Peter Hambro Mining and Gold
Encyclopedia
Petropavlovsk plc (formerly Peter Hambro Mining plc) is a London-based gold mining
company with operations in Russia
. Its shares are listed on the London Stock Exchange
and are constituents of the FTSE 250 Index
.
in 1994 to exploit gold reserves in Eastern Russia
. In 2002 the Company was first listed on the Alternative Investment Market
. Peter Hambro Mining fully acquired Aricom
, a business formed by Peter Hambro and Pavel Maslovskiy and operating in the Amur Region, in April 2009. It was also first fully listed on the London Stock Exchange
in April 2009.
In September 2009 the company changed its name from Peter Hambro Mining plc to Petropavlovsk plc, retaining the POG stock exchange code.
In September 2010, Petropavlovsk announced plans to float its non-precious-metals division on the Hong Kong stock exchange in October 2010.
producers, and is the third largest producer in Russia with assets spread throughout the far eastern provinces. It is the first Eastern Russian mining company to have a market no capitalisation of over US$1 billion and employs over 1,600 people worldwide. The company’s target is to produce 1 million troy ounces of gold per annum by 2009.
Region of Eastern Russia. The region offers a wealth of mineral deposits and provides a strong infrastructure for the company’s main assets. The Pokrovskiy and Pioneer mine are both within proximity to the Trans-Siberian Railway
and the company’s policy of using Russian professionals wherever possible means that there is a large supply of local labour and local expertise. The company has two principal mines at Pokrovskiy and Pioneer, which are its main producers. It also continues to develop other mines in Malomir, Tokur, Yamal Zoloto, and Voroshilovskoye.
To remove the gold from the ore Petropavlovsk uses two main processes: Heap Leaching and Milling.
is a lengthy process. The ore is stacked on impervious clay/PVC leach pads. A cyanide solution is then sprinkled over the ore — the cyanide filters through the ore dissolving the gold and is collected through the drain at the base of the leach pad.
Cyanide is used as it is the most effective way to remove metals from their ore — it is carefully isolated during the heap leach process and the solution used is so weak that it can be broken down by sun light. However, Petropavlovsk uses a cyanide destruction process before the tailings
are discharged.
. Peter Hambro started his career as a banker at Hambros Bank in 1966 before moving into the gold sector at Mocatta and Goldsmid. He is a non-executive director of SG Hambros Bank & Trust Co. Ltd.
the name under which the old Hambros Bank now trades. Pavel Maslovskiy was a Professor in plasticity at the Moscow Aviation Institute until 1991 when he launched his business career.
Gold mining
Gold mining is the removal of gold from the ground. There are several techniques and processes by which gold may be extracted from the earth.-History:...
company with operations in Russia
Russia
Russia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects...
. Its shares are listed on the London Stock Exchange
London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
and are constituents of the FTSE 250 Index
FTSE 250 Index
The FTSE 250 Index is a capitalisation-weighted index consisting of the 101st to the 350th largest companies on the London Stock Exchange. Promotions to and demotions from the index take place quarterly in March, June, September and December...
.
History
The Company was formed by Peter HambroPeter Hambro
Peter Charles Percival Hambro is the founder of Peter Hambro Mining, one of the United Kingdom's largest mining businesses.-Career:...
in 1994 to exploit gold reserves in Eastern Russia
Russia
Russia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects...
. In 2002 the Company was first listed on the Alternative Investment Market
Alternative Investment Market
AIM is a sub-market of the London Stock Exchange, allowing smaller companies to float shares with a more flexible regulatory system than is applicable to the main market....
. Peter Hambro Mining fully acquired Aricom
Aricom
Aricom PLC is a London-based iron ore mining company with operations in Russia. The firm was effectively founded as a spin out from Peter Hambro Mining in 2003, listing on the London Stock Exchange and later becoming a member of the FTSE 250...
, a business formed by Peter Hambro and Pavel Maslovskiy and operating in the Amur Region, in April 2009. It was also first fully listed on the London Stock Exchange
London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
in April 2009.
In September 2009 the company changed its name from Peter Hambro Mining plc to Petropavlovsk plc, retaining the POG stock exchange code.
In September 2010, Petropavlovsk announced plans to float its non-precious-metals division on the Hong Kong stock exchange in October 2010.
Market position
The Company has been one of the fastest growing goldGold
Gold is a chemical element with the symbol Au and an atomic number of 79. Gold is a dense, soft, shiny, malleable and ductile metal. Pure gold has a bright yellow color and luster traditionally considered attractive, which it maintains without oxidizing in air or water. Chemically, gold is a...
producers, and is the third largest producer in Russia with assets spread throughout the far eastern provinces. It is the first Eastern Russian mining company to have a market no capitalisation of over US$1 billion and employs over 1,600 people worldwide. The company’s target is to produce 1 million troy ounces of gold per annum by 2009.
Location
The company’s operations are based in the AmurAmur Oblast
Amur Oblast is a federal subject of Russia , situated about east of Moscow on the banks of the Amur and Zeya Rivers. It shares its border with the Sakha Republic in the north, Khabarovsk Krai and the Jewish Autonomous Oblast in the east, People's Republic of China in the south, and Zabaykalsky...
Region of Eastern Russia. The region offers a wealth of mineral deposits and provides a strong infrastructure for the company’s main assets. The Pokrovskiy and Pioneer mine are both within proximity to the Trans-Siberian Railway
Trans-Siberian Railway
The Trans-Siberian Railway is a network of railways connecting Moscow with the Russian Far East and the Sea of Japan. It is the longest railway in the world...
and the company’s policy of using Russian professionals wherever possible means that there is a large supply of local labour and local expertise. The company has two principal mines at Pokrovskiy and Pioneer, which are its main producers. It also continues to develop other mines in Malomir, Tokur, Yamal Zoloto, and Voroshilovskoye.
Mining
The company operates “open pit” mines which are essentially well planned craters dug into the ground. To excavate the ore, grids of holes are drilled into it and dynamite is then inserted into the holes. This process in known as “blasting” and the blasted ore is then removed from the pit in ore trucks which are capable of carrying 35 tonnes of ore.To remove the gold from the ore Petropavlovsk uses two main processes: Heap Leaching and Milling.
Heap leaching
Heap leachingHeap leaching
Heap leaching is an industrial mining process to extract precious metals, copper, uranium, and other compounds from ore.The process has ancient origins; one of the classical methods for the manufacture of copperas was to heap up iron pyrite and collect the leachate from the heap, which was then...
is a lengthy process. The ore is stacked on impervious clay/PVC leach pads. A cyanide solution is then sprinkled over the ore — the cyanide filters through the ore dissolving the gold and is collected through the drain at the base of the leach pad.
Milling
Milling is a much swifter process in which the ore is crushed in SAG (semi autogenous) and Ball Mills and then treated with a cyanide solution. The gold in the cyanide solution is collected on synthetic resin particles and put through a process called electrowinning which collects an impure (+/-80%) form of gold called Doré. The Doré is then sent to a smelting plant to be refined to .9990 fine gold bars.Cyanide is used as it is the most effective way to remove metals from their ore — it is carefully isolated during the heap leach process and the solution used is so weak that it can be broken down by sun light. However, Petropavlovsk uses a cyanide destruction process before the tailings
Tailings
Tailings, also called mine dumps, slimes, tails, leach residue, or slickens, are the materials left over after the process of separating the valuable fraction from the uneconomic fraction of an ore...
are discharged.
Board of directors
- Pavel Maslovsky
- Peter Hambro
- Jay HambroJay HambroJay Hambro is a businessman known for being the Chairman of IRC Limited. He was previously chief executive officer of Aricom between 2006 and 2009 and subsequently Chief Investment Officer of Petropavlovsk PLC - the FTSE listed gold and iron ore miner...
- Alexei Maslovsky
- Andrey Maruta
- Alya Samohkvalova
- Peter Hill-WoodPeter Hill-WoodPeter Denis Hill-Wood is a British businessman and the current chairman of Arsenal Football Club.-Biography:Hill-Wood was born in Kensington, London. His father, three uncles and grandfather all played first-class cricket for Derbyshire CCC. He attended Eton College where he was a classmate of...
- Sir Rudolph Agnew
- Philip Leatham
- Anna-Karolina Subczynska-Samberger
Family business
Petropavlovsk plc was founded as Peter Hambro Mining by Peter Hambro and Pavel Maslovskiy in 1994 and both their sons, Jay and Alexei, have joined the company since. Peter and Jay Hambro are descendants of the Hambro Merchant Banking family that formed Hambros BankHambros Bank
Hambros Bank was a British bank based in London. The Hambros bank was a specialist in Anglo-Scandinavian business with expertise in trade finance and investment banking, and was the sole banker to the Scandinavian kingdoms for many years...
. Peter Hambro started his career as a banker at Hambros Bank in 1966 before moving into the gold sector at Mocatta and Goldsmid. He is a non-executive director of SG Hambros Bank & Trust Co. Ltd.
Société Générale
Société Générale S.A. is a large European Bank and a major Financial Services company that has a substantial global presence. Its registered office is on Boulevard Haussmann in the 9th arrondissement of Paris, while its head office is in the Tours Société Générale in the business district of La...
the name under which the old Hambros Bank now trades. Pavel Maslovskiy was a Professor in plasticity at the Moscow Aviation Institute until 1991 when he launched his business career.