Russian mining firm Norilsk Nickel has secured a $1bn credit line from state bank VTB to develop copper deposits at the Bystrinsky mining project in Siberia.

The bank plans to acquire a 25% stake in the copper mine project.

Norilsk Nickel is also in talks with VTB/ equity investors on the potential minority equity investment.

According to Norilsk Nickel, the key new greenfield Bystinsky project will become a Tier I asset upon launch.

"Once operational, the mine is expected to produce ten million tonnes of ore annually."

In April, Norilsk Nickel CEO Vladimir Potanin said the Bystrinsky project in the Zabaikalsky region bordering Mongolia and China would be developed as soon as the required finance is in place.

Once operational, the mine is expected to produce ten million tonnes of ore annually.

Norilsk Nickel is also carrying out negotiations with Russian state development bank Vnesheconombank (VEB) on long-term financing for the Bystrinsky project.

Further the company also provided an update on the execution of its corporate strategy and new initiatives in its annual strategy meeting.

Norilsk Nickel said for the next decade the company plans to unlock the full potential of the polymetallic resource base of the Talnakh mining of the Polar division.

Potanin said: "We are entering now a new chapter in our transformation story.

"Alongside with industry-leading capital efficiency, we shall be pursuing some of the most exciting value opportunities in today’s mining industry centered around our Talnakh polymetallic mining hub that contains some $0.9tn of metals in the ground."