Russia's largest nickel maker Norilsk Nickel plans to spend $10.9 billion on developing its mineral resource base in the country under its llong-term strategy to 2025, Norilsk said on Thursday.
The strategy aims to develop the company's existing mining assets and also build and commission new mines. This will "result in reserves growth across all of the ore types, which will surpass their corresponding production volume till 2025," the metals giant said in a statement.
Norilsk Nickel expects overall reserves in the Norilsk industrial region in North Siberia to grow to 670 million tons of ore by 2025, including the nickel reserves increase to 4.87 million tons, copper reserves growth to 9.46 million tons and platinum metals to 5,080 tons, the statement said.
As for the Kola Peninsula in Russia's north-west, planned ore reserves growth may reach 70 million tons, including 750,000 tons of nickel and 340,000 tons of copper.