The Udokan deposit in East Siberia is the world's third largest copper deposit.
"NorNickel will not join the consortium," Sergei Chemezov told journalists adding that the company had withdrawn its bid for the tender.
NorNickel's board of directors decided last month it would be unfeasible to develop Udokan on its own and ordered top managers to consider prospects for doing so as part of a consortium.
The Udokan deposit accounts for 15% of the world's copper reserves. As of January 1, 2008, its balance B+C1 reserves included 14.4 million metric tons of copper, 7,300 metric tons of silver and 1.9 metric tons of gold.
It became known on Tuesday that Sorsk Mining and Processing Complex, included in the group of companies Strikeforce Mining and Resources Ltd, wholly owned by diversified holding company Basic Element, had also withdrew its bid for the tender.
Consequently, the list of bidders has reduced to Russian Technology Corp. and Metalloinvest as well as a consortium involving Russian Railways, the state-run corporation Development Bank (Vnesheconombank) and the Urals Mining and Metals Company.
The results of the tender will be announced on September 17. The winner will be granted a license for 20 years.
