Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Norilsk Nickel Plans to Spend $11M on Deposits in Siberia

Norilsk Nickel, the country's biggest mining company, plans to spend $11 million through 2009 on the exploration of its Bystrinskoye group of metal deposits in southeastern Siberia.

The deposits contain 293 million tons of ore in proven reserves and 55 million tons in possible reserves, Norilsk said Friday in an a statement, citing an audit conducted to Micon International in accordance with the Joint Ore Reserves Committee Code.

The deposits hold 2.19 million tons in copper reserves and 69.6 million tons of iron, 8.03 million ounces of gold, and 47 million ounces of silver.

"A detailed exploration program for the flanks and deeper levels of the Bystrinskoye deposit has been developed, and its implementation may result in an upward re-evaluation of currently reserves," the company said in the statement.

Norilsk plans to build five copper-mining and processing complexes in Chita as it develops the deposits. The state will provide 41 billion rubles ($1.56 billion) for the 141.4 billion ruble project, which requires the construction of rail lines.

Production at the deposits probably will start in 2011 or 2012 and reach an annual 10 million tons of ore, Norilsk said in the statement.