Aricom appoints Morgan Stanley for fundraising

May 27, 2008

May 27 (Reuters) – Russian miner Aricom Plc (OREA.L: Quote, Profile, Research) confirmed on Tuesday it had appointed Morgan Stanley to advise it on raising funds to develop its iron ore projects in Russia.

London-listed Aricom, spun off from Peter Hambro Mining Plc (POG.L: Quote, Profile, Research), said in a statement it estimated it would require in excess of $1 billion for its K&S and Garinskoye projects in the Russian Far East.

 

“The K&S and Garinskoye projects are forecast to generate significant annual cash flow which will enable them to support the required debt programme,” Chief Executive Jay Hambro said in the statement.

 

“We also continue to review the possibility of inviting a strategic partner into one of the projects should it bring significant value,” he added.

 

Shares in Aricom were down 4.8 percent at 89.25 pence by 0845 GMT.

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