Russia's Evraz Group (HK1q.L) said on Monday it had renounced the right to purchase the licence to develop the Mezhegey coal deposit because of weakening coal market conditions.

Evraz had offered 16.9 billion roubles ($518.9 million) to win the right to the licence in July 2008. (Reporting by Alfred Kueppers; Editing by David Holmes)

© Thomson Reuters 2009 All rights reserved