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Monday, 21st July 2008 (1147 views)

Peter Hambro Mining has increased gold production by nine per cent in the first half of 2008, according to the Financial Times.

During this time frame, the company said it produced 147,000 ounces of gold.

Last year, Peter Hambro Mining increased gold production by 2007.

In addition, it said it should achieve the yearly-production target of 350,000 to 400,000 ounces of gold and hopes to reach a target of one million ounces by 2011.

Last month, the mining organisation said it could own over 14 per cent of Russian gold mining company Rusoro following the participation in a syndicate.

Rusoro operates in Venezuela and has recently been "declared a partner of choice by the government in Caracas", according to the Financial Times.

Peter Hambro Mining has operations called the Omchak Joint Venture and the OJSC Pokrovskiy Rudnik. Both operations are located in Russia.

For 2007, the company produced a total of 297,000 ounces of gold.

 

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