Celtic Resources sells assets in Kazakhstan
05/12/2003 - 08:48:34Irish Exploration company Celtic Resources is set to transfer its gold and metal exploration assets in Kazakhstan to a new company called Eureka Mining.
Celtic will keep a 44.4% stake in Eureka, following the admission of the new company to London's AIM. Eureka has raised £7m (€5.8m) through the issue of 5.8 million shares.
Celtic has sold the assets to Eureka for $15m (€12.4m) in an all-share deal. It expects to distribute much of its stake in Eureka to shareholders as a dividend.
