Evraz Group said Monday that it had renounced the right to purchase the license to develop the Mezhegeiskoye coal deposit, which it won in a hotly contested auction last year, because of weakening market conditions. Evraz unit Yuzhkuzbassugol had offered 16.9 billion rubles ($510 million) to win the right to the license in July, beating out competitors including Oleg Deripaska's Basic Element for the deposit in the Tuva region.