StockMarketWire.com - Shares in Kazakhstan-focused gold miner and developer Hambledon Mining (LON:HMB) fell after it was fined approximately £1.17m for causing environmental damage.

The company said it had received a letter from the appointed court investigator imposing the fine for the damage caused by a rupture to a liner in a dam.

Hambledon says it is appealing against the level of the fine and is confident that it will be reduced.

No specific time period for payment of the fine was made within the letter from the appointed court investigator.

A court hearing due to take place on Monday was adjourned and is expected to be held during next week.

The total amount of the fine will be expensed in Hambledon's accounts for the year ended 31 December 2011.

Highland Gold Mining's (LON:HGM) wholly-owned Stanmix has completed the acquisition of joint venture partner Kazzinc's 48.3% stake in Novo-Shirokinskiy Rudnik, the owner of the Novoshirokinskoye mine.

Highland Gold said the deal was completed following approval by the Russian anti-monopoly authorities.

The acquisition increases Highland Gold's stake in Novo to 96.6%.

Stanmix will shortly notify the remaining minority Novo shareholders of their right to redeem the 3.4% of the voting shares owned by them.

Highland Gold acquired the Kazzinc 48.3% share in Novo for $47.5m and $62.5m as repayment of Kazzinc's share of intercompany debt.

The acquisition and the repayment were financed through the company's existing cash reserves.

Novo is located in the Zabaikalsky region of Russia.

The processing plant was commissioned in October 2009 and produced 59,403 ounces of gold and gold equivalents during 2010.

Revenue over the same period was $70.8m and profit after tax was $36.6m, excluding impairment reversals (in each case, representing a 100% ownership share of Novo).

The acquisition will increase Highland Gold's current gold and gold equivalents production by an estimated 16%.

Nautilus Minerals (LON:NUS) has filed an updated mineral resource estimate for the Solwara project in the Bismarck Sea in Papua New Guinea.

Details of the updated resource were released to the market on 25 November.

The full technical report, prepared by Ian Lipton of Golder Associates Pty Ltd and including information prepared by Peter Munro of Mineralurgy Pty Ltd, Philip Jankowski of SRK (Australasia) Pty Ltd and Jonathan Lowe, exploration manager of Nautilus Minerals, is available on the company's website at http://www.nautilusminerals.com/s/Investors-Financials.asp and under the company's profile at www.sedar.com.

At 3:51pm:
(LON:AMI) American Investment Trust share price was +6.13p at 427.13p
(LON:AQP) Aquarius Platinum share price was -0.85p at 152.75p
(LON:BEM) share price was +0.25p at 14.5p
(LON:BKY) share price was 0p at 24p
(LON:CEY) Centamin Egypt Ld share price was -0.07p at 80.68p
(LON:CHL) share price was +1.13p at 11.88p
(LON:CZA) share price was +0.75p at 56.25p
(LON:EGU) European Goldfields share price was +5p at 740p
(LON:FDI) Firestone Diamonds share price was -0.25p at 9.88p
(LON:FRES) share price was -7.5p at 1498.5p
(LON:GEMD) share price was -2.9p at 192p
(LON:HGM) Highland Gold Mining share price was -3.12p at 182.38p
(LON:HMB) Hambledon Mining share price was -0.13p at 3.5p
(LON:HOC) share price was -2.2p at 371.3p
(LON:KMR) Kenmare Resources share price was -0.79p at 45.43p
(LON:NUS) share price was -6.5p at 127.5p
(LON:VED) Vedanta Resources share price was -10p at 1001p


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