Russia's federal natural resources agency said Thursday that it will hold an auction in Moscow in the fourth quarter for the exploration and development license of the Lekyntalbeiskoe copper and molybdenum ore deposit in the Yamal-Nenets autonomous district in the Yamal Peninsula.

According to preliminary estimates, the deposit is believed to have reserves of 1 million metric tons of copper and 15,000 tons of molybdenum.

The license is expected to be for 25 years, including five years of exploration and 20 years of extraction.