AIM-quoted titanium dioxide play Aricom, spun off by Peter Hambro Mining at the end of 2003, plans to raise £10.7 million at 28p to develop its operations in the Amur region of Eastern Russia, writes Robert Tyerman.

Canadian broker Canaccord is handling the placing, which has the irrevocable support of Peter Hambro Mining and its Russian project finder and deputy chairman Pavel Maslovsky, together representing 46 per cent of the equity. The placing proceeds, expected to come out at £9.6 million after expenses, will go to develop mining operations in Olekma and Kuranakh in the Amur region and later to help fund a 70,000-to-80,000 tonnes-a-year plant there.

Canaccord floated Aricom at 15p. The shares, which touched 50p early last year, are 0.5p up today at 34.5p and could have longer term speculative possibilities for the brave.

Aricom	LSE	0pm	p	p
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Other company articles:
Directors' Dealings by Andrew Hore			09/08/2007
Aricom taps the market			10/05/2007
Robert Tyerman’s Exploration Insights			29/03/2007
Hambro offshoot in iron deal			24/03/2006
Aricom in expansion deals			01/02/2006