Russian miner and steel maker Severstal has bought a 22 per cent stake in Irish-registered mining firm Celtic Resources Holdings.
Severstal said it had made a cash purchase of about 12.3 million shares in London-listed Celtic.
Celtic Resources operates the Suzdal and Zherek gold mines in eastern Kazakhstan and has a 50 per cent stake in the Shorskoye molybdenum mine in Kazakhstan and a copper and gold project in Russia's Chelyabinsk region.
Severstal did not disclose the price of the purchase, which it made through a subsidiary, Bluecone Limited.
Severstal Resurs is Russia's second-largest producer of iron ore pellets and coking coal, both of which are used in making steel. It operates four mining complexes in northwest Russia and western Siberia.
The company, Russia's largest steel maker, is majority owned by Russian billionaire Alexei Mordashov.
Shares in Celtic rose 2.3 per cent earlier today.