Mining & Exploration Co's: UK-quoted

At last Peter Hambro Mining (POG) is tumbling. I see that the Russians have threatened to take back five of this company's licenses, due to Hambro not fulfilling its obligations. The house broker Seymour Pierce has argued that if the licenses are lost, this reduces Hambro's NAV by just 80p, to 1300p. It also says that these licenses could contain 5.6 million ounces of gold. Quite why 5.6 million ounces is worth just 80p per share, or £64 million, is beyond me, but I have never understood Hambro's numbers. The house broker is paid to say that Peter Hambro's shares are a buy. I cannot see how one can say that when there is so much uncertainty. I remain short and feel that we are on a roll.

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