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Hambledon Mining reports increase in gold production in first three months

Hambledon Mining reports increase in gold production in first three months


Better efficiency measures and processing led to an increase in gold production in the first three months of the year, said Hambledon Mining (LON:HMB), which operates the Sekisovskoye gold mine in Kazakhstan.

To March 31 the firm produced 5,084 ounces of the yellow metal compared to 4,870 ounces in the same period in 2012 as the recovery rate improved to 85.8%.

Silver production in the three months was 6,448 ounces (2012: 5,029 ounces).

In a quarterly activities report, the firm noted that since the successful partial tender offer from African Resources, there had been a complete overhaul of the senior management team at Hambledon, including the appointment of a new chief executive and new chief financial officer.

All repair works at the tailings dam where there was a leak have been completed and tailings dam 3 was commissioned in January 2013 and is operating in accordance with its design parameters, the firm added.

Work on the underground mine, which under the previous management was suspended, was restarted in January this year, it added.

"The company continues to examine a number of acquisitions and other inorganic growth opportunities.

"These are at very early stages and at the present the principal focus remains improvement and growth in the current operations," it added.

Hambledon shares were unchanged at 1.125p.


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