Russia’s mining giant, Norilsk Nickel has decided to invest USD 2.6 billion in Bystrinskoye iron ore project which is invested by Norilsk Nickel and Russia’s government ahead of schedule.

The majority of funds will be spent on Bugdainskoye iron ore nearby Bystrinskoye; about USD 176 million will be used to build the railway.

Meanwhile, Russia’s government will pump USD 7.84 billion into this project as well.

Norilsk Nickel said that the railway will be completed by 2012; the mining and processing plant will put into the production during 2015 to 2016.

Once the project is finished, it’s expected that the production of fine iron ore in Bystrinskoye would reach 2.10 million tonnes that of fine molybdenum ore would be 98 million tonnes. The company hopes to strengthen the position in Asian market through the long term plan.

(Sourced from YIEH.Com)