The Sekisovskoye open pit mine had been worked by the Soviets from 1976. Exploration and metallurgical studies were carried out from 1979 to 1994 on the open pit and underground ore bodies. Hambledon Mining acquired the mining rights held by TOO Sekisovskoye in 1994. The mining licence is valid until 18 July 2020 with a contractual right to extend. In 2004, Hambledon is listed on AIM. It subsequently built a brand new treatment plant capable of treating 850,000 tonnes per annum, commenced mining in 2007 and began processing ore and pouring gold in 2008.
Since then, production has been of the order of 20,000 oz gold per annum, with significant amounts of silver. The dore bars are exported to Switzerland for refining. In late 2011, Hambledon began mining the underground deposit of Sekisovskoye, and, in 2012, a loan and equity investment from European Bank for Reconstruction and Deveolpment was announced to assist in the financing of the underground development. In late 2012, African Resources Ltd. made a successful partial tender offer for the Company, and now owns 50.9% of the outstanding issued equity. A re-configured board was instituted and led by Mr Aidar Assaubayev as CEO, with Ashar Qureshi, Ken Crichton, Alain Balian, and Bill Trew as non-executive directors.