth Company Investor subscribers have full access to all our AIM and small-cap share recommendations. To subscribe today, and gain immediate access, click here or on the following link:
www.growthcompany.co.uk/offers/GCI/ARTICLEEND07