Aricom, the Anglo-Russian developer of mineral resources in the Amur Region of Far East Russia, has received the approval of the Federal Anti-Monopoly Service of the Russian Federation to subscribe for shares in Lapwing, a Cyprus company, which in turn owns LLC Garinsky Mining and Metalurgical Complex, the company holding the licence for the Garinskoye deposit. Following this subscription the Group will hold a 60% interest in the Garinskoye project and with an option to increase its holding to 85%.
The company reports that exploration work at Garinskoye is progressing well and the MicroMine model of the deposit as well as a prefeasibility study of the project are due to be completed before the year end. A team from Wardell Armstrong International was planning to visit the deposit this week of August 20 and will include a review within its Competent Persons Report, which Aricom intends to publish during September.
Aricom has a broad remit to acquire, develop, construct and operate non-precious metal assets in Russia. Its first mine will be producing in 2008, at Kuranakh, in the extreme northwest of Amur. Very nearby is Bolshoi Seym, which is likely to be the last in the current project pipeline to be developed, but will use the Kuranakh facilities. Kimkanskoye and Sutarskoye (K&S) should come onstream in 2010, and Garinskoye probably in 2012. IM will publish a full Operations Focus on this interesting company in its November issue.