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6141 PDF PHM R&A Front 04 AW V2 P ETER H AMBRO M INING PLC Annual Report and Accounts for the year ended 31 December 2004 Annual Report and PETER HAMBRO MINING PLC 11 Grosvenor Place Belgravia London SW1X 7HH Tel: +44 20 7201 8900 Fax: +44 20 7201 8901 Email: [email protected] www.peterhambro.com PETER HAMBRO MINING PLC Annual Report and Accounts for the year ended 31 December 2004 10 YEAR ANNIVERSARY Contents PETER HAMBRO MINING PLC is a gold 01 Operational and Financial Highlights 02 Operating Regions 03 Group Structure producer, traded on London’s Alternative 04 Chairman’s Statement 05 Deputy Chairman’s Statement Investment Market (AIM) and focused 06 Operations Report 09 Omchak Joint Venture 10 Exploration and Development Report on the mining industry in Russia. 17 Portfolio Assets 18 Environment and Social Policy Report 20 Board of Directors 22 Financial Review 23 Directors’ Report, Financial Statements and corresponding notes Major Railroad ✈ Major Airport Sunrise at the Malomir Deposit 1994 – 2004 CELEBRATING TEN YEARS OF THE PETER HAMBRO MINING GROUP The cover photograph shows the original operations at Pokrovskiy Rudnik to highlight the Group’s tenth anniversary. Turnover Operating profit Retained profit for the year Earnings per ordinary Shareholders’ funds Attributable production (inc. share of joint ventures) (US$ ’000) (US$ ’000) share (US$) (US$ ’000) (ounces ’000) (US$ ’000) 22.7 0.22 271.0 85.5 200.1 Amur assets 15.3 10 YEAR ANNIVERSARY 0.18 209.0 Omchak 0.16 joint venture 54.3 13.8 10.4 148.8 115.6 10.5 Pokrovskiy 22.8 5.1 69.9 Rudnik 48.1 02 03 04 02 03 04 02 03 04 02 03 04 02 03 04 02 03 04 05f OPERATIONAL AND FINANCIAL HIGHLIGHTS > Retained profit up 48% to US$15.3 million > Pokrovskiy 2004 production forecast exceeded and at GIS costs of under US$100/ounce for the second half of 2004 > Attributable gold production up 40% and ahead of targets > Further progress towards 2009 goal of one million ounces per annum production > Independent review of substantial portion of resources provides credibility to Company estimates Summary financial highlights > JORC reserve statement at Pokrovskiy 34% higher than (Group and share of joint ventures) previous Russian standards estimations US$ ’000 2004 2003 > Strong balance sheet with substantial net cash position Tur nover 85,502 54,260 leaves Group well placed for project finance of major Operating profit 22,703 13,795 capital expenditure programme Profit before tax 24,304 16,257 Profit after tax 16,051 10,987 Retained profit 15,318 10,383 PETER HAMBRO MINING PLC Annual Report and Accounts 2004 01 left: Production blasting at Pokrovskiy Rudnik PETER HAMBRO MINING The Amur region The Group owns the Pokrovskiy operating gold mine; the Pioneer, The Amur region is home to the Group’s primary in the north-east and east, and the Jewish operations and a large proportion of development Autonomous Region in the south-east. The Amur Amur north-east and YamalZoloto assets which are at advanced exploration assets. The region has a good transport system, River extends along 1,246 km of the southern stage; and a substantial portfolio of other exploration assets, most of which based on two of Russia’s key railroads, and good border of the region and is the official dividing line access to low cost electricity, from two large hydro- between Russia and China. There are nine cities, are located in the Amur Region, Russian Far East. electric plants – providing a sound base for gold 24 towns and 616 villages in the Amur Region. production. Key facts: The Amur region has a vast resource potential Total area: 363,700 km2 and gold production is one of the region’s leading Population: 1,038,000 (approx) economic sectors; the Amur region ranks third Capital city: Blagoveschensk amongst the gold producing regions of the Russian Key industries: power (50.7% of regional industrial Federation. The region’s economy is diversified production), non-ferrous metallurgy (14.8%), coal and based on industry, agriculture and construction. (12.7%), food (10.8%), forestry and woodworking (2.9%) The region’s major industries are: electric power; Key infrastructure: Bureiskaya and Zeyskay coal production; mining; food; timber and wood Hydroelectric Power Plants, Zabaikalskaya section processing; machine-building and metalworking; of Trans-Siberian Railway, Baikal-Amur Railway, fuel; and the construction materials industry. Chita-Khabarovsk Highway (part of Moscow- Vladivostok Highway), Blagoveschensk International The Amur region is located in the south-eastern Airport and Svobodny Cosmodrome part of the Russian Federation and borders China Distance from Moscow: 7,985 km in the south and south-west, the Republic of Sakha (Yakutia) in the north, the Khabarovsk Territory 10 YEAR ANNIVERSARY 02 PETER HAMBRO MINING PLC Annual Report and Accounts 2004 from left to right: Resin tanks New heap leach pad Stacker all at Pokrovskiy Rudnik from left to right: Spare balls for the mills Thickeners all at Pokrovskiy Rudnik The Magadan region Yamalanenetsky Simplified Group Structure Autonomous Okrug The Magadan region is home to the primary assets of Group’s Omchak joint venture. The The Yamalanenetsky Autonomous Okrug is PETER HAMBRO MINING PLC Magadan region holds c.15% of explored home to the development assets of the Group’s OWNERSHIP % reserves of gold ore and 11% of placer gold subsidiary YamalZoloto. Due to its prominence of the Russian gold resource balance. Annual as an oil and gas producing region, there is an gold production of the region is 740–850,000 abundance of local infrastructure the hub of 65% ounces. More than 200 companies are which is the city of Salekhard located very Magadan Region involved in exploitation of mineral resources, close to the YamalZoloto assets. but of these, more than 60% of regional gold The oil and gas industry is the leading economic Omchak JV production is contributed by five companies Nelkobazoloto * sector with more than 90% of Russia’s natural Berelekh MANAGING COMPANY PETER HAMBRO MINING including the Omchak JV. gas and 12% of its oil produced in the Okrug. Located in the north-east of Russia and with Abundant deposits of solid minerals in the area; coastlines on the Arctic and Pacific Oceans. The the subsurface of the Polar Urals in the western Magadan region also has reserves of silver, copper, part of the Okrug contains commercial quantities 100%90% 100% 100% 98% coal and hydrocarbons and prospects for oil and of many valuable resources. Buryatiya Region Yamal Region Amur Region gas are considered high. Key facts: Region YamalZoloto Tokurskiy Rudnik Victoria Pokrovskiy Rudnik Key facts: Total Area: 69,000km2 2 Total area: 461,400 km Population: 500,000 (approx) Tokur Deposit Chagoyansk Deposit† Pokrovskiy Mine Population: 225,600 (approx) Capital city: Salekhard Koboldo Pioneer Mine Capital city: Magadan Key industries: oil and gas (93% of industrial Malomir and Key industries: mining (60% of industrial production), mining, fishing, forestry and wood Voroshilovskoye Deposits production), fishing (8%), fuel and energy (20%), working and production of building materials. † Before exercise of Rudnoye JV Rio Tinto earn in engineering and metalworking Key infrastructure: ‘Yamal Roads’ programme, gas NPGF Regis Key infrastructure: Kolyma Highway, Port of pipelines (Severnoe Siyanie, Urengoi-Chelyabinsk * The Management Company has no ownership of any of the Magadan, Magadan International Airport and Urengoi-Uzhgorod to Western Europe), Yamal- Group’s assets. See Note 14 to the accounts. Distance from Moscow: 7,110 km Europe pipeline project, oil pipelines, (Tarasovsky- Kholmogory and Kholmogory-Western Surgut) Distance from Moscow: 2,436 km PETER HAMBRO MINING PLC Annual Report and Accounts 2004 03 Every chief executive dreams of a percentage increase preliminary results, dividends were declared by these in operating profit that is larger than the percentage joint venture companies and, in the event that the increase in turnover; and it is to the eternal credit joint venture receives this c.US$3.6 million, the of Pavel Maslovsky, my friend and Russian business Group’s share of attributable production could fall partner, and his team that the Group has realised between 20-30,000 ounces. just such a remarkable achievement in the tenth year of its existence. His report, as usual, deals with the The Company’s reputation has grown strongly and operational aspects of the Company. the share-price chart on this page indicates that investors share our optimism about the future. During the year we have continued an active During the year we have noticed significant changes corporate development programme; making in our share register – saying sad goodbye’s to some acquisitions and starting new development and of the institutions that were our supporters when the exploration programmes for some of our assets. Company’s shares were first admitted to trading on Among the new developments, the start of the AIM and we welcomed new investors. It is our hope collaboration with Rio Tinto has a promising that investors will be able to buy shares and sell them beginning and the exploration at YamalZoloto’s at a profit and it is gratifying that some large holdings Mr Peter Hambro Novogodnee Monto indicates a positive re-evaluation in the Company have changed hands in a rising Executive Chairman of the gold asset that was originally acquired. We also share-price environment. I am grateful to those look forward to a collaboration with Norilsk Nickel’s brokerage houses that have instituted analytical gold mining company, Polyus, at Bamskoye. coverage of our Company that has helped make all this possible. Since the year end we completed the purchase of the centre of Malomir, a deposit in the north east of the Among our new shareholders we are particularly Amur Region that has long been high on our wish pleased to welcome International Finance list.
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