Hambro Postpones Listing on London Exchange

Peter Hambro Mining, the country's second-largest gold miner, said Wednesday that it would delay its planned move to the main board of the London Stock Exchange given the "extraordinary conditions in the financial markets."

"We have waited to see if things would improve in the short term but, although there are now some signs of optimism returning, we are a long way from the conditions that previously prevailed," said Peter Hambro, the company's executive chairman.

The company also said it is on track to meet its 2008 production forecast of between 350,000 and 400,000 ounces after boosting output in the third quarter.

Peter Hambro produced 268,714 ounces of attributable gold in the first nine months of 2008, up 19 percent on the same period a year ago. Third-quarter output alone rose 32 percent to 123,634 ounces.

Shares in mining companies have been hurt by a 28 percent drop in gold below the record of $1,032.70 an ounce set in March as investors liquidated commodity holdings to raise cash. Morgan Stanley on Wednesday cut its 2009 forecast for the metal by 21 percent to $750 an ounce and its 2010 estimate 18 percent to $825.

Reuters, Bloomberg