Navan Resources has announced the sale of its 50 per cent interests in two Hungarian industrial mineral companies for $4.25 million (€4.09 million) cash. Duna-Drava Cement-es Meszmuvek, a Hungarian building materials company, has bought its stake in Perlit 92, for $2.65 million, and its stake in Ruda Gipsz, for $1.6 million. Navan will also receive a pro rata share of the two companies' dividends for 1999. The deal should be completed before the end of June.

Navan has also said contracts have been exchanged for the sale of its 50 per cent interests in three other Hungarian companies - AgyagAsvany, Kvarchomok, and Asvanybanyak - to local interests for $0.4 million plus a royalty equivalent to 5 per cent after tax profits for the period 1999 to 2003. These disposals are subject to the completion of the sales to Duna-Drava. The group has completed the sale of its 50 per cent interest in the Hungarian glass sand producer, Uveg-Asvany, to local interests for $0.5 million cash plus a royalty equivalent to 5 per cent after tax profits for the next five years. Navan said the sale of these non-core assets at above their book value would enable it to "focus on its strategic thrust to develop a European mining and exploration company for both base and precious metals".