Rumours over the promotion of gold producer Peter Hambro Mining to the main market have been revived.

A newspaper report without named sources said the company - the third largest on Aim with a market capitalisation of almost £1 billion - would go into the FTSE 250.

Peter Hambro Mining is one of the largest gold miners in Russia but has previously avoided the main market. However, the successful move of Aricom, a Russian titanium and iron ore miner that was spun out of Peter Hambro in 2003, is said to have paved the way for a main listing for the company itself.

It is understood any such move would not take place until the second half of the year, but work has already begun to make the changes necessary for admission to the main list.

That includes the publication in mid-December of an analysis of Peter Hambro's reserves according to internationally accepted measures. Shares were flat at 1,220 pence.