Aricom
Encyclopedia
Aricom PLC is a London
-based iron ore mining company with operations in Russia
. The firm was effectively founded as a spin out
from Peter Hambro Mining in 2003, listing on the London Stock Exchange
and later becoming a member of the FTSE 250. Aricom was reacquired by Peter Hambro in April 2009.
The company has been one of the fastest growing iron ore producers in Russia with assets spread throughout the far eastern provinces. It is the first Eastern Russian iron ore mining company to have a market capitalisation of over US$1 billion.
and acquired a 74% stake in Olekminsky Rudnik, a business which owned the licience to mine the Kuranakh deposit, from Peter Hambro Mining. In 2007 the Company obtained a listing on the main market of the London Stock Exchange
. In May 2008 it announced that it was seeking $1bn to expand its activities. Aricom was fully bought over by its sister company Peter Hambro in April 2009. The acquisition coincided with Peter Hambro's move from AIM to the LSE main market, leading to it taking Aricom's place in the FTSE 250 Index.
Region and Jewish Autonomous Region of Eastern Russia. The region offers a wealth of mineral deposits and provides a strong infrastructure for the company’s main assets. The mines are all within proximity to the Trans-Siberian Railway
and BAM Railway and the company’s policy of using Russian professionals wherever possible means that there is a large supply of local labour and local expertise.
The company operates “open pit” mines which are essentially well planned craters dug into the ground. To excavate the ore, grids of holes are drilled into it and dynamite is then inserted into the holes. This process in known as “blasting” and the blasted ore is then removed from the pit in ore trucks.
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
-based iron ore mining company with operations in Russia
Russia
Russia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects...
. The firm was effectively founded as a spin out
Spin out
A spin-out, also known as a spin-off or a starburst, refers to a type of corporate action where a company "splits off" sections of itself as a separate business....
from Peter Hambro Mining in 2003, listing on the London Stock Exchange
London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
and later becoming a member of the FTSE 250. Aricom was reacquired by Peter Hambro in April 2009.
The company has been one of the fastest growing iron ore producers in Russia with assets spread throughout the far eastern provinces. It is the first Eastern Russian iron ore mining company to have a market capitalisation of over US$1 billion.
History
The company was founded in 2003 when it was listed on the Alternative Investment MarketAlternative Investment Market
AIM is a sub-market of the London Stock Exchange, allowing smaller companies to float shares with a more flexible regulatory system than is applicable to the main market....
and acquired a 74% stake in Olekminsky Rudnik, a business which owned the licience to mine the Kuranakh deposit, from Peter Hambro Mining. In 2007 the Company obtained a listing on the main market of the London Stock Exchange
London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
. In May 2008 it announced that it was seeking $1bn to expand its activities. Aricom was fully bought over by its sister company Peter Hambro in April 2009. The acquisition coincided with Peter Hambro's move from AIM to the LSE main market, leading to it taking Aricom's place in the FTSE 250 Index.
Operations
The Company’s operations are based in the AmurAmur Oblast
Amur Oblast is a federal subject of Russia , situated about east of Moscow on the banks of the Amur and Zeya Rivers. It shares its border with the Sakha Republic in the north, Khabarovsk Krai and the Jewish Autonomous Oblast in the east, People's Republic of China in the south, and Zabaykalsky...
Region and Jewish Autonomous Region of Eastern Russia. The region offers a wealth of mineral deposits and provides a strong infrastructure for the company’s main assets. The mines are all within proximity to the Trans-Siberian Railway
Trans-Siberian Railway
The Trans-Siberian Railway is a network of railways connecting Moscow with the Russian Far East and the Sea of Japan. It is the longest railway in the world...
and BAM Railway and the company’s policy of using Russian professionals wherever possible means that there is a large supply of local labour and local expertise.
The company operates “open pit” mines which are essentially well planned craters dug into the ground. To excavate the ore, grids of holes are drilled into it and dynamite is then inserted into the holes. This process in known as “blasting” and the blasted ore is then removed from the pit in ore trucks.
Board of directors
- Pavel Maslovsky
- Peter Hambro
- Jay HambroJay HambroJay Hambro is a businessman known for being the Chairman of IRC Limited. He was previously chief executive officer of Aricom between 2006 and 2009 and subsequently Chief Investment Officer of Petropavlovsk PLC - the FTSE listed gold and iron ore miner...
- Sir Malcolm Field
- Sir Roderic Lyne
- Brian Egan
- Martin Smith