Norilsk Nickel is planning to develop copper-nickel deposits in Russia's Voronezh Region nickel areas, the firm has announced.
According to the company's geological exploration programme, R2.7bn ($96m) will be invested in the exploration of Voronezh Region, including the Elansk and Elkinsk ore occurrences.
On completion of exploration, the firm may construct ore mining and processing plants at Elansk and Elkinsk ore occurrences.
The plant will produce copper-nickel pellets with an initial annual ore production of around 2 million tons.
Acting first deputy general director Yuri Filippov said the expenses for development of Elansk and Elkinsk deposits are evaluated at more than R50bn ($1.7bn).
"These are the last major nickel deposits in Europe and they may considerably increase the resource base of the company and its production volumes," Filippov said.