Tuesday, 23rd May 2006 (2845 views)

Russian gold mining corporation Peter Hambro has announced plans to export at least 40 per cent of its gold output from 2007 once the Russian government relaxes its legislation on export licences.

Gold exports will be facilitated through Russia's banking network. Although a number of Russian banks hold a licence to export gold, currently only three gold mining companies have been awarded export licences.

The requirement for a licence is to be phased out next year, part of the aim to make the rouble globally convertible.

The UK arm of Peter Hambro Mining in Westminster won one of the 27 Queen's Awards for Enterprise in April this year, for achievements in international trade.

The company expects to produce around 250,000 ounces of gold this year and is aiming for an output of one million ounces in three years' time.

To achieve the ambitious production targets, spokesmen for the company have said they are considering several strategies, including exploration activity and further deposit acquisitions.

 

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