Ministry of Natural Resources and the lumber industry of the Arkhangelsk region in Russia announced it expects the Lomonosov deposit to enter its second stage of development by 2014.

A recent meeting between Yuri Trubina, Minister of Natural Resources and the Lumber Industry of Arkhangelsk, and Sergei Gerasimov, General Director of OAO Severalmaz, discussed the prospects of development of Europe's largest diamond deposit, including the construction of a second- phase mining plant.

OAO Severalmaz, which is the largest mining enterprises in the Arkhangelsk region, and is exploring the area, is seeking the ministry's support for its operation.

Gerasimov said that his company "has already begun working on designing the second phase of the Lomonosov GOK and intend to introduce it in 2014, and to bring it to full capacity by 2015."

Severalma, he added, has recently found its biggest diamond in the area – weighing 50.1 carats.

Severalmaz Diamond Mining was formed in 1992m with aim of developing Europe's largest primary diamonds deposits. The Lomonosov diamond mine became operational in 2005, and has since processes 1 million tons of ore per year, bolstering the Arkhangelsk region's status as the new mining region of Russia.