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15 Feb, 2008 04:49

Severstal acquires Ireland's Celtic Resources

Russian steelmaker Severstal has completed the acquisition of Ireland-based Celtic Resources. Severstal paid 162 million Pounds – that's about $US 319 million – for 100% Celtic, which owns gold and molybdenum mines in Kazakhstan.

Severstal's owner Aleksey Mordashov said he is considering building up a gold business to rank among Russia's top four miners of the precious metal.

He then plans to spin it off as a separate company.

Severstal has been buying undeveloped gold fields in Siberia in the last few months.