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Hambledon Mining: Strengthening Production

Published 10/31/2013, 07:25 AM
Updated 07/09/2023, 06:31 AM
GC
-0.32%
SI
0.21%
FTNMX551030
-3.32%

Strengthening production
Hambledon Mining's, (HMB) Q313 gold production was 9,161oz – a 56% increase y-o-y 31 October 2013 and only 28% lower than the 12,673oz mined in the whole of H113. The cost of production has not been reported. Gold recoveries have increased from 82.3% (H113) largely due to the installation of a seventh CIL leach tank,
with an average of 85.5% recorded for Q313 and 89.4% for the month of September 2013. Around 22% (1,985oz Au) of overall gold production was achieved from underground mining, which was only reinstated mid-June 2013. Overall, these results indicate improving mine production, especially from underground sources, and better ore processing. More details on Hambledon’s mine and development strategies are not yet available. We await this information to provide a detailed assessment of the company’s value and understand it could be released in H114.
Hambledon Mining
Hambledon’s reported production figures, especially the improved gold recovery factor of 85.5% and 89.4% recorded in September, demonstrate management’s efforts to turn Sekisovskoye back into a stable and profitable gold and silver mine. While the lack of financial data limits our ability to assess Hambledon’s true value, these production results together with the intended acquisition of exploration data for the Karasuyskoye ore fields close to Sekisovskoye could see Hambledon emerge as a significant Kazakh gold producer for the first time. We understand from management that clarification of its detailed mine plan for Sekisovskoye and its overall strategy to expand its Kazakhstan operations is still ongoing, and could be released to the market some time in H114.

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