Zijin Mining Group’s subsidiary Lunsin is planning to invest about RUB9b ($285m) for the development of a Kyzyl-Tashtyg polymetallic ore deposit in Siberia.

The Kyzyl-Tashtyg deposit is located 120km northeast of Kyzyl, the capital of Tyva Republic, in Siberia, reports RIA Novosti.

The deposit has estimated reserves of 12.9 million tons, including two million tons of copper ores and 6.2 million tons of pyrite ores.

Currently, Lunsin is in process of completing the ore dressing and processing plant in Tyva, which is expected to start operations in 2012.