Russians Buy Celtic

RUSSIAN steel and mining giant Severstal could be sitting on a gold mine, after buying a 22pc stake in Celtic Resources (down 212p at 197p) for an undisclosed sum.

Severstal paid cash to buy about 12.3m shares in Celtic, which operates the Suzdal and Zherek gold mines in Kazakhstan and a copper and gold project in Russia’s Chelyabinsk region.

Roman Deniskin, chief executive of Severstal Resurs, which manages Severstal’s mining operations, said the deal was an ‘excellent investment’.

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