AIM-listed Bema Gold boosted production 113 per cent to 250,000 oz last year, nearly half of it from the Julietta mine in Russia, but its losses leapt more than fourfold to £10 million. Robert Tyerman reports.

Revenues rose140 per cent to £48 million. The company, which has interests in South Africa and Chile, as well as Russia, says higher costs at its Petrex Mines operation in South Africa and a £5.5 million loss on derivatives were chiefly responsible for its year-end deficit.

Over the year, shareholders' funds equity rose by more than a third to £245 million and fundraisings of £33 million helped strengthen Bema's balance sheet. At 206.5p, the shares have speculative potential.