Hambro blasts gold digger rebels for ‘mining the market’

City veteran Peter Hambro on Monday accused Petropavlovsk’s rebel shareholders of trying to kick him out in an effort to take control of the Russian gold miner he chairs.

Renova, M&G and Sothic, who control more than 30% of the London-listed miner, last week proposed installing four directors of their choosing, including Chelsea FC chairman Bruce Buck, and voting against the re-election of Hambro as chairman at next month’s annual general meeting.

Hambro, who oversaw a painful restructuring two years ago which saved the firm from going under, hit back today with his own proposed changes.

He will be replaced by mining veteran Andrew Vickerman, but will remain an executive director.

“This is a difference of culture. Renova, Sothic and M&G — they’re all experts at mining the market. And Petropavlovsk mines the mines,” Hambro said.

“There are two ways that you can take over a company. One is to pay something close to its net worth… The other is to pack the board with nominees and have them do what you want with it.”

Hambro added he “wouldn’t stand in the way of a bid at the right price”.