The Russian government announced a public tender for the rights to the mine over a month ago, and mining giants, including the Australian firm BHP, British RTZ and Mitsubishi of Japan, expressed initial interest.
Located near Lake Baikal, Udokan is reputedly one of the biggest copper deposits in the world, with 18 million tons of pure copper.
It is second in a list of over 23 big leases to be put up for public tender
under the Russian government's new mining exploration policy.
Nezavisimaya Gazeta reported that the group's investors come from the Urals, Irkutsk and Belarus and have some international support.
The newspaper said the consortium claims to have a better deal for Russia because it offers to use local technology and would be a catalyst for local industry.
By comparison, according to the report, Western firms would not develop it as fully, because the flood of new copper on the market would reduce the profitability of their other mines.
The State Geology Committee has said downstream activities and spin-offs for Russian industry will be a major criterion in assessing bids.
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