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Wednesday, 22nd April 2009 (1370 views)

Peter Hambro Mining (PHM) has moved to the main market of the London Stock Exchange (LSE) from the AIM index.

The company has welcomed the approval of its takeover of Aricom and has now joined the FTSE 250 market for listed securities.

PHM had previously announced plans to move to the LSE's main market once it had completed the Arcom acquisition, which was agreed in February 2009.

Peter Hambro, the company's chairman, commented: "The successful completion of the merger with Aricom and the move to the main board of the London Stock Exchange both mark significant milestones in the development of PHM as a leading natural resources company."

London-based PHM is Russia's second largest gold producer, focused on developments and properties in the far east of the country, particularly in the Amur region.

Founded in 1994, the company produced around 393,600 ounces of gold in 2008 - at the upper edge of its production target for the year - and was admitted to trading on London's AIM market in 2002.

 

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