Garinskoye Background

In October 2006, Rosnedra (the Russian Federal Subsoil Service) initiated a tender for the licence to mine iron ore at the Garinskoye deposit. Following the acquisition of an initial 70.22% interest in Garinskoye in September 2007, pursuant to an agreement dated March 2007, in December 2007, Aricom conditionally agreed to increase its ownership in Garinskoye to 99.58% by the acquisition, in February 2008, of a further 29.26%, owned by Olis Constructions Limited.