The world's second-largest nickel producer and largest palladium producer Russian Norilsk Nickel, Tuesday said that it will start its Bystrinsky copper, iron ore and gold mine project in the Far East.
The Bystrinsky project is located in the Siberian Chita area, about 400 km from the railroads of the Chinese border. The project's mineral program is exported to the world's largest iron ore consumer - China.
Chief Executive Officer Sergey Dyachenko said that in 2018 the Bystrinsky project plans to produce 2.8-3 million tons of copper concentrate, about 140,000 ounces of gold and up to 1 million tons of magnetite concentrate.
The Norilsk Nickel holds a 50% stake in the Bystrinsky project and 13.33% stake in the Chinese highland Fund. Vladimir Potanin, co-owner of Norilsk Nickel, and its partner, Grigory Berezkin, hold the remaining 36.7% stake through the CIS Natural Resources fund.
Norilsk Nickel industry for 18 months to invest a total of 90 billion rubles ($ 1.55 billion) on the project.