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2 Jul, 2008 02:41

British giants to develop Russia’s Far East

Britain's Peter Hambro Mining and Aricom will invest about $US 5 BLN over the next six years developing mining, banking and infrastructure assets in Russia's Far East.

The two London-listed companies are forming a new holding worth $US 5.6 BLN that could double its worth within four years through a range of projects in the region.

The holding, called the Petropavlovsk Group, will run gold, iron ore and ilmenite mining assets. It is also looking to develop steel production in the region to serve the growing shipbuilding and construction industries.

In the infrastructure sector, Petropavlovsk plans to build the first rail bridge over the Amur river between Russia and China, and to develop the Pacific port of Sovetskaya Gavan.