OREANDA-NEWS. August 22, 2007. Russia`s Norilsk Nickel will spend over R4.4 billion (US$588.6 million) on two projects in Botswana and South Africa.

Norilsk will develop the Tati nickel mine in Botswana, and the Nkomati nickel mine in South Africa, Tav Morgan, Norilsk deputy director told a news conference in Johannesburg.

Morgan said these projects, along with this week`s acquisition of over 97.7 percent of LionOre Mining International Ltd portfolio of assests in attractive mining regions.

"It consolidates our position in Australia, while gaining exposure in Southern Africa," Morgan said.

Norilsk said on Tuesday that it had acquired over 97.7 percent of the shares Canada`s LionOre for C$6.8 billion, paving the way for a mandatory acquisition of the remaining shares.