Peter Hambro Mining (POG or PHM) has delineated a JORC-compliant resource base of 9.6Moz and a Russian one of 19.1Moz (excluding the P2 and P3 resource categories). As its first and hitherto principal operation at Pokrovskiy draws near to the end of its life, the company is in the process of opening new mines at Pioneer and Malomir. Assuming that these proceed according to plan we estimate that POG has the potential to pay a dividend in excess of 45c between 2012 and 2024.

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