Russian steelmaker buys 22% stake in Ireland’s Celtic
Russian steelmaker Severstal said Tuesday its mining subsidiary Severstal-Resurs had acquired a 22% stake in Ireland’s Celtic Resources Holdings Plc, which mines gold in Kazakhstan.
The stake, totaling 12.3 million common shares, was bought from Cyprus-registered investment firm Aton International Ltd. Severstal declined to specify the price of the deal, saying its subsidiary Bluecone Limited had represented the company in the transaction. “Severstal Resurs believes the purchase of a 22% stake in Celtic, with its attractive mining assets in Russia and Kazakhstan, to be an excellent investment. This share acquisition is wholly consistent with Severstal-Resurs’s strategy to diversify within mining, through alliances with internationally reputable partners,” said Roman Deniskin, the CEO of Severstal-Resurs.
Celtic Resources Holdings Plc runs the Suzdal and Zherek gold mines in eastern Kazakhstan. The company also holds a majority stake in a project to mine copper and gold in the Chelyabinsk Region in Russia’s South Urals. Celtic produced 1.9 metric tons of gold in 2006. Severstal accounts for more than 16% of Russia’s steel output. The company has production facilities in Russia, Italy, France, Great Britain and Ukraine. (rian.ru)
ADVERTISEMENT
ÁKK Cutting Premiums on PMÁP
Parl't Approves Amendments to Legislation on Judiciary
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
