DJ Norilsk Nickel CEO: Co In Talks To Join Udokan Project-Report

Mon. September 22, 2008; Posted: 10:39 AM

MOSCOW, Sep 22, 2008 (Dow Jones Commodities News via Comtex) -- NLKNY | Quote | Chart | News | PowerRating -- Russian mining giant OAO Norilsk Nickel (GMKN.RS) is in talks to help develop Siberia's Udokan copper deposit alongside state corporation Russian Technologies, Interfax news agency reported Monday citing the company's Chief Executive Vladimir Strzhalkovsky.

Metals group OAO Metalloinvest Holding secured the tender to develop the deposit earlier in September, saying it plans to invest RUB100 billion ($3.9 billion) in the project.

The Udokan deposit is one of the world's largest undeveloped copper deposits with 1.31 billion metric tons of mineable ore and an estimated 19.7 million tons of copper at an ore grade of 1.51%.

Agency Web site: www.interfax.ru

-By Moscow Bureau, Dow Jones Newswires; +7 495 937 8445

(END) Dow Jones Newswires

09-22-08 1039ET

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