Russia’s MBC Resources, sitting on huge zinc and lead deposits, is examining new metals projects in Russia and abroad but has not yet decided when and where to list shares, company executives said on Friday.

Chief Executive Oleg Mikhailenko said MBC planned to bid for the Verkhneye Menkechea zinc, lead and silver deposit in the far eastern Yakutia region, next to the Nezhdaninskoye field being developed by top Russian gold miner Polyus .

“Jointly with Polyus, we are preparing a bid in which we will assume an obligation to build a zinc and lead plant and Polyus a gold factory,” he said in a presentation to investors.

“We will propose that the state invest in the infrastructure,” he said.

Mikhailenko said MBC was also examining projects to develop zinc and lead deposits in Kazakhstan, Mongolia, Saudi Arabia, Algeria, the Democratic Republic of Congo and possibly Tanzania. He declined to name the deposits.

MBC, registered in Cyprus, is owned by Metropol Group. Its assets include the Kholodninskoye zinc and lead field, the world’s third largest, and a 51 percent stake in Ozyornoye, the sixth largest.

It also owns 51 percent of the smaller Nazarovskoye deposit, as well as the Talinskoye coal deposit. All the deposits are in the eastern Siberian province of Buryatia, near the Mongolian border.

Lundin Mining Corp. has a 49 percent stake in a project to develop the Ozyornoye and Nazarovskoye deposits.

ENERGY, INFRASTRUCTURE

Metropol has prepared a project to develop Kholodnenskoye and other projects, including construction of energy assets, with major hydroelectric power producer Hydro OGK, Mikhailenko said.

He said implementation of all the projects in Buryatia would required $4 billion, part of which the companies involved would expect the Russian government to cover.

In February, MBC estimated the cost of developing its deposits at about $1 billion.

The company plans an initial public offering of shares on one or more exchanges in 2009-2010 to raise part of the funds for the project, the presentation data showed. MBC’s top managers said the date had not been finalised.

“We have chosen two major international banks and the Metropol Bank to advise us on the IPO,” MBC Chief Financial Officer Serdar Karliyev told the presentation. He declined to name the banks.

“We confirm our desire to make the company public but when and where it will happen, we will announce after our financial cosultants do their job,” MBC President Mikhail Slipenchuk said.

He said MBC was examining Moscow, London, Tokyo, Seoul, Toronto and Shanghai for the share placement.

MBC Resources said in February it planned an IPO next year in Moscow, London and Tokyo. It plans to have a private placement of up to 10 percent this year prior to the IPO for a 15-20 percent stake.