Norilsk May Bid for Nickel, Copper Deposits, Invest $1.7 Billion

OAO GMK Norilsk Nickel (MNOD), the world’s largest producer of the metal, may bid for two deposits of copper and nickel in central Russia, and invest as much as 50 billion rubles ($1.7 billion) in their development.

The deposits are Elanskoye and Yolkinskoye in the region of Voronezh, according to a regulatory statement from the company today, about 534 kilometers (332 miles) south of Moscow.

They form Russia’s last large untapped nickel province, and have about 447,000 metric tons of nickel reserves and 59,000 tons of copper, according to government figures. Bids will be accepted through April 20 and the result will be announced on May 15, the Federal Subsoil Resource Agency said Feb. 8.

To contact the reporter on this story: Yuliya Fedorinova in Moscow at yfedorinova@bloomberg.net

To contact the editor responsible for this story: John Viljoen at jviljoen@bloomberg.net

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