Aricom, the Anglo-Russian developer of mineral resources, is to invest in 2009 Ruble 2.5 billion (approx. $85.64 million) for the construction of a proposed 10 million mt Kimkano-Sutarskiy iron ore beneficiation plant, to be located at its Kimkan and Sutara site in Russia's Far East.
As SteelOrbis previously reported, in November 12, 2008, Aricom entered into a non-binding memorandum of understanding (MoU) with one of the largest Chinese equipment manufacturers and a leading contractor to the metals and mining industry, China Metallurgical Group Corporation (CMCC), regarding the construction of the plant. The MoU provides the basis for discussions between Aricom and CMCC concerning the signing of an engineering, procurement and construction agreement (EPC contract) based on an internationally recognized form of contract for fixed price, EPC/turnkey projects.
The new processing plant is to process both the run-of-mine ore from the Kimkan and Sutara pits and the preconcentrated ore from Garinskoye.