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Nornickel, ALROSA in new deposit auction

11 Jan '08
Norilsky Nickel (Nornikel) and ALROSA have submitted applications to partake in an auction concerning newly-developed deposits in Irkutsk region, Interfax reports.

The deposits reportedly contain good amounts of nickel and copper ore, along with platinum-group metals.

Documents required for participation in the auction have been submitted by a total of 11 firms, including the Russian Copper Company.
Under the terms of the auction all participating firms are required to pay a $4.5m deposit. Thereafter, their applications will be reviewed by state body the Federal Agency for Subsurface Resource Use.
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