The Company was very pleased to announce the International Finance Corporation (‘IFC’) investment in Peter Hambro Mining Plc. The Group has always maintained a policy of trying to achieve World Bank standards of environmental and social compliance. The IFC invested in the Company in 2005 and undertakes a full environmental and social audit of our operations on a regular basis and has reported good progress in the implementation of IFC standards and guidelines. 

The IFC recently stated the following with regard to our operations:

"Peter Hambro Mining gold operations in the Amur Region are visited annually by IFC environmental and social development specialists.  During these monitoring visits recommendations are made on key issues related to environmental management including monitoring, occupational health and safety, community engagement and local employment. 
Good progress in implementing various plans and activities has been assessed each year that IFC have undertaken monitoring visits.
With the Pioneer mine now under construction, IFC is looking at opportunities to support the Group to develop further its environment, health and safety function as well as linkages for small and medium-sized enterprise development in mining servcies. 
An independent environmental and social audit of the Pokrovskiy mine was undertaken recently by Citrus Partners to the satisfaction of IFC." 

The presence of the IFC, who closely monitors and guides our environmental and social performance, is adding value to the Group by bringing in international good practice standards and worldwide experience.  An IFC representative attends the Board level Sustainability Committee, as required, to assist the Group to move forward this important agenda. 

IFC Environmental Review Summary - Peter Hambro Mining Plc, December 2004