Interfax cited the Anglo Russian minerals developer as saying that Aricom plc is undertaking a review of alternatives to the current development plan with respect to the Kimkan & Sutara and Garinskoye iron ore projects in Russia's Far East with a view to significantly reducing the external funding requirements while maintain the projects underlying value.

Aricom said that a slower ramp up schedule, with staged introduction of the various units, was feasible and would result in significantly lower initial capital expenditure, while still eventually producing the same scope of integrated process. The company is also undertaking a budget review with a view to taking action to minimize all non essential expenditure. The company expects to conclude these reviews in the near future.

The company and its project finance advisers are currently in discussions with banks, contractors and other potential partners in order to finance the K&S and Garinskoye projects.

Aricom is considering whether to tender for the contract to construct the bridge. Aricom was established by Peter Hambro Mining in 2003. Aricom also owns 49% of the project to develop the Bolshoi Seym deposit, which contains ilmenite and magnesite, in Russia's Amur region.