25 May 2012

Hambledon starts to mine underground

09/11/2011 Robert Tyerman

Kazakhstan-focused Hambledon Mining (HMB) has begun underground mining at its Sekisovskoye gold project a month ahead of schedule.

The AIM-quoted company, which hopes to reach a production target of 100,000 oz of gold a year by 2017, says it expects that 'modest' initial underground production (at a likely average grade of 5.5 grammes of gold per tonne of ore) will increase steadily during the coming year.

London-based Hambledon – whose mineral processing plant recently resumed operations after a ruptured tailings dam liner had caused a temporary suspension – lost £1.4 million on £7.9 million turnover in the first half of this year and raised £9 million in March at 4p. Chief executive officer Tim Daffern says underground mining, adding to open-pit production, will 'underpin the company's objective of profits growth in Kazakhstan'.

Floated at 5p in 2004, Hambledon shares have traded between 8.38p and 3.13p over the past year. Highlighted by Growth Company Investor at 4.25p in July, they have eased back to 3.75p, valuing the company at £28 million.

They offer recovery potential for medium- to long-term investors, though those with shorter time horizons might prefer to cut their losses.

Tags: AIM market, Gold, Kazakhstan, Sekisovskoye, Tim Daffern

Sector: Mining

Companies: Hambledon Mining

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