ORE Orogen

    RNS Number : 0429I
  Aricom PLC
  13 November 2008
   

       

 Press Release      13 November 2008

    Aricom plc 
    ("Aricom", the "Company", or the "Group")
    Aricom signs Memorandum of Understanding with MCC


    Aricom (LSE: ORE, OREW), the Anglo-Russian developer of mineral resources, is pleased to announce that it has entered into a non-binding
Memorandum of Understanding ("MoU") with China Metallurgical Group Corporation ("MCC"), one of the largest equipment manufacturers in China
and a leading Chinese contractor to the metals and mining industry.

    The MoU relates to the construction of Aricom's proposed 10mtpa iron ore beneficiation plant to be located at the Group's K&S project.
The MoU provides the basis for discussions between Aricom and MCC concerning the signing of an engineering, procurement and construction
agreement ("EPC" contract) based on an internationally recognised form of contract (such as the International Federation of Consulting
Engineers (FIDIC)) for fixed price, EPC/turnkey projects.

    MCC is the leading state construction company in China with a focus on EPC, engineering services, equipment fabrication and resources
investment. It has undertaken construction contracts for a significant number of iron ore and steel projects in China.

    Comment
    Jay Hambro, Chief Executive of Aricom, commented: 
    "I am pleased that Aricom has entered into this memorandum with MCC, which is the largest state contractor in China. Despite the current
financial market volatility, I believe in the strength of our project portfolio and any resulting construction contract would be a
significant step forward for the development of the Aricom project portfolio"


    For further information: 
 Aricom plc
 Charlie Gordon, Investor Relations Officer  Tel: +44 (0) 20 7201 8939
                                                     www.aricom.plc.uk
 Abchurch
 Charlie Jack/ George Parker                 Tel: +44 (0) 20 7398 7700
                                               www.abchurch-group.com 

    Notes to Editors
    Aricom is currently developing four mining projects in the Amur region and the adjoining Jewish Autonomous Region. The Group's projects,
Kuranakh, K&S, Garinskoye and Bolshoi Seym have combined estimated reserves and resources of over one billion tonnes of iron ore and
ilmenite ore. The location of the Group's deposits offers a significant logistical advantage, being close to the Trans-Siberian Mainline and
the Baikal-Amur Magistral railways.

    Aricom is headquartered in London, with a highly experienced board of Directors composed of UK and Russian citizens. The Company moved
from the AIM market to the Main Board on 29 October 2007 and trades under the symbol ORE. For further information please visit
www.aricom.plc.uk     





This information is provided by RNS
The company news service from the London Stock Exchange
 
  END 
 
MSCBLBDBDXBGGID

Orogen Gold (LSE:ORE)
Historical Stock Chart
Von Jun 2024 bis Jul 2024

Orogen Gold (LSE:ORE)
Historical Stock Chart
Von Jul 2023 bis Jul 2024