Norilsk Nickel, Russia's leading metals producer, has revealed that it intends to invest between $800 million and $1 billion annually on development in the next four years.

A senior figure from the firm also said that the company planned to invest $820 million during 2006, $205 million of which will go towards expanding production.

Denis Morozov, a deputy general director at the firm, made the announcement about the company's planned increases to capital investment. Last year, the figure invested was $751 million.

"Until 2010, we plan to invest in the company's development, after which investment will slightly decrease to maintain only production capacities," Mr Morozov said, according to Russian news agency RIA Novosti.

From the end of the decade, he said that investment would fall back to fall back to between $400-$500 million.

Norilsk Nickel is the world's largest producer of palladium and one of the largest producers of platinum.

It also produces other platinum group metals such as rhodium, iridium and ruthenium.

Ÿ Adfero Ltd