PROJECT

Projects

Environmental Review Summary

Project Number

23864

Company Name

PETROPAVLOVSK PLC

Date ERS Disclosed

Dec 13, 2004

Country

Russian Federation

Region

Europe

Environmental Category

B - Limited

Status

Completed

Previous Events

Approved : Apr 1, 2005
Signed : Apr 4, 2005
Invested : Apr 7, 2005

Sector

Gold

Industry

other

Department

Gbl Infrastructure & Natural Resources

Project Description

Peter Hambro Mining PLC (PHM, Hambro or the company) is a UK listed gold mining company with operations centered in the Amur Region of Far East Russia. PHM has developed and operated the Pokrovskiy Gold Mine since 1999 and is exploring additional gold deposits within the Amur Region, namely Pioneer, Tokur, Malomir Surround, Odolgo, Voroshilovskoye and Chagoyansk and Novogodnee Manteau located in the Yamalanenetsky autonomous region. In 2003 Pokrovskiy accounted for more than a quarter of the region’s gold production, making it one of the largest tax payers in Amur (about $ 6 million in 2003). IFC proposes to invest in a mix of equity and quasi-equity to assist PHM to accelerate its exploration activities at Pokrovskiy and other gold targets.

Environmental and Social

Conclusion & Monitoring