Hambro Mining Plc, a London-based mining and exploration company with its assets based in Russia, has merged with Anglo-Russian rival Aricom Plc. The terms of the deal were not disclosed. 

Hambro Mining Plc, a London-based mining and exploration company with its assets based in Russia, has merged with Anglo-Russian rival Aricom Plc. The terms of the deal were not disclosed.

Hambro has also transferred the listing of its entire issued ordinary share capital from AIM to the Official List of the UK Listing Authority, and will trade on the London Stock Exchange.

Peter Hambro, Chairman, commented: “The successful completion of the merger with Aricom and the move to the Main Board of the London Stock Exchange both mark significant milestones in the development of the company as a leading natural resources company, with a focus on the Far East of Russia.”

He added: “We have grown tremendously since we first listed on AIM in April 2002 and we look forward to the next stage in our development where we continue to grow our production of profitable ounces of gold whilst exploring the alternatives to take forward the Iron Ore projects.”

Peter Hambro reported an increase in revenues of 69 per cent to $381 million (£261.5 million), with operating profit up by seven per cent to $87 million (£59.8 million).