Venrus, a joint venture of Rusoro Mining and Venezolana de Guayana a Venezuelan government state holding company, has been formed to mine Las Cristinas, a deposit containing an estimated 35.2 million ounces of gold, Venezuelan President Hugo Chavez said in Caracas in January. The mine covers five concessions, he said, naming four where Crystallex International of Toronto has been awaiting permits to begin mining and one concession belonging to Gold Reserve, which is also awaiting a mining permit.

Diamond major Severalmaz plans a nine billion ruble investment in the Lomonosov mine in Arkhangelsk Oblast. The company, a subsidiary of Russian diamond major Alrosa, in 2008 invested 2.5 billion rubles in the mines, the biggest in Northwest Russia. The new investments will be in the second development phase of the field. Until now the company has dominated the Arkhangelsk diamond business but competition from global leader De Beers, in partnership with Lukoil-subsidiary Arkhangelskgeoldobycha will start developing the Verkhotinskaya field. Arkhangelsk has an estimated 25 percent of Russia’s diamond reserves.

Russian mining and metallurgy giant Norilsk Nickel expects revenue to fall to $8 billion this year. The company will work on lowering costs and cutting investment project spending this year by 50 percent.

Norilsk has taken delivery last November of a new iceprotected Arctic tanker from Wadan Yards in Germany. The vessel can operate along Arctic routes without icebreaker assistance. The Arctic tankers, will allow Norilsk to cut shipping costs by30 percent and be independent from state-owned nuclear-powered icebreakers.

Peter Hambro Mining, the second-biggest gold producer in Russia, it increased output 36 percent last year after a mine in the country’s east went into full operation. Production increased to 393,600 ounces from a restated 289,700 ounces in 2007, the company said. Output this year is forecast at 460,000 ounces to 510,000 ounces. Polyus Gold intends to develop its large Nezhdaninskoye deposit in far eastern Russia together with Canadian miner Kinross Gold.