Reuters reported that Metalloinvest, the Russian miner half owned by billionaire Mr Alisher Usmanov has submitted a bid to develop the huge Udokan copper field and may be joined by state firm Russian Technologies if it wins the tender. The deadline for registering bids has been set for Friday July 11th and the auction will be held on September 17th.

Several companies have already submitted bids, including Norilsk Nickel, Russia's largest copper miner, and Strikeforce Mining and Resources Ltd, the mining arm of billionaire Mr Oleg Deripaska's Basic Element Company.

State owned Russian Railways is leading a bid as the head of a consortium called Russkaya Med, or Russian Copper, that includes No. 2 Russian copper producer Urals Mining and Metals Co and state debt and pension fund agent Development Bank.

Onexim Group, the investment vehicle of billionaire Mr Mikhail Prokhorov has also submitted a bid.