1994–1998
OAO Pokrovskiy Rudnik is formed and a combined licence for exploration, development and exploitation of the Pokrovskiy deposit is obtained.
1998–2001
A feasibility study for the heap leach operation is finalised. The first gold is produced at Pokrovskiy through the heap leach process. A licence for the Pioneer deposit is acquired.
2002
The Company’s Ordinary shares are admitted to trading on AIM.
Construction of the new RIP processing plant at Pokrovskiy is completed and the first gold produced through the plant.
2003
The Omchak joint venture in the Magadan Region is established.
The Rudnoye joint venture between OAO Pokrovskiy Rudnik and OAO Priisk Solovyevskiy, is formed to allow funding for the exploration of hard rock deposits in the Amur Region. The Group’s titanium dioxide interests were sold to Aricom plc (Aricom plc shares began trading on AIM on 31 December).
2004
OAO Pokrovskiy Rudnik acquires 90% of the issued shares of OAO Yamalzoloto with a licence area in the Yamalo-Nenetsky Autonomous Region in the north of Russia. The area holds Novogodnee Monto, Petropavlovskoye and other deposits.
An upgrade of the capacity of the RIP plant at Pokrovskiy is completed, allowing it to process 1.5mt of ore per annum.
2005
The International Finance Corporation (“IFC”) invests US$15m in the Company.
US$140m is raised through the issue of convertible bonds via Peter Hambro Mining Group Finance Limited.
The Malomir licence in the Amur Region is acquired.
The Company announces that JP Morgan Cazenove would also act as Joint Broker to Peter Hambro Mining Plc, along with Canaccord Adams Limited.
74% of the shares of OAO Yamalskaya Gornaya Kompania are acquired.
2006
1m oz target is set by the Company.
IFC exercises its option and invests a further US$17.4m.
The Group acquires c.98% of OAO Irgiredmet, one of the best-known laboratory, research and scientific consulting companies in Russia. Irgiredmet is based in the Siberian city of Irkutsk.
Omchak joint venture acquires licences for gold properties in the Chita Region.
Highly-prospective Andreevskaya ore zone is discovered at the Pioneer deposit.
2007
Pioneer’s first stage production facility is completed on time and
on budget.
Exploration successes at the highly prospective Andreevskaya ore zone at Pioneer.
US$180m finance obtained through the issue of gold equivalent exchangeable bonds via Peter Hambro Mining Group
Finance Limited.
As a result of 2007 exploration works the Group’s Russian category B+C1 reserves increase by 20%, category C2 reserves by 26%
and category P1 resources by 6%.
New licences for prospective Taldan, Kirovskoye and Aprelskoye areas acquired.
Re-calculation of the economic depth of the Pokrovskiy pit due to the increase in gold prices.
Mine planning at Malomir reaches an advanced stage.
The feasibility study for the Novogodnee Monto mine is approved.
JORC figures for the Group’s resources, produced in the course of an independent technical audit of the Group’s assets by Wardell Armstrong International, show a good correlation with the Group’s estimates done under the requirements of the Russian classification system.
Successful adoption of IFRS, as endorsed by the European Union. The Company had previously prepared its consolidated financial results under UK GAAP.
