Aricom, the Anglo-Russian developer of mineral resources, has announced the acquisition of two licenses for the development of the Garinskoye Flanks and Kostenginskoye iron ore deposits, both of which form a natural extension to Aricom's existing projects.
Aricom has paid a total consideration of $80 million for the two Cypriot companies which indirectly hold the licenses for the deposits in question.
The Garinskoye Flanks deposit holds about one billion metric tons of iron ore reserves, while the Kostenginskoye deposit holds about 263.9 million metric tons of iron ore reserves.