Hambledon Mining

Press: Hambledon Mining was unchanged despite rumours it will soon announce a GBP3.5m placing of new shares at 4p each. Source - Financial Times

Press: Hambledon Mining was unchanged despite rumours it will soon announce a GBP3.5m placing of new shares at 4p each. Source - Financial Times

Broker: 23.02.11: -0.25, (6.38) Broker: Hambledon has released an update on the estimated costs for the development of the underground. The... read more

Broker: 23.02.11: -0.25, (6.38) Broker: Hambledon has released an update on the estimated costs for the development of the underground. The revised indicative capital requirement to establish the 850kt pa underground project and to complete the initial mining phase in 2012 will be approximately $31M. The revised capital cost estimate for the underground is significantly higher than the previous forecast of $22M for the 500kt pa underground development as announced on 9 June 2008. The final costs are dependent upon the completion of the technical studies due for completion in 3Q 2011. Output in 2012 from the underground mine is expected to be around 23k oz. The Sekisovskoye underground project design has not only been modified to increase the output, but also to take advantage of lower operating costs by incorporating the additional benefits of shaft based ore and waste handling and paste backfill. The $9M increase in capital costs to $31M has seen the target price fall from GBP0.12/share to GBP0.095/share, but the BUY recommendation is maintained. Source - Fox-Davies Capital

Hambledon Mining started with hold rating at Ambrian, 7.5p target price.

Hambledon Mining started with hold rating at Ambrian, 7.5p target price.

higher midday on well received full year results and a positive trading statement Monday, while in reaction Seymour Pierce repeated its... read more

higher midday on well received full year results and a positive trading statement Monday, while in reaction Seymour Pierce repeated its ?buy? recommendation and 34 pence price target. Earlier, the AIM-listed gold miner, said its Sekisovskoye gold mine is now fully operational and the mine?s treatment plant is reaching the design level of 850,000 tonnes a year. At the moment, Hambledon is mining Sekisovskoye from open pit and production will average over 40,000 ounces per year. As soon as steady production has been achieved, the company will develop the much larger underground resource, which is expected to lead to annual production of around 100,000 ounces. The miner posted a pretax loss of 4.38 million pounds compared with a pretax loss of 680,000 pounds the previous year. In reaction, Seymour Pierce said it believes the confirmation that ore through put at Sekisovskoye is reaching the expected annualised rate is of more importance than historic results. The broker is pleased to see the Falcon gravity concentrator, a crucial part of the processing circuit, has now been commissioned. It believes this should see gold recovery rates improve from the current level at around 80 percent to 92 percent. With the company in a secure financial position following the recent fundraising, the broker looks forward to positive news from both the companys operations in Kazakhstan over the coming months.