Vladimir Strzhalkovsky said it would take between six and nine months to complete a feasibility study, after which Cuba would apply to Russia for a loan to implement the project.
"I believe that Cuba has a good chance of getting it," he said.
In mid-November, Norilsk Nickel and Cuba's Cubanique signed a memorandum of understanding on cooperation in prospecting for solid serpentinites at Cuba's Nicaro Mines.
They also agreed to exchange specialists and share experience in mining, marketing and environmental issues.
Norilsk Nickel is Russia's largest diversified mining and metals company, the world's largest producer of nickel and palladium, and one of the world's largest producers of platinum, rhodium, copper and cobalt.
It also produces gold, silver, tellurium, selenium, iridium and ruthenium.