MOSCOW, May 29 (RIA Novosti) - Aricom, a Russian diversified metals and mining group, said on Thursday it intends to build a high-quality cast iron plant in Russia's Far East, using third-generation technology.

"Aricom is investing heavily in the economy of the Far East, creating a focus of growth in the region," Aricom CEO Yuri Makarov said.

"The company intends to build the world's second plant to use the unique Iron Technology Mark III process [new iron-making technology with the use of carbon] based on iron ore deposits in the Far East," he said.

Aricom, which develops mineral deposits in Russia's Far East, earlier said it had mandated Morgan Stanley to raise $1 billion to finance the company's iron ore projects in Russia.

Aricom intends to draft a feasibility study for its new plant in the Far East by March 2009.