Up 4% this morning following IC recommendations. Wide spread I think, but the IC article says Hambledon are working on a Russian exploration in Sekisovskoye, which it recently acquired.

Seymour Pierce analyst apparently have a price target of 9.2, but depending on outcome of Russian exploration this could go a good deal higher.

Interesting, but DYOR please.

I would normally see this as a buying opertunity, however Uncle Ted's in no mood to be buying equities at the moment...

Know what you mean... I've just seen the NPE release... another duffer!

Back in today, prior to accident everything on track, cant ignore the rate of production and impressed in the way this company appears to be managed (delays always expected with miners), This is a long term hold for me, only really interested in where they will be in say 3 years time, in the event of profits i shall use a trailing stop as (after all)they are operating in Kazakstan!

RNS Number:3049O Hambledon Mining PLC 19 February 2008

HAMBLEDON MINING PLC (AIM: HMB)

Boiler accident at Sekisovskoye - update

Hambledon Mining plc ('Hambledon' or the 'Group' or the 'Company'), the AIM-listed gold mining and processing company operating in Kazakhstan, announces that the investigation into the boiler accident at the process plant of its gold mine at Sekisovskoye on 12 February 2008 is ongoing and is likely to be completed in the next few days.

The boiler in use was the same as those used for the same purpose in several other mining companies' gold plants in Kazakhstan and the cause of the accident is still unclear.

The damage to the processing facility was relatively minor and can be rectified by maintenance crews whilst a replacement boiler is procured. A suitable boiler has been located in Russia and could, if necessary, be air-freighted to Sekisovskoye, though preference will be given to a local supplier. The order for a new boiler will only be placed once the result of the investigation is known so that any lessons learned or recommendations arising from it can be followed. Once the inquiry is completed and orders can be placed, it is expected that the plant could be closed for up to a further five weeks. This period could be reduced if a suitable boiler can be sourced locally.

Prior to the accident, operations had been progressing well. Metallurgical recovery had reached 85% and would have been expected to reach the design level of 92% upon the commissioning of the Falcon gravity concentrator, which was ready and waiting for the Falcon commissioning engineers to arrive.

During the shut-down, the workforce have been redirected to other site-work and rectification of the remaining crusher problems with the intention that the plant will operate at design capacity when it restarts.

Nick Bridgen, Chief Executive, commented:

'Our thoughts and sympathy are with the family of the operator who was tragically killed. We have always made it our priority to make sure that the plant is safe and will do everything in our power to ensure that no accident like this happens again.'

Grim isn't it. Time to buy or wait for the sp to drift down further until the next announce't /

How about buy some now, and buy more on further weakness, you can buy in now for roughly same price as middle last year, however, now you have the benefit of two mines producing and being valued on outdated gold values, which continue to go through the roof, personally i'm not worried if they do fall, as on a three year scale they have the potential to really fly, my only concern is the country in which they operate.

A very welcome tick up today, and did a dummy buy, lots of indicated sells @ 15.62p are actually buys, Am i missing something here? surely there is no question of HMB being liable for damages, surely they have insurances for this very thing? after all, mining is very risky business by nature, I cant see why the share price has fallen this far, within 5 weeks we should be running at full bore once again, after all, the assets haven't gone away, i see this current situation as a great opertunity to buy. Ok ramp over...!

You are probably right about insurance cover but such accidents are usually investigated by the authorities and if HMB is found wanting on health and safety grounds there could be repercussions.

i would agree Ted, though one has to assume that the insurance covered in Kaz too ..... i assuming it did, i think the insurers would be hard pressed to void the policy even if "HMB is found wanting on health and safety grounds", though remember it would not be UK/EU preposterous regulations that would apply in any case

Hopefully the Kazakh authorities will not suspend HMB's licence to operate pending the result of an investigation into this unfortunate accident.

Bischi mining (bisi) had a death not long ago, may be worth having a look to see the impact on the mine!!

No news, but if that was a large sale late reported last night, then think the overhang has been cleared as progress is being made this afternoon,a very welcome couple of ticks up...

Seems their interest in HMB once more?
cyril

a rise of 0.75p with a dealing spread of 0.50p does not exactly imbue at least this investor with bonhomie and goodwill to all men ... or women for that matter!

Understand, but the spread usually closes to 0.25p. In any case, (provided this little episode ends positively), will be holding for the medium/long term...

Are they back in production after the unfortunate accident at the processing plant?

I see the movement as possibly significant,in keeping with other aim stocks of late,
their SP has dropped well out if proportion to the underlying value. But gives a
chance to buy at these base rates. aimo
cyril

Having read their last RNS dated 19/02/07 production may not re-start before April, assuming a new boiler is in place and the authorities are acquiescent. However shareholders do need some reassurance that the people operating the plant are sufficiently experienced to avoid further accidents and loss of production.

Good to see a rise here. Perhaps there's a whiff of an update before too long. However, not wishing to negate the seriousness of the tragic accident for the family involved, operationally we will be back up and running before too long and the cause of the accident will be identified. Then we can expect to see earnings updates and gold could well be over USD 1000 by then.

Greyhound thats how i read it, mining accidents do happen,and is tragic, especially for the families.However things go on,and this is a poor country which has much need for the revenues such projects bring,so i would be most surprised if their was any undue delay from the authorities. Possibly the most likely reason if their is a long delay, would be the issue of a new boiler?
cyril