Severstal Resurs, the raw material assets managing company of the Russian steelmaker Severstal, has announced that Severstal has acquired a 22 percent stake in Ireland-registered mining company Celtic Resources Holdings PLC (Celtic) through its subsidiary Bluecone Limited.
Celtic operates the Shorskoye molybdenum mine in Kazakhstan in addition to the Suzdal and Zherek gold mines, and has a 74.51 percent stake in the Tominskoye copper project in the Chelyabinsk region in southern Russia.
Commenting on the acquisition, Severstal Resurs CEO Mr. Roman Deniskin said, "Severstal Resurs believes the purchase of a 22 percent 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' strategy to diversify within mining in alliances with internationally reputable partners".
Celtic's Chairman Mr. Peter Hannen stated, "We are delighted to welcome Severstal into Celtic as our largest shareholder. They are a major player in the Russian iron and steel industry and are currently expanding internationally, and we look forward to working with them productively and profitably to achieve our strategic objectives in the region".