Reuters reported that Russian miner Aricom Plc confirmed that it has appointed Morgan Stanley to advise it on raising funds to develop its iron ore projects in Russia.

Aricom in a statement said that it estimated it would require in excess of USD 1 billion for its K&S and Garinskoye projects in the Russian Far East.

Mr Jay Hambro CEO of Aricom Plc in the statement said that "The K&S and Garinskoye projects are forecast to generate significant annual cash flow which will enable them to support the required debt program.”

He added that "We also continue to review the possibility of inviting a strategic partner into one of the projects should it bring significant value.”