Mobile World Congress, Nokia has announced the Lumia 520, its latest piece of ammunition in the company's campaign to conquer emerging markets and first-time smartphone buyers. The inexpensive smartphone actually packs a pretty powerful punch for its price point, offering the same dual-core 1GHz Snapdragon CPU found in the Lumia 720 also announced today. It also features 512MB RAM, a 4-inch WVGA (800 x 480) IPS LCD display and 1,430mAh battery. As we've come to expect on Lumia devices, it comes included with Nokia services like the full suite of Here Maps, Nokia Music and several lenses such as Cinemagraph and panorama. The 520 will come in five color options: cyan, yellow, red, black and white. Snap-on covers will also be available for anyone interested in swapping hues day-to-day. The $183 phone begins its quest for dominance in China later this quarter, and shortly afterward it will make its way to Europe, the rest of Asia and T-Mobile in the US.