November 30, 2006
More than £130 million was wiped off the value of Peter Hambro Mining after an official at Russia’s environment watchdog indicated that it may revoke five of the goldminer’s licences.
Oleg Mitvol, deputy head of the agency, said that Hambro had either violated environmental rules or done nothing to develop sites. “This is one of those companies that simply take licences to keep them on their balance [sheet], thus increasing capitalisation, but in reality they do not develop the deposits,” he told Mosnews, a Russian news website.
Hambro said it was seeking clarification and was not aware of any environmental breach.
Mr Mitvol is becoming a familiar figure to the natural resources industry, with his department recently filing complaints against Rosneft and Shell. In September, he accused Highland Gold of safety breaches after a fatal mine fire, a charge that proved largely unfounded.
“At face value it looks to us more like sabre-rattling than reality,” George Lequime, analyst at RBC, said. Hambro shares closed off 165p at £10.25, having rallied from an 11-month low of 956p.
http://www.timesonline.co.uk/article/0,,748-2478996.html
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